1. Twitter Feed: Impressions of a Trading Network
Scan over the class’ Twitter feed and Retweet your impressions of the feed as a whole **Print neatly as they will be placed around the feed

2. Historical Globalization & Imperialism
Chapter Issue: To what extent did historical globalization affect people’s lives?
Part 2

3. The Values Behind Capitalism
What values drove capitalism?

4. Early Capitalism Mercantilism vs Capitalism Requirements:
Free market
Open competition
Profit motive
Extensive private ownership of the means of production
Money lending (charging interest for profit) -- finance large-scale business enterprises in trade & manufacturing -- partnerships and companies…risk

5. Early Capitalism
Age of Enlightenment (18th century +) – shift to individual thought
The rights of monarchs was challenged. People wanted more rights & freedoms for ordinary people
Adam Smith [Scottish philosopher and economist]
Imagined a Society of Perfect Liberty, in which economic growth would increase naturally and rapidly if entrepreneurs were free of government restrictions
Hardest working, most entrepreneurial people would succeed
Benefit all of society
People would reinvest their profits – employ more people – donate to charity
Create a product/service that would be of value to others

6. Competition & Freedom Adam Smith believed in 4 key ideas:
Individual initiative and the desire for profit motivates people to work
People compete in their own self-interest
Individuals have the right to own private property and to accumulate wealth through development and use of that property
Most of the production, distribution, and ownership of the goods of a country should be in the hands of private individuals and companies

7. Competition & Freedom cont’d
Capitalism benefits _____________, and not ______________.
The government didn’t see itself as a protector of the rights of ordinary people.
Capitalism is a foundation for _________ globalization today.
The struggle is real!
Some argue that the creation of wealth is good if the wealth is shared with the disadvantaged
Others argue that the creation of wealth should not exploit workers or damage the environment
Government role (capability of controlling capitalism)
Redistributing wealth (via taxes)
Supporting other values that people hold dear (through laws and social programs)

8. Full Steam Ahead
Early international trade led to mercantilism, designed to help monarchs get rich
Mercantilism led to capitalism, designed to help business people get rich
Another foundation of historical globalization: industrialization

9. How did industrialization change people’s lives

10. Driving Industrialization
Factors leading to Industrialization
Context: Industrial Revolution in England
Cottage industry  Factory work
The Inventions (p. 136)
Steam engine (Al Jazari, a Muslim engineer) spearheaded this way back when!)
Factories – Consequences?

11. The Effects on Working People
Working Conditions during the Industrial Revolution:
Entrepreneurs owned factories, machinery, tools and materials
Hired cheap labour – more profit!
No political power, no laws to protect them
Who was the early industrial system rewarding, why?

12. Review Questions (Chapter 8)
Explore the Issues
#2, p. 131
#1-2, p. 134
#2, p. 140
Global Connections
#1, p. 139