A Market Economy Emerges
Introduced| English | Meaning |
|---|---|
| The Agricultural Revolution/ðɪ ˌæɡrɪˈkʌltʃərəl ˌrevəˈluːʃn/ | The Agricultural Revolution |
| cottage industry/ˈkɒtɪdʒ ˈɪndʌstri/ | Production carried out in homes or small workshops rather than in large factories. |
More food from the same land
- The Agricultural Revolution 农业革命 raised productivity and increased the supply of food and other agricultural products.
- The importation and transplantation of agricultural products from the Americas contributed to an increase in the food supply in Europe.
- So unit 1's Columbian Exchange arrives here as a cause of European food supply — the same fact, put to work in a new argument.
"Corporate entities" in this CED sentence means...
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The sentence is about restrictions being removed.
Restrictions loosened
- Labour and trade in commodities were increasingly freed from traditional restrictions imposed by governments and corporate entities.
- Corporate entities here means guilds and chartered bodies, not modern companies.
- So the market grew partly by removal: fewer rules about who may work at what and who may sell where.
Related developments in a growing market economy; pathways varied by region
In the putting-out system, production is domestic and the market is...
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It is the step between the guild workshop and the factory.
The putting-out system
- The putting-out system, or cottage industry 家庭手工业, expanded as increasing numbers of labourers in homes or workshops produced for markets through merchant intermediaries or workshop owners.
- Production is still domestic, and the market is not — which is the point.
- It is the step between the guild workshop of unit 1 and the factory of unit 6.
Build a market economy link by link
'Britain had a market economy' is the conclusion; these four links are the argument.
Unit 1's Columbian Exchange arrives here as a cause of European ____ supply.
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The same fact, put to work in a new argument.
"Corporate entities" in the CED means guilds and chartered bodies. It is an early-modern term for the collective bodies that regulated who could work at a trade — reading it as modern corporations reverses the sentence, which is about restrictions being removed.
Select all the changes the CED names here.
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Factories belong to unit 6.
New financial practices
- The development of the market economy led to new financial practices and institutions.
- Early modern Europe developed a market economy that provided the foundation for its global role.
- The CED's second sentence is the unit's largest economic claim, and 3.4 supplies its global half.
The CED says early modern Europe's market economy provided the foundation for its global role.
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That is the unit's largest economic claim, and 3.4 supplies its global half.
Continuities and changes
- The objective is the continuities and changes in commercial and economic developments from 1648 to 1815.
- Change: higher yields, freer trade, the putting-out system, new financial institutions.
- Continuity: most production still domestic or agricultural, and unit 1's hierarchies of status intact.
A merchant delivers wool to twenty households, collects the spun yarn, and sells it in a city three hundred miles away. No factory exists and no guild controls the work. Production looks medieval and the market does not — which is exactly why the putting-out system sits between units 1 and 6.
The Agricultural Revolution raised productivity, helped by American products transplanted to Europe. Labour and commodity trade were increasingly freed from restrictions imposed by governments and corporate entities (guilds and chartered bodies). The putting-out system expanded, with domestic production for distant markets. New financial practices and institutions followed, and early modern Europe's market economy provided the foundation for its global role.