On the Continent, the nation had triumphed in the long struggle against Napoleon, but at home, it wallowed in social evils brought on by the factory system. By current standards, working conditions were terrible.
Children of ten years and younger labored in such industrial centers as Manchester and Birmingham in poorly ventilated buildings that lacked basic sanitary and safety measures. It was not unusual for children to be whipped — not only for a slight mistake, but to stimulate efficiency.
"Ah," I say to myself "Why is this chapter called gloomy? Can this book go any darker? " Chuckling as I sip on my evening tea.
In this chapter, I met both David Ricardo and Thomas Malthus, such distinguished gentlemen of their times.
Man has always been a socially cooperative creature, despite being strongly endowed with a self-centered nature. He has always faced the problem of survival, not as an individual, but as a member of a social group. If the interdependence of human workers should fail at any vital point in the economy, the world would suffer.
To prevent societal collapse, traditions and customs are strictly preserved, a Central Authoritarian Rule was established, and the market system was also presented.
The Market System- Also known as “Capitalism” is a system where buyers and sellers, motivated by self-gain, freely conduct business with the goal of making profits.
Causes of the Economic Revolution:
● The breakup of the manorial system
● The decline of guilds
● The acceptance of the concepts of land, labor, and capital
● The effects of the Renaissance
● Scientific advancement
● European voyages of discovery and exploration
● The emergence of modern nation-states
● The Protestant Reformation which sanctioned the concept of profit.
Aside from Marketing, I also chose Economics in my pursuit of a better understanding of our economy. As a young girl, I craved nothing but adventure and the delight of having to explore something so unfamiliar to me―a deeper dive into Economics―was rather thrilling.
I have always been a fan of history
History of the world, my hometown's history, this and that's, and those, you name it.
I am forever amazed and entranced by the complexity of how everything seems to be tangled up in one giant ball of captivating narratives. A treasure trove of knowledge calling out to me filled with gripping tales of courage, sacrifice, and adventure that rival the most thrilling novels or movies.
And just when I thought I had seen it all, I was introduced to yet another subject — History of Economic Thoughts.
Come with me as I dive into the world of Economics and find out how our current economic world came to be.
These classical economists laid the foundation for modern economic thoughts and had varying perspectives on wealth, its constituents, and ho...
