Skip to main content

Unit 5.7 Economic Developments and Innovations in the Industrial Age (Day 2)

What
Unit 5.7 Economic Developments and Innovations in the Industrial Age (Day 2)
When
1/12/2022

Unit 5.7 Economic Developments and Innovations in the Industrial Age (Day 2)


* no homework due today

LEARNING OBJECTIVE

Explain the development of economic systems, ideologies, and institutions and how they contributed to change in the period from 1750 to 1900.


HISTORICAL DEVELOPMENTS

KC-5.1.III.A Western European countries began abandoning mercantilism and adopting free trade policies, partly in response to the growing acceptance of Adam Smith’s theories of laissez-faire capitalism and free markets.


Topics covered in class:

Capitalism

  • Movement away from mercantilism

  • Productivity

  • Division of labor

    • Specialization

    • Voluntary exchange (individuals and states

  • Laissez-faire economic principles

    • Adam Smith and the invisible hand

Free Trade Policies

  • Industrial Revolution -- Imperialism

  • Examples of how free trade resulted in Imperialism



Activity:
Document analysis:
An Inquiry into the Nature and Causes of the Wealth of Nations, by Adam Smith (1776)

Book I, Chapter II: Of the Principle which gives Occasion to the Division of Labor

Book IV, Chapter 2: Of Systems of Political Economy: Of Restraints upon the Importation

Copy to Google Calendar  •  Download iCal Event