new economic thinking

Other thinkers known as \__ focused on economic reform

physiocrats

physiocrats looked for \__ \__ to define a rational economic system.

natural laws

Physiocrats rejected __

mercantilism

physiocrats urged a policy of \__ __

Laissez Faire

physiocrats claimed that real wealth came from \_____

making the land more productive

Extractive industries they said, such as \__ \__ __, produced new wealth.

agriculture, mining, logging

British economist, \__ \__ gradually admired the __

Adam Smith, physiocrats

In Smith's influential work, the \__ \__ \__ he argued that a \__ \__ should be allowed to regulate business activity

Wealth of Nations, free market

Smith tried to show how manufacturing trade wages profits and economic growth were all linked to the forces of \__ \__ __

supply and demand

It says as more business enter and industry that will tend to \__________

drive the price down

Smith was a strong supporter of \__ \__ economics

Laisse Faire

\__ \__ absolute rulers who used their power to bring about political and social change.

Enlightened despots

Frederick _ of ____ aka __ __ __

Prussia, Fredrick the Great

Frederick admired \__ work and lured him to Berlin to develop a Prussian \__ \__ __

Voltaire's, academy of science

Frederick also tolerated \__ differences welcoming victims of religious persecution.

religious

Catherine _ of *_* aka __ __ __

Russia, Catherine the Great

Catherine praised Voltaire as someone who had fought the united enemies of mankind: \__ \__ \__ \__ (give 3)

superstition, fanaticism, ignorance, trickery

In the end, Catherine's political contribution to Russia was not reform but an \__ __.

expanded empire

The most radical of the Enlightened Despots was the \___ Emperor of \___ , \__ __

Hapsburg, Austria, Joseph II

Despite opposition, Joseph granted toleration to \__ and \__ in his Catholic Empire

Protestants, Jews

Joseph ended \__ and attempted to bring the \__ \__ under royal control. He sold the property of many monasteries and convents and used the proceeds to \__ __

censorship, Catholic Church, build hospitals

Joseph even abolished __.

serfdom

In July __, American colonists issued the _ _ _

1776, Declaration of Independence

The primary author __ __ borrowed ideas from __ __

Thomas Jefferson, John Locke

Besides proclaiming American Independence from \__ , this document set out the basic principles of democracy

Britain

This document set out the basic principles of democracy, that \_____ with the right to \__ \__ \______

all men are created equal, life, liberty, and the pursuit of happiness

stirrings of democracy helped inspire the French Revolution of _*.* People from all levels of French society fought to overthrow the _ __

1789, absolute monarchy

Then went on to say that governments can exist only if they have the ____

consent of the governed

American revolution came \__ the french revolution

before

The new democratic ideals soon reached \__ colonies in \__ __

Spain's, Latin America

\__ \__ was the principle leader of this battle for freedom in Latin America

Simone Bolivar

Before 1700's the primary energy source in society was a combination of __ *, __* and __ power.

muscle, wind, water

When people began to use new power sources such as \__ to run mechanical devices, they began a more intense phase of technological development known as \__ __. It began in __.

steam, Industrial Revolution, Britain

One of Britain's greatest assets was \__ . It helped \____________ while wars raged from the European continent.

water, protect the island from invasion

\__ __provided an efficient method transporting raw materials

Navigable rivers

Another one of Britain's many geographical advantages was a plentiful supply of \__ and __.

coal, iron

__: those who risk their wealth by investing in new technology or new business ventures.

Entrepreneurs

In addition, Britain had a global overseas commercial empire. It controlled trade routes it had important trade \___ in other countries that provide Britain with both \__ \__ and \___________

contacts, raw materials, markets for their goods

British merchants had long practiced __ : the use of private money or goods to produce a ______

capitalism, profit

While all these factors made Britain ripe for industrial development, the immediate reason for the IR was a \__ \__ for \__ __

growing demand, manufactured products

Britain benefited from its American colonies which needed manufactured goods. \__ and \__ \__ were particularly in demand.

Woolen, cotton textiles

The demand for new goods in Britain itself was growing as a result of two main factors

A rising population, the production of more food at cheaper prices

The word agrarian means __.

agriculture

Like the IR, the \__ \__ that developed in Britain in the early 1700s owed a great deal to European expansion overseas.

Agricultural revolution

In the early 1700s __ __ a former British statesman began to use the Dutch technique of __ : a method of farming alternating different kinds of crops to _ _ __

Lord Townshend, crop rotation, preserve soil fertility

Agriculturalists Jethro Tull introduced the \__ \__ in 1701.

seed drill

The AR increased \__ \__ and contributed to \__ __

food production, population growth

The \__ \__ was the first to feel the full impact of the IR.

textile industry

Since the Middle Ages, cloth had been produced through the __ aka the _ _ __

domestic system, putting out system

Under the pressure of rising demand the \__ \__ used new technology to become the 1st industry to use large factories for production.

textile industry