The demise of feudalism has several parts, with the first one being increased food production. Food has been established as a critical element of any society that seeks to advance (Appleby 2011, 51). Food production was allowed to be increased because of the innovation in the harnesses that were used for the horses and the iron plough share (White 1940, 154-155). Under a feudal system, agriculture was a labor intensive industry because the capital was an effective means of substitution. That caused more workers to be tied to the land in order to produce what was needed to survive and in many cases the food supply could not sustain a larger society (White 1940, 151). Labor also had diminishing marginal returns, meaning that each added laborer
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Since individuals had higher incomes than they had the ability to demand more luxury goods. Individuals did not need to spend the majority of their incomes on goods to survive, and could buy luxury goods. Well according to Says Law of supply creating its own demand, the merchants and the artisans supplied a good that at first had a high price due to a low supply. Since all firms are profit seeking, individual will join if they believe they can make a profit. That led to individuals changing careers in order to fulfill that dream. That creates new products that individual will would have wanted to buy. The three estates of those that pray, those that fight, and those that work was in process of being broken down due to the influence of a wealthy bloc inside the poorest estate (Nell 1967, 314). The artisans and merchants were able to push the nobility to come to turns with their economic interests and the desire to change the governing structure of Medieval Europe (Nell 1967, 314). France would be plagued by this institution all the way up until the French Revolution. The rise of the merchant class and their desires for a stable legal structure and the ability to trade without restriction led to a revolution in …show more content…
External threats were extinguished and even Western Europe went off to war to do battle with the Muslims. European nations united under the banner of Christ and occupied parts of the Middle East. During their occupation, they brought back more innovations in terms of science that they were able to apply to what they had already discovered. Individuals that had the ability to increase their standard of living also had the institutional framework to allow for them to pursue that idea (Wickham 2016). Workers finally earned wages again that allowed for specialization of labor to develop once again. Since individuals were able to specialize that led to productivity increases and trade to develop, allowing for diversity of goods and lowering of prices. The breakdown of feudalism is a textbook example of Joseph Schumpeter’s creative destruction (Ferguson 2011, 204). New circumstances allowed for individuals to break down the existing power structure allowing for society to progress into the Renaissance.
Feudalism in Western Europe finally collapsed in the 1500s, however, feudalism was not dead. Russia started to adopt feudalism in the 1500s as a means of trying haste along the economic development of their society (Fukuyama 2012, 402). Feudalism in economic terms did not help society, but kept the society from
Since individuals had higher incomes than they had the ability to demand more luxury goods. Individuals did not need to spend the majority of their incomes on goods to survive, and could buy luxury goods. Well according to Says Law of supply creating its own demand, the merchants and the artisans supplied a good that at first had a high price due to a low supply. Since all firms are profit seeking, individual will join if they believe they can make a profit. That led to individuals changing careers in order to fulfill that dream. That creates new products that individual will would have wanted to buy. The three estates of those that pray, those that fight, and those that work was in process of being broken down due to the influence of a wealthy bloc inside the poorest estate (Nell 1967, 314). The artisans and merchants were able to push the nobility to come to turns with their economic interests and the desire to change the governing structure of Medieval Europe (Nell 1967, 314). France would be plagued by this institution all the way up until the French Revolution. The rise of the merchant class and their desires for a stable legal structure and the ability to trade without restriction led to a revolution in …show more content…
External threats were extinguished and even Western Europe went off to war to do battle with the Muslims. European nations united under the banner of Christ and occupied parts of the Middle East. During their occupation, they brought back more innovations in terms of science that they were able to apply to what they had already discovered. Individuals that had the ability to increase their standard of living also had the institutional framework to allow for them to pursue that idea (Wickham 2016). Workers finally earned wages again that allowed for specialization of labor to develop once again. Since individuals were able to specialize that led to productivity increases and trade to develop, allowing for diversity of goods and lowering of prices. The breakdown of feudalism is a textbook example of Joseph Schumpeter’s creative destruction (Ferguson 2011, 204). New circumstances allowed for individuals to break down the existing power structure allowing for society to progress into the Renaissance.
Feudalism in Western Europe finally collapsed in the 1500s, however, feudalism was not dead. Russia started to adopt feudalism in the 1500s as a means of trying haste along the economic development of their society (Fukuyama 2012, 402). Feudalism in economic terms did not help society, but kept the society from