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13 Cards in this Set
- Front
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What contributed to the Rise of Nation States: Christian Spain? |
A. Tensions between the Muslims and Christians rose due to the Crusades. -Pope asked for support to kick Muslims out of Spain -First big success was when Christians took Toledo (Spain) in the 11th Century B. Isabel and Ferdinand's Marriage
1. During the 15th Century, Spain was divided into three parts: Muslim, Isabel's kingdom and Ferdinand's Kingdom. 2. Both of them married and joined armies. They then conquered Granada which was the last Islamic city in Spain (1492). -to build the army, they collected taxes to finance the army and institutions. -Christian war with Muslims united Spain 3. Christians were now in control of Spain |
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What contributed to the Rise of Nation States: England and France? |
A. 100 years War: France went to war with England because the French king did not like that French territories paid allegations (Feudal System) to English king for protection.
1. For both, England an France, to fund this war, they had to raise taxes to build an army and institutions. 2. By the end of the of the war, both England and France had centralized government and were nation states. |
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What contributed to Fall of Spain? |
1. Spain had a easy source of revenue (gold from the Americas) but had a poor economy which never developed. -no wealth was being created. 2. As a result of the Inquisition, most of the skilled workers (Muslim and Jews) left the country which caused the economy to decline. Inquisitions: Spain killed and tortured Muslims and Jews if they didn't convert to Christianity -some stayed and converted, some left. -Christians tortured people to see if they were really Christians 3. Spain tried to invade England and failed.
-Spain's navy, the Armada, was destroyed -Spanish power only lasted one century. |
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Reformation and Economic Thought |
The Reformation led to less restrictions on economic thinking from the church. This could lead to economic development A. Reforms of the the corrupt church 1. This removed centralized religion 2. Everyone began to have their own interpretations of the bible which led to advancements in economic thinking. |
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How did Science undermine the Catholic church? |
1. Astrologers began to question whether the Earth was the center of the universe. 2. This undermined the Pope's and the Catholic Church's authority. 3. Since science contradicted the bible, this challenged the reading of the bible by members of the church. |
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Deductive Reasoning (Descartes) |
Deductive Reasoning: Start with facts and you work your way to a conclusion. -Ex: fact: all men are immortal fact: Socrates is a man Conclusion: Socrates is immortal |
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Inductive Reasoning (Bacon) |
Inductive Reasoning: Take specific facts and make them into a probable conclusion, which may not be accurate. Ex: facts: The chair in the living room is red. The chair in the dining room is red. The chair in the bedrrom is red. Probable conclusion: All chairs in the house are red. |
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School of Salamanca's Contribution to Methodology |
1. If natural laws are not consistent with the Bible, then the bible has to be re interpreted to be consistent with natural laws (same thing as Ibn Rushd and Scholastics) 2. All humans are created equal because humans are made by the same God. -Salamanca was against slavery. 3. Seperation of Church State: Church should not get involved in personal affairs of the people. -we should also worry about the present life and enjoy the present life as opposed to only worry about after life. -this allowed economic thinking to flourish. |
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Arguments In Favor of Charging Interest Rate |
1. Profits should be shared with the lender; when most people borrow, they often invest it in ways that can generate profit. 2. Risk Premium: Any time there is lending, there is a chance of default (lender will not get his money back). The lender should be rewarded in the form of interest for taking this risk. 3. Opportunity Cost: When the lender has the money, the lose the opportunity to invest the money; therefore, they should be rewarded for this in the form of money. |
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Sir Thomas Smith: Role of Incentives Back ground |
Background: The textile (clothing) industry was booming in the 16th century. As a result of this, lords wanted to stop peasants from using the common land to graze their animals (enclosure). This would allow the lords to use the common land for grazing sheep which produced wool. This wool would then be used to make clothing. This caused a migration of the peasants from the farm lands into the inner city. This led to a crisis because peasants were homeless; the crime rate increased since people were trying to feed their families. |
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Sir Thomas Smith: Role of Incentives |
Sir Thomas Smith believed that instead of banning activities, it would be more efficient to give incentives for society not to do it. Examples of Incentives: 1. Restrict the export of wool: This would increase the supply which will drop the price of wool. This would make producing wool (UNPROFITABLE) 2. Impose a tariff on import of grains: This would make buying grains from outside the country expensive and unprofitable. Since exporting wool and importing of grain has now become unprofitable, the peasants would go back to producing grains which would result in a move from city to back to the previous inhabited lands. This would decrease the crime rate. |
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Sir Thomas Smith's Contribution to Monetary Theory |
Theory of Inflation A. Sir Thomas Smith believed that prices increase because of shortage of supply or increased money supply. B. At the time there was no evidence of shortage BUT there was evidence of increased money supply (which came from the Americas) 3. The main reason for inflation was higher money supply. -due to inflow of gold from the americas, the money supply was increasing. -Came up with this theory with imaginary talks of people at the bars. |
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