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Modern World History 3.9 Rise of Capital 45 Views
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Description:
We all know what happens when the Capitol rises: the Hunger Games start.
Transcript
- 00:03
In our last unit, we saw how the success of one little revolution back in 1776
- 00:10
led to most of the world embracing
- 00:12
some form of democratic governance today.
- 00:15
In this unit, we're going to talk about a different
- 00:17
kind of revolution: Dance Dance Revolution…
Full Transcript
- 00:20
No? Alright, fine.
- 00:21
Guess we're talking about the industrial kind instead.
- 00:24
But first, let's go back in time a bit.
- 00:25
Between the epoch of the Greeks and the Romans and the 18th century, mechanical invention was pretty much nil.
- 00:33
Aristocrats relied on peasants and animals to perform manual labor.
- 00:37
They would've used windmills, too, but Don Quixote kept coming along and destroying the darned things.
- 00:41
Around this same time, a bunch of Europeans kicked off the
- 00:44
Age of Exploration by going out into the world to
- 00:47
conquer new lands, enslave new peoples, and steal lots of natural resources from native populations.
- 00:54
The end result? The economies of Europe expanded by leaps and bounds as the loot flowed in.
- 00:59
Thinking small and local didn't work anymore.
- 01:02
It was time for mercantilism to take the wheel.
- 01:04
Fun fact: that was almost the title of a Carrie Underwood song…"Mercantilism Take the Wheel."
- 01:09
Just didn't have quite the same ring to it though.
- 01:12
The central tenet of mercantilism is that you must export more than you import.
- 01:17
This seems like a pretty simple concept, right?
- 01:18
However, in order for mercantilism to work,
- 01:21
the nations of Europe had to embrace protectionism.
- 01:24
Sorry, Spaniards. No fine French champagne for you.
- 01:27
We hear the iced tea is pretty nice.
- 01:28
While protectionism was great for the people in charge in Europe, it was terrible for consumers,
- 01:33
who couldn't get access to all the products they wanted.
- 01:35
Protectionism also drove up the prices on certain products, walloping consumers right in the pocketbook.
- 01:41
Lots of that lovely money flowed into the hands of businessmen looking to get even wealthier than they already were.
- 01:47
While British merchants in particular believed in the power of investing,
- 01:51
they had some help for their schemes from the Bank of England.
- 01:55
Founded in 1694, the institution existed to help British citizens
- 01:59
borrow money at low interest rates, which meant
- 02:01
lots of entrepreneurs could take out loans to invent and innovate.
- 02:05
But the British had way more going for them by the time the 18th century rolled around than just stellar business acumen.
- 02:11
England was an island, which meant it had access to water,
- 02:15
which meant its merchants had no trouble getting their products to even the most exotic places.
- 02:21
You know, like, Boston Harbor.
- 02:23
Additionally, England was a politically stable country,
- 02:25
and had been since 1688.
- 02:27
No war or conflict had come along
- 02:29
to destroy English infrastructure or force English businessmen to spend their money on things like AR-15s.
- 02:36
England also had a ton of coal and iron at home,
- 02:39
which came in handy when Thomas Newcomen
- 02:41
invented the first steam engine in 1712.
- 02:44
A perfect storm was brewing in England.
- 02:47
This tiny island had the money, the geographic location, the stability, and the resources to do something amazing.
- 02:53
Like lose the American colonies to a bunch of upstart revolutionaries for not sharing.
- 02:57
Okay, well, so that maybe wasn't so amazing for the British.
- 02:59
But some of the folks on ye olde Albion started to wonder what would happen if animals and people,
- 03:06
both of which need food and sleep, didn't have to do so much manual labor.
- 03:10
And what if it were possible to produce a lot of stuff, like buttons or bullets or jelly beans, really, really quickly and cheaply?
- 03:17
It dawned on the British that the new machines they'd been building,
- 03:20
like Newcommen's steam engine, could be used
- 03:22
to complete work far faster than animals or people could.
- 03:26
More efficiency meant more money, which meant more innovation, which meant more money.
- 03:30
And so the Industrial Revolution was born. At least, it was born in England.
- 03:35
Don't worry, Russia, you'll get to modernize, too. Eventually.
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