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Guild System
In the early 18th centuries, guilds peaked as a very prestigious means of industry. Guilds restricted membership to ensure enough work remained to keep going. Guilds had special access to market goods, not held by commoners. Guilds generally improved the economy as, although monopolies, they ensured efficiency and quality in work. Guilds were, however, discriminatory of women as guilds tended to be reserved to male workers. -
Height of the Atlantic Slave Trade 1700-1790
The Atlantic Slave Trade began to peak as a growing demand for new world goods developed. The trade lasted for multiple centuries, with the majority of slaves being brought to the Caribbean to work on sugar plantations. The trade helped develop the economy as Europe as Slave Labor was incredibly profitable but harmed society as harsh relationships were formed between Slaves and Europeans. The slave trade was bad as the demographic of African States collapsed since male slaves were more common. -
Navigation Acts and French,British Competition 1701-1763
Throughout the late 17th century, Britain wished to be the dominant maritime power of Holland which they accomplished in 1664 when they seized the Dutch colony of New Amsterdam. This left Britain only to compete with France. A series of wars were fought between the countries over colonies and trade between the New World and Europe. The wars showed a rise in the economy of Britain as they reaped the benefits of their colonies and a change in the longstanding order of power in Europe. -
Industrious Revolution
During the late 17th and Early 18th century, Europeans began to change from taking leisure time to stepping up their rate of production. The new population growth made it increasingly hard to find jobs, but the industrialization of Europe helped give more jobs to more people while boosting the economy. This is due to people making more goods and money, thus buying more goods. The change does show a continuity of women being slightly discriminated as they tended to earn lower wages than men. -
European Population Growth 1720-1789
For many years, complications like the Black Death, war, and famine held Europe's population relatively steady. The bubonic plague stopped suddenly in 1722, large scale war slowly diminished as nations focused more on the economy, and famine reduced as farming techniques were improved. This better quality of life lead to a higher birth rate and lower mortality rate. This change helped strengthen the work force with a larger pool for workers and helped Europe begin the Industrial Revolution. -
Development of Better Farming Techniques
As Europe's population grew, an increased need for food arose. The old, traditional model of farming, which involved a year of fallow, could not support the growing population. As a response, farmers began to change their methods and, with permission from their lord, could enclose land to test new farming techniques. New techniques increased yield but upset people at the time as the land was used for experimenting, perpetuating a small landowner. -
Debt Peonage
Debt Peonage was a system of labor in which Spanish Landowners kept indigenous peoples working their estates. The system involved a planter to keep workers in perpetual debt bondage by giving food, shelter, and slight pay. It arose as Silver Mining in the New World proved to be incredibly profitable. The system both helped and hurt Spain as Silver bettered the economy for a while and eventually caused large-scale inflation. It hurt relations with natives as they were abused for free labor. -
The Cottage Industry
The cottage industry was using hand tools for manufacturing in cottages and work sheds. The industry helped supplement the wages of poor farmers who barely made enough to survive. Merchants would buy raw materials, sell them to workers, then buy back the finished product. The cottage industry helped Europe's economy develop as it was a faster means of production while benefiting society as a whole as money came about slightly easier than in the previous agriculture based economy. -
Economic Liberalism
One of the best known critics of government regulation of trade was Adam Smith. Smith criticized guilds for being monopolies, entirely controlling the economy. Smith believed the government should intervene less which would boost competition in the market. The removal of government would allow business to pursue self-interest, creating a division of labor that boosts the economy, along with production, and gives jobs to a larger part of society. -
Proletarianization
From 1760-1825, Parliament passed a series of acts that supported the enclosure of land. People like Arthur Young supported it as well as he believed it helped facilitate change. Proletarianization rose as a small group of people held most land, lowering the demand for work and creating many jobless peasants. While beneficial for the economy, enclosure was seen as a very bad idea as this change was incredibly costly to Poor peasants.
