1. Mr. Watson By: Natalie Gorjup, Alex Jarvis, Victoria Bello, Krista Mc Shane.

3. NG

4.  It was the basis by which the upper nobility class maintained control over the lower classes.  Powers granted to lords was hereditary. NG Was a system for ordering society around relationships derived from the holding of land in exchange for service or labour.

5.  This rigid structure of government consisted of kings, lords, and the peasants.  Kings could not effectively govern their land because their was not a fast communication system.  Divided up their land, and appointed it to Lords. In return the lords had to pay the king "homage and fealty”.  Lords had to pay taxes to the king, as well as have an army ready for the king at all times. NG

6.  The feudal society was constructed for one reason: security.  However, all this came at the great expense of the common man. He gave up many freedoms for his security. NG

7. MB

8.  Mercantilism: is economic nationalism for the purpose of building a wealthy and dominant state.  It’s the system of political economy that pursued to improve the country by limiting imports and encouraging exports. MB

10.  Economic policies were created to modify the tax system in France with the goal of increasing revenues.  Colbert was successful in building one of the strongest European navies and a more than respectable merchant marine.  Encouraged creation of new domestic industries.  Silk, cotton, and tapestries MB

11. 1. A limited amount of natural resources 2. Poor climate, soil exhaustion resulting in droughts 3. Growing populations 4. Not getting diversity in their goods being purchased MB

12. AJ

13.  Capitalism: an economy characterized by private ownership of business and industry, profit motive, and free markets.  In the early 1500's feudal economies of medieval Europe had been largely replaced by capitalist economies.  Adam Smith's "Wealth of Nations" Laissez-Faire (let it be) AJ

14. Constraints:  perfect information  perfect competition  rational actors Concepts:  Invisible hand  law of competitive advantage  free trade and division of labour *NOT ECONOMIC NATIONALISM!* AJ

15.  MAJOR Concepts!  people are starting to transcend classes (credit is easier to get)  Entrenched dependency-during the enlightenment capitalism promised free trade which made people happier!  Poor people had more economic power than before! AJ

16. Communism VB

17. Communism  A theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.  Simply put, communism is the idea that everyone in a given society receives equal shares of the benefits derived from labour. VB

18.  Marx believed that a truly utopian society must be classless and stateless.  Marx's main idea was simple: Free the lower class from poverty and give the poor a fighting chance. VB

19.  The communist manifesto is where class relationships are defined by an era's means of production.  At this point, a revolution occurs and a new class appears as the ruling one.  The main goal of The Communist Manifesto was to focus on class struggle and cause the common people to riot.  Even more so, it was designed to anticipate a model government, whose economics would demolish the upper class - freeing the lower class from dictatorship. VB

20. Jeremy Bentham KM

21.  Utilitarianism Definition: A moral philosophy in which the happiness of the greatest number of people in the society is considered the greatest good. (The principle of utility)  So an action is morally right if the consequences are good, but if the consequences are bad, the action is morally wrong.  The choice that has the greatest benefit to the greatest number is ethically correct. KM

22.  Proposed by Jeremy Bentham (1748-1832) in his 1789 book Principles of Morals and Legislation.  It was developed by the English philosopher- economist John Stuart Mill (1806-73) in his 1863 book Utilitarianism.  Jeremy Bentham - Proposed many legal and social reforms - Bentham's philosophical principles have been associated with several reform acts entered into English law. KM

23.  Bentham believed that human behaviour was motivated by the desire to obtain pleasure and to avoid pain.  Bentham’s importance on law and punishment came from his thoughts on the French revolution towards the Declaration of the Rights of Man and the Citizen.  He thought it was too much freedom for a stable society and would clash with the government. KM

25.  Brought on Utilitarianism.  The middle class realized that the best way for them to maintain their wealth and power was to pass a democratic system of government such as that suggested by Utilitarianism.  The rapidly changing economy brought chaos during the industrial revolution. KM

26.  After studying each of the 5 economic systems, which one was most beneficial to the entire population?

27.  Stability is a majour theme in the course. Which economic system was the most stabilizing and destabilizing?

28.  What are the pros and cons of government intervention in economics?

29.  That’s all folks!!!!