Unit 2 - Growth, Capitalism & Modernity Flashcards
System*
Made up of components and relationships (interdependencies) between them (Important)
Systems can often be defined as having a purpose, goal or output. Systems are embedded and exist at many scales (systems are usually sub-systems and meta-systems)
Example: respiratory system, computer, electrical system, global trade
Social Systems*
Made up of actors and relationships between them.
Social Systems are all systems where humans are the focal point
Examples: bakery, financial system, family
Economic System
A social system of production, allocation, distribution, and consumption of goods and services within a society
Economic Growth
Refers to when the economy grows due to:
More land, labour or capital being deployed
Higher productivity of each of those factors
Technology*
Knowledge and processes that can be applied to extend human capabilities
Hunter Gatherers of the Paleolithic
Humans that:
- Used stone tools
- Lived in small social groups (<50 people)
- Had very simple social systems of governance and economic production/exchange
- By the end of the Paleolithic, humans had fire, basic tools and weapons, and travelled across the globe
First Agricultural Revolution*
Marked a major transformation of human social systems
- Human settlements form, and plants & animals become domesticated
- Individual property rights form for plants, animals and land
- Institutional agreements formed
Institutions*
structures and mechanisms of social order and cooperation governing the behavior of a set of individuals
Agricultural Surplus* (from the First Agricultural Revolution)
allows for specialization of labor and increase in trade
- Humans now had more food than they needed to consume, so they were able to expand production for trade
Early Modern Era
Starting with the Renaissance, Europe saw transition from medieval social systems to early modern social systems.
The Catholic church had less influence and the scientific method became more prominent.
The Renaissance marked the rise of merchant capitalism, global interaction and nation states
What changes came about from the Catholic Church losing influence in the Early Modern Era?
Catholic church no longer dominated influence on government, economic production and knowledge
Rise in Liberalism: promotes individual rights, civil liberties, democracy, and free enterprise
People were no longer being seen as having inherently different worth and status due to their birth or religious standing
What characterized the 2nd Modern Era?*
- The 2nd Agricultural Revolution
- The Industrial Revolution
- Health Improvements and Population rise
- The rise of capitalism
- Government led modernization (public health, The New Deal, Fordism, Post-War Investments)
2nd Agricultural Revolution*
In the UK & Europe, much of common lands were declared private property through enclosure acts
- This increased land productivity, and led to modernization of farming
- Yields increased, innovative farming practices arose and economic production greatly increased
Industrial Revolution*
Technological changes led to dramatic productivity improvements and globalization
- There were massive spikes in coal consumption and marked the beginning of the fossil fuel driven economy
- This was accelerated by major institutional changes (enclosure acts, new banking system, Democratic government & rise of capitalism)
Homo Economicus*
A self interested individual, that does a perfect cost/benefit analysis on each decision to cater to their preferences
