Impacts of the Scientific Revolution on the Economy (1500-1770)

Increased Trade
The most visible evidence of economic expansionism of Europe were the overseas colonies and trading posts.

The volume of British trade rose significantly. Average annual exports roses from 4.1 million in the 1600s to 14.3 million in 1770.

Trade: Inventions
Maps used by sailors following the routes of great explorers were improved. E.g. Mercator projection The difficulty of keeping accurate time severely limited the accuracy of navigation. Clocks made small enough to carry around in a pocket

Trade: Inventions

The basic way that boards were put together to make vessels was changed.
Ships became progressively larger Shipping tonnage increased (English shipping tonnage rose from 340000 in 1686 to 421000 in 1751.)

Population growth in cities

Cities such as Hamburg in Germany, Liverpool in England and Toulon in France grew about 250% between 1600 and 1750.

Population Growth in cities Larger workforce Increase in productivity rate Boost economy

Population Growth

Gradual decline in the death rate can be attributed to advancements in medicine and also an increased understanding of the human anatomy
E.g. The discovery of the treatment of Syphilis by Girolamo Fracastoro in 1530 syphilis had become the major public disease by the 16th century

Population Growth
Agriculture Increase in food supply due to new agricultural methods and new crops decline in death rate People better fed because transportation improvements made it possible to distribute existing food supplies more efficiently.

Economy-Ideas

Physiocrats
believed that the wealth of a nation is dependant on productive work opposed mercantilism agriculture should be the basis of a nations wealth led to removal of trade restrictions allow farmers to sell their produce at the highest price favored free market in which all items can be bought or sold without control.

Economy-Ideas

Mercantilism
the prosperity of a nation depends upon its supply of capital purpose is to strengthen the national state and to further its aims government exercise much control over production, exchange, and consumption suggests that the ruling government should encourage exports and discouraging imports led to some of the first instances of significant government intervention and control over the economy

Adam Smith

Profile 16 June 1723 17 July 1790 Scottish moral philosopher and pioneering political economist
Works The Theory of Moral Sentiments (1759) An Inquiry into the Nature and Causes of the Wealth of Nations (1776)

Economy-Adam Smith

Significance one of the first people to apply the Baconian method to try to understand human behaviour, mainly economics idea of capitalism from scientific and mathematical methods (supply curve, demand curve, market price)

Adam Smith

Unlike the physiocrats, Smith did not believe that only the agricultural sector was capable of producing a surplus above the subsistence needs of society
Smith saw in the division of labour and the extension of markets almost limitless possibilities for society to expand its wealth through manufacture and trade.

Capitalism
Originator of capitalism is Adam Smith.

Capitalism is a system of production, distribution, and exchange, in which accumulated wealth is invested by private owners for the sake of gain. Essential features: Private enterprise, competition for markets and business for profit. Designed to reward the individual, unlike
Mercantilism.

References
Western Civilization volume two - Judith G. Coffin: W.W Norton & Company,Inc: 1998 Wikipedia Many other books in the library; we forgot their names

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