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| Philosophical and ideological point of view that morally justified individualization, greed, and profit seeking. |
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| The earliest phase of mercantilism, originated in the period during which Europe was experiencing an acute shortage of gold and silver bullion. |
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| A general increase in prices |
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| The relationship between a country's exports and imports |
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| For instance, if only one english merchant bargained rather than having several competing, he could get a better price. Governments tried to prevent these but it was difficult to keep out the French, Dutch, or Spanish merchants. |
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| grants of money from the government |
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| How did England try to prohibit foreign trade? |
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| It gave subsidies to english traders, or tax refunds. Sometimes when items were in short supply for British manufacturers, the state would prohibit their export. |
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Term
| What effect did Louis XIV have on production? |
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Definition
| He codified, centralized, and extended the older decentralized guild controls. Specific techniques of production were made mandatory, and extensive quality control measures were enacted. |
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| How did the thoughts of Christian paternalist ethic conflict with the merchants of the feudal period? |
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Definition
| Merchant didn't want to follow the biblical injunction to promote the general welface and common good, as well as the growing propensity to define God's estate as the civil society in which the Christian resided. |
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| How did Edward III attempt to control commerce within England? |
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| He fixed wages and prices in a way that was more favorable to the laborers. In return for this aid, he required all men to work at whatever jobs were available. |
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| Designed to favor English shippers and traders and to bring gold and silver into England. |
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| When did England break with Roman Catholicism and why? |
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| During the reign of Henry VIII - there was widespread social unrest, caused by poverty caused by unemployment. |
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| Severe downturn in production and output |
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| Upward or downward trends of output that deviates from the overall trend in output over time. |
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Term
| Statute of Monopolies of 1623 |
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Definition
| As people began to abuse monopolies which were intended to encourage inventions and establish new industries, this statute outlawed them however it allowed a loophole for genuine inventions or promoting british exports, so the loopholes were large and abuses continued. |
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| Statute of Artificers (1563) |
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Definition
| specified conditions of employment and length of apprenticeships, provided for periodic wage assessments and established maximum rates that could be paid to laborers. This reveals that like Monarchs of the middle ages, they had little interest in protecgting the working class and thought they should be kept in their place. |
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| 1531 and 1536 attempted to deal with the problems of unemployment, poverty, and misery then widespread in England. The first sought to distinguish deserving and undeserving poor, and the second says that each individual parish in England was responsible for its poor and that the parish should, through voluntary contributions, maintain a Poor Fund. |
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| a new, individualistic philosphy |
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| someone who favors political and social reform or change |
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| believed everyone's motives, even compassion, was merely disguised self-interest. |
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| spokesman for the individualistic ethic that was to become the basis for classical liberalism. Believed that all men were motivated primarily by self-interest and should be left alone to compete in a free market if the public welfare were to be maximized. |
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