European Economic History: From the Industrial Revolutions to the First World War

Flashcards about European Economic History from the Industrial Revolutions to World War I.

Age of Enlightenment

Philosophical and intellectual movement in Europe (late 17th to early 19th century) emphasizing reasoning, individual rights, liberty, rule of law, and societal improvement.

Montesquieu

Advocated for separation of powers within the government to promote liberty.

Adam Smith

Advocated for minimal government intervention in the economy (laissez-faire) and believed in the self-regulating nature of the market through supply and demand.

Glorious Revolution (1688-89)

Overthrow of King James II, leading to the establishment of a constitutional monarchy and the English Bill of Rights.

American Revolution (1776)

Declared freedom from British rule due to grievances such as taxation without representation, leading to the creation of the United States of America.

French Revolution

Challenged absolute monarchy and inspired the ideals of 'Liberté, égalité, fraternité,' leading to the end of the premodern era in Europe.

National Assembly (1789)

Assembly declared by the Third Estate during the Estates-General, marking a key moment in the French Revolution.

Declaration of the Rights of Man and the Citizen (1789)

Document proclaiming equality before the law, freedom of thought, and the principle that the nation is the source of law during the French Revolution.

Le Chapelier Law (1791)

Abolition of guilds during the moderate stage of the French Revolution.

Reign of Terror (1793-1794)

Period of extreme violence and executions during the French Revolution.

The Directory (1795-1799)

Five-member committee that governed France after the Jacobins, followed by the rise of Napoleon Bonaparte.

Congress of Vienna

Meetings to establish a new European order after Napoleon's defeat, aiming for long-term peace and restoring monarchic dynasties.

Industrial Revolution

Shift from agriculture and handicraft to industry and machine manufacturing, leading to urbanization and societal changes.

Factory System

Concentration of industry into specialized and large establishments, often in cities, with mechanized production and standardized parts.

Rise of Capital

Expansion of banking and credit to support industry, from limited capital to corporations with shareholders and 'limited liability'.

Why Britain First?

Britain's constitutional monarchy, resource-richness, and economic liberalization fostered early industrial growth.

Belgium's Industrialization

Good trade relations with Britain, resource rich, close proximity to coal and iron ores, strategically located, connected to major European markets.

'First International Financial Crisis' (1873)

Financial crisis caused by overproduction, American competition, and wars, leading to unemployment, protectionism, and imperialism.

New Imperialistic Period

Renewed push for territorial control driven by industrialization and the need for resources and markets, exemplified by the Berlin Conference of 1884.

Nationalism

Significant political and social force in the 19th century, fueled by state formation and cultural elements.

Unification of Italy (1848-1871)

Led by Piemontese Kings, resulted in Victor Emmanuel II becoming the first king of a unified Italy in 1861.

Unification of Germany

Led by Otto von Bismarck, unified through war and diplomacy, creating a powerful, militaristic Germany.

World War I (1914-1918)

Global conflict between the Allies and Central Powers, characterized by trench warfare and industrial weaponry.

Trigger of WWI

Assassination of Archduke Franz Ferdinand of Austria on June 28, 1914.