topic 5.7
economic developments and innovations
in the industrial age
THEMATIC FOCUS
Economics Systems (ECN)
As societies develop, they affect and are affected by the ways that they produce, exchange, and consume goods and services.
Unit 5: Learning Objective H
Explain the development of economic systems, ideologies, and institutions and how they contributed to change in the period from 1750 to 1900.
HISTORICAL DEVELOPMENTS
KC-1
Western European countries began abandoning mercantilism and adopting free trade policies, partly in response to the growing acceptance of Adam Smith’s theories of laissez-faire capitalism and free markets.
KC-2
The global nature of trade and production contributed to the proliferation of large-scale transnational businesses that relied on new practices in banking and finance.
KC-3
The development of industrial capitalism led to increased standards of living for some, and to continued improvement in manufacturing methods that increased the availability, affordability, and variety of consumer goods.