Economic and Financial History Summary: crashed, crisis, booms and different systems
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Course
Financial and Economic History
Institution
Universidad Autónoma De Madrid
Talks about different economic crises, development of different economies, economic systems like capitalism, socialism, etc, explained. Talks about currency creation and money systems.
,Fertility, mortality and population growth→ the difference between the 2 lines gives
us the population growth. White parts→ population is growing. Black parts→not
growth. Birth is more stable, while death isn´t. The black spikes are caused by wars
and diseases.
Thomas Robert Malthus (1766-1834)→ the resources (food) grow in a more linear
way than population, which is growing faster. Then we have a black spike, we have
a crisis.
Two types of checks (crisis):
-Positive check→more death. Falling income will worsen human nutritional status
and increase mortality, and so permanently reduce population to its equilibrium level
(or equilibrium growth rate).
-Preventive check→less people being born, less birth. These checks are related to
voluntary restraints on fertility. When income falls young people marry later and this
reduces the number of pregnancies per marriage.
Relationship between population, density and living standards→resources started to
grow faster in 1850 aprox. Posible tendencia ascendente en los niveles de vida con
un cambio tecnológico.
, The more people, the more economic activities are produced. From 1600 until 1780,
there was some casual increases of mortality because of wars, crisis, lack of food
which provoked diseases... while fertility maintained more or less constant.
Malthus defended that the straight arithmetic growth of food would not provide the
geometrical growth of population. He said that the more lack of food, the more
conflicts between people for food and the more wars will be produced, so mortality
increases, while fecundity decreases because of the diseases. As more people are
born (the bigger size of population) real income per habitant decreases until reaching
the minimum of subsistence (more people with same resources, more problems of
subsistence).
But, if the fact that more people in the world generates more poverty, why is the
population growing? The answers are improvements in health, knowledge... but the
most important was the technological.
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