Do Now Take notebooks from the front table. I will need them back at the end of the period. Make a new section called “Aspects of Society – Economy”

Sequence This week/next week: finish looking at enlightenment and absolutism. Next week: start working on our final paper for the semester, look towards final exams. Finals: 18th-20th After finals: The Age of Revolution! French Revolution Haitian Revolution 1848: the Year of Revolutions

Revolution Quick Definition: A dramatic change in one or more aspects of society.

Kinds of Revolution In order from least significant to most significant: Cultural Political Economic Social/societal

Kinds of Revolution Cultural: a dramatic change in how people interact or perceive certain issues. Political: a dramatic change in how the government functions. Economic: a dramatic change in how money and resources are dispersed, acquired, or traded. Social/societal: a dramatic change in the fundamental framework of society.

The enlightenment gave revolutionary beliefs to the first 3 aspects of society: cultural, political, and economic. We’ve already studied the political and cultural aspects. Today we will be looking at the economic aspect.

What is an economic system? A method by which the resources and services available to a society are distributed. Simplest Examples: Palace Economy: all/most resources and services flows into a centralized bureaucracy where it is then redistributed as needed. State-driven. Communism: resources are redistributed more or less equally. Equality-driven Capitalism: resources and services are distributed to those who can afford them. Profit-driven.

Mercantilism vs Capitalism The absolutists rested their empires on an economic system called “mercantilism” and its younger brother “bullionism.” Mercantilisist nations try to acquire as much wealth as possible Enlightenment thinkers starting with Adam Smith suggested a different kind of economic system called “Capitalism”

Assignment: Mercantilism Investigation You will use any internet resources you like to answer the following questions in detail: Summarize mercantilism. What was the goal of mercantilism? What was done to achieve this goal? What were advantages of mercantilism? What were disadvantages? How does mercantilism differ from capitalism?