THE RISE OF EARLY CAPITALISM

THE RISE OF EARLY CAPITALISM

UNIT II: Medieval England

Economic and Social Developments

The beginnings of Capitalism in the Late Middle Ages: Economic and social significance.

TIE-UP: In our previous lesson, we examined how the Norman Conquest of England by William (Duke of Normandy), at the beginnings of the XIthC (Early Middle Ages), resulted in profound economic, social and political changes in the country. The new monarch imposed on the English a distinct kind of feudalism - territorial feudalism - primarily a system of production based on land tenure and land as its means of production. But in the Late Middle Ages (XIVth, XVth C), some forces began to operate which gradually disrupted the manorial system and dissolved the fabric of the early medieval society. Thence, hitherto we have considered the economic and social developments in late medieval rural England and how a natural economy was superseded by a money economy.

UNIT II: Medieval England

Economic and Social Developments

The beginnings of Capitalism in the Late Middle Ages: Economic and social significance.

Now, in this lesson, we will consider the economic and social developments in medieval urban England and we will explore:

• the gild system as the system of production in towns in the EMA,
• its subsequent deterioration and replacement by the domestic system in the LMA which, in turn, led to the rise of early capitalism in England.
• the impact of these economic developments on the nature of social relationships and organization so as to describe the major changes in class structure experienced by the English society of the period,
• how with the growth of trade on capitalist lines, the corporate society organized on a gild basis slowly evolved into an individualist society organized on a capitalist basis.

Bibliography

Lipson, E. (1951). The Growth of the English Society. A Short Economic History. Part I. Chapter II. Lipson, E. (1951). The Growth of the English Society. A Short Economic History. Part II. Chapter IV. (pp.90-93) Berrone, M.L. (1974) “The English Social Classes before and after the Industrial Revolution ”, p.3, in the Resources folder.

The beginnings of Capitalism in the Late Middle Ages: Economic and social significance.

Remember that in the Resources Tab and throughout this presentation, you will be able to access some of the reading material. As you go through the class presentation, click on the interactive elements to enlarge your knowledge through further reading, activities, etc.

To start with, before approaching the genesis and growth of early capitalism, it is essential to define the concept of Capitalism.

What is capitalism?

Capitalism, also called free market economy or free enterprise economy, economic system, dominant in the Western world since the breakup of feudalism, in which most means of production are privately owned and production is guided and income distributed largely through the operation of markets. (Editors of Encyclopaedia Britannica https://www.britannica.com/topic/capitalism)

Capitalism is a social and economic system in which the means for producing goods (ie the land, the factories, new technologies etc.) and the means for the distribution of goods (ie the transport networks, railways, roads etc.) are privately owned. (https://www.bbc.co.uk/bitesize/guides/zcp9j6f/revision/4)

What are the essential characteristics of capitalism?

CAPITALISM

Adam Smith "The Father of Capitalism"

The beginnings of Capitalism in the Late Middle Ages: Economic and social significance.

HOW DID EARLY CAPITALISM RISE? WHAT FACTORS CONTRIBUTED TO ITS EMERGENCE AND GROWTH? WHAT WAS ITS ECONOMIC AND SOCIAL IMPACT ON ENGLAND?

Now that you have a general picture of capitalism and its main traits, we will explore the Gild System, the system of production prevailing in urban England in the Early Middle Ages. The images here will give you an idea of how this system worked. Click on the pictures and based on the information read, answer the questions provided in each one before you answer the general questions on the slide.

Info

The beginnings of Capitalism in the Late Middle Ages: Economic and social significance.

HOW DID EARLY CAPITALISM RISE? WHAT FACTORS CONTRIBUTED TO ITS EMERGENCE AND GROWTH? WHAT WAS ITS ECONOMIC AND SOCIAL IMPACT ON ENGLAND?

Now we will explore the factors that led to the collapse of the Gild System in the Late Middle Ages and in turn, led to the rise of early capitalism in England. The images here will give you an idea of how this process developed. Click on the pictures and based on the information read, answer the questions provided in each one before you answer the general questions on the slide.

Info

The beginnings of Capitalism in the Late Middle Ages: Economic and social significance.

HOW DID EARLY CAPITALISM RISE? WHAT FACTORS CONTRIBUTED TO ITS EMERGENCE AND GROWTH? WHAT WAS ITS ECONOMIC AND SOCIAL IMPACT ON ENGLAND?

The adoption of the Domestic system as the new production system together with the rise of early capitalism brought about the emergence of a new potentially powerful social class that would eventually challenge the traditional power of the aristocracy. The images here will give you an idea of how the new economic developments of the period affected the social structure in urban England. Click on the pictures and based on the information read, answer the questions provided in each one before you answer the general questions on the slide.

SOCIAL ASPECT

The beginnings of Capitalism in the Late Middle Ages: Economic and social significance.

Now that you have a general picture of the genesis and evolution of early capitalism, you can answer the following question:

THE RISE OF EARLY CAPITALISM IN ENGLAND

On the basis of this lesson and on what you have read, complete the chart below comparing and contrasting the Guild and Domestic systems of production.

You can download the chart by clicking

here.

We invite you to join the teachers in the synchronous session by Meet to check and discuss these activities on the following dates: *Tuesday, April 27th: from 11:30 to 12:30 *Thursday, April 29th: from 17:30 to 18:30