Section outline

  • THEMATIC FOCUS

    Economics Systems ECN
    As societies develop, they affect and are affected by the ways that they produce, exchange, and consume goods and services.

    LEARNING OBJECTIVE

    Unit 5: Learning Objective H
    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.

    KC-5.1.III.B
    The global nature of trade and production contributed to the proliferation of large-scale transnational businesses that relied on new practices in banking and finance.

    KC-5.1
    The development of industrial capitalism led to increased standards of living for some, and to continued improvement in manufacturing methods that increased the availability, affordability, and variety of consumer goods.