Theory of roman law

Classified in Geography

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3 two new phenomena emerged:

Economic liberalism, the father of economic liberalism was Adam Smith 

He argued that the market supported itself by: 

-free competition: law of supply and demand -

-division of labor multiply productivity.

Industrial Capitalism, industrialization led to a shift from commercial capitalism (where the trade had been the most important source of profit) to industrial capitalism (industrial production became the most profitable economic activity in a country. The industry needed large investments, with the use of stock markets and banks). 

-The common characteristics:

-Served the interests of wealthy capitalists and business owners.

-Were aimed at generating profits that could be reinvested in business.

-Led to an increase in social inequalities. 


 A class-based society: 

-Three groups: upper (nobility, bourgeois capitalists), middle (civil servants, lawyers, doctors, small merchants and artisans, small farmers) and working class( proletariat and poor tenant farmers and agricultural laborer's). 

-The social class of people was determined by their profession and wealth,

-Society was open: people's social class could change if their personal situation 

-In theory, all citizens were now equal before the law.

-In practice, there were large economic inequalities. 

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