HISA04H3 Chapter Notes - Chapter Chapter 1 : Wage Labour
Document Summary
The events of 2008 sparked the proliferation of historical studies involving the economy. Most scholars involved in economic history reject far right and far left views regarding government control over the economy. They reject communism and a neoclassical form of government. Understanding capitalism requires keeping race and gender in the picture. Capitalism is the investment of money in the hopes of making a profit. Spices were far more valuable in europe than in the foreign lands where they were acquired, thus they could fetch a tidy sum in europe and investors could make a massive profit. The market also had the potential to become saturated because of the high profitability of the trade (saturated markets involved too many people entering the business and increasing prices due to competition). Large amounts of investment were required for these kind of voyages and there was a large chance the ships wouldn"t come back. Investments were obtained from merchants, aristocrats, and foreign companies.
