Key Historical & Economic Concepts: 17th-19th Centuries
Early Modern Economy & Politics
Mercantilism: A theory stating that there was a fixed amount of global trade and a country’s wealth depended on the gold and silver it accumulated. Monarchs encouraged the growth of national industries, promoted exports, and restricted imports.
Chartered Companies: These companies conducted foreign trade with America and Asia. Some were granted trade monopolies in specific regions and imported goods. Company owners and the Crown shared the substantial profits.
Bill of Rights (1689): This English bill guaranteed certain rights and liberties. It established that the King could not pass laws, create or collect taxes without Parliament’s approval.
Nueva Planta Decrees: Issued by Felipe V following the War of the Spanish Succession, these decrees abolished the charters (fueros) and institutions of the Crown of Aragón because it had opposed him in the war.
Motín de Esquilache: Carlos III appointed Italian ministers, such as the Marquis of Esquilache, whose reforms were unpopular across society. His attempt to modernize traditional Spanish clothing sparked the Esquilache Riots (1766).
French Revolution & Napoleonic Era
Flight of Varennes (1791): The unsuccessful attempt by King Louis XVI and his family to escape Paris, disguised as Russian aristocrats, during the French Revolution.
Sans-culottes: Radical revolutionaries in France (c. 1792-1795) who believed the French Revolution’s reforms were insufficient. They were typically working-class Parisians.
Declaration of the Rights of Man and of the Citizen (1789): A fundamental document of the French Revolution, outlining principles of personal liberty, equality before the law, and the right to property.
Napoleonic Code (1804): A French civil code that prohibited privileges based on birth, allowed freedom of religion, and standardized the complex laws existing before the revolution.
Concordat of 1801: An agreement between Napoleon and the Pope that maintained state control over the Church in France. Confiscated church lands were not returned, but the clergy could resume public religious worship.
Industrialization & Labor Movements
Taylorism: A system of scientific management developed in the late 19th century. Production processes were divided into small, timed tasks, with each worker specializing in one task and paid based on output.
Fordism (Mass Production): Henry Ford’s early 20th-century application of the assembly line for mass production. Identical parts were manufactured and assembled sequentially, enabling large quantities of goods at lower costs.
Cartel: An association of companies in the same industry that agree to control production, distribution, and fix prices to limit competition. Common in the late 19th century.
Holding Company: A company that controls other companies by owning a majority of their shares. Became prevalent in the late 19th century.
Trust: An association of companies covering all stages of a product’s manufacture, aiming to control the market and eliminate competition. Common in the late 19th century.
Trade Unions: Workers initially formed mutual aid societies for support during illness or unemployment. Following the grant of assembly rights (first in 19th-century Great Britain), trade unions emerged. These associations demanded better wages, shorter workdays, and an end to child labor, using strikes as their main pressure tactic.