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This is also the age in which people had the time and comfort to engage in more contemplative and thoughtful activities, such as music, poetry, and philosophy. This period became referred to as the “dawn of civilization” by some because of the development of leisure and humanities. Craftspeople were able to support themselves through the production of creative, decorative, or thought-provoking aesthetic objects and writings.

As resources became more plentiful, social classes became more divisive. Those who had more resources could afford better living and developed into a class of nobility. Difference in social standing between men and women increased. As cities expanded, ownership and preservation of resources became a pressing concern.

Feudal

The ninth century gave rise to feudal societies    . These societies contained a strict hierarchical system of power based around land ownership and protection. The nobility, known as lords, placed vassals in charge of pieces of land. In return for the resources that the land provided, vassals promised to fight for their lords.

These individual pieces of land, known as fiefdoms, were cultivated by the lower class. In return for maintaining the land, peasants were guaranteed a place to live and protection from outside enemies. Power was handed down through family lines, with peasant families serving lords for generations and generations. Ultimately, the social and economic system of feudalism failed and was replaced by capitalism and the technological advances of the industrial era.

Industrial society

In the eighteenth century, Europe experienced a dramatic rise in technological invention, ushering in an era known as the Industrial Revolution. What made this period remarkable was the number of new inventions that influenced people’s daily lives. Within a generation, tasks that had until this point required months of labor became achievable in a matter of days. Before the Industrial Revolution, work was largely person- or animal-based, and relied on human workers or horses to power mills and drive pumps. In 1782, James Watt and Matthew Boulton created a steam engine that could do the work of twelve horses by itself.

Steam power began appearing everywhere. Instead of paying artisans to painstakingly spin wool and weave it into cloth, people turned to textile mills that produced fabric quickly at a better price and often with better quality. Rather than planting and harvesting fields by hand, farmers were able to purchase mechanical seeders and threshing machines that caused agricultural productivity to soar. Products such as paper and glass became available to the average person, and the quality and accessibility of education and health care soared. Gas lights allowed increased visibility in the dark, and towns and cities developed a nightlife.

One of the results of increased productivity and technology was the rise of urban centers. Workers flocked to factories for jobs, and the populations of cities became increasingly diverse. The new generation became less preoccupied with maintaining family land and traditions and more focused on acquiring wealth and achieving upward mobility for themselves and their families. People wanted their children and their children’s children to continue to rise to the top, and as capitalism increased, so did social mobility.

Questions & Answers

it is the relatively stable flow of income
Chidubem Reply
what is circular flow of income
Divine Reply
branches of macroeconomics
SHEDRACK Reply
what is Flexible exchang rate?
poudel Reply
is gdp a reliable measurement of wealth
Atega Reply
introduction to econometrics
Husseini Reply
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Jahara
Good morning
Jorge
hi
abubakar
hi
Nmesoma
hi
Mahesh
Hi
Tom
Why is unemployment rate never zero at full employment?
Priyanka Reply
bcoz of existence of frictional unemployment in our economy.
Umashankar
what is flexible exchang rate?
poudel
due to existence of the pple with disabilities
Abdulraufu
the demand of a good rises, causing the demand for another good to fall
Rushawn Reply
is it possible to leave every good at the same level
Joseph
I don't think so. because check it, if the demand for chicken increases, people will no longer consume fish like they used to causing a fall in the demand for fish
Anuolu
is not really possible to let the value of a goods to be same at the same time.....
Salome
Suppose the inflation rate is 6%, does it mean that all the goods you purchase will cost 6% more than previous year? Provide with reasoning.
Geetha Reply
Not necessarily. To measure the inflation rate economists normally use an averaged price index of a basket of certain goods. So if you purchase goods included in the basket, you will notice that you pay 6% more, otherwise not necessarily.
Waeth
discus major problems of macroeconomics
Alii Reply
what is the problem of macroeconomics
Yoal
Economic growth Stable prices and low unemployment
Ephraim
explain inflationcause and itis degre
Miresa Reply
what is inflation
Getu
increase in general price levels
WEETO
Good day How do I calculate this question: C= 100+5yd G= 2000 T= 2000 I(planned)=200. Suppose the actual output is 3000. What is the level of planned expenditures at this level of output?
Chisomo Reply
how to calculate actual output?
Chisomo
how to calculate the equilibrium income
Beshir
Criteria for determining money supply
Thapase Reply
who we can define macroeconomics in one line
Muhammad
Aggregate demand
Mohammed
C=k100 +9y and i=k50.calculate the equilibrium level of output
Mercy Reply
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money as unit of account means what?
Kalombe
A unit of account is something that can be used to value goods and services and make calculations
Jim
all of you please speak in English I can't understand you're language
Muhammad
I want to know how can we define macroeconomics in one line
Muhammad
it must be .9 or 0.9 no Mpc is greater than 1 Y=100+.9Y+50 Y-.9Y=150 0.1Y/0.1=150/0.1 Y=1500
Kalombe
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Kalombe
hi can someone help me on this question If a negative shocks shifts the IS curve to the left, what type of policy do you suggest so as to stabilize the level of output? discuss your answer using appropriate graph.
Galge Reply
if interest rate is increased this will will reduce the level of income shifting the curve to the left ◀️
Kalombe
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Source:  OpenStax, Introduction to sociology 2e. OpenStax CNX. Jan 20, 2016 Download for free at http://legacy.cnx.org/content/col11762/1.6
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