1Intro. Remark &Defining the IR
2Factors facilitating IR
3Why different rate of ind. (Why Britain first?)
4Is technology alone enough to make it happen?
cultural & religious considerations?
Why England First?
l.Productive English agriculture-new techniques in farming-high a.agricultural output—the most basic need- food was secured
Implication: price of food was cheap—availability of fund for investment
b. Surplus income -high agric. productivity and low food prices
2. effective central bank and well-developed credit market
3.The English government allowed the domestic economy to function with few restrictions and encouraged both technological change and a free
4. England also had a labor surplus -an adequate supply of workers for the burgeoning factory system
5.Geography: small country
7. political stability (free from Napoleonic War)
Protestant Work Ethics
Max Weber, a German sociologist (d.1920), coined the term “protestant work ethic.”
-proposed that the origins of the capitalist mentality was located in the PROTESTANT ethics of seventeenth century England
-Based on the perception that the Protestant-dominated parts of Europe were industrially more advanced than the Catholic ones
His term encompassed the following traits: hard work that glorifies God, a long term view of the future (savings and putting off current wants to meet tomorrows needs), and self-reliance rather than government reliance