Discuss the political and economic institutions of colonial Spain
In 1588, Spain was a vast empire, rich in natural resources and precious metals from its colonial possessions. By contrast, England was a resource-poor island at the frontier of the European continent. Exactly a century later, however, England was poised to become the richest nation in human history, whereas Spain had sunk into a decline from which it is only now beginning to emerge. Compare the economic histories of these two countries.
Discuss the political and economic institutions of colonial Spain. Why did these institutions develop the way they did? Why was this development not conducive to economic growth? (20 points.)
Describe the evolution of political and economic institutions in England between 1588 (the year of the defeat of the Spanish Armada) and 1688 (the year of the “Glorious Revolution”). Why did institutional change take a different path in England? Why were the institutions in place in 1688 conducive to economic growth? (20 points.)
What lessons can we draw from this comparison about the role of natural resources in economic growth? (10 points.)
The factory system
Describe the putting-out system. Where and when did it emerge? What was its connection to the enclosure movement? (15 points.)
Describe the factory system. When and where did it emerge? (15 points.)
Why did the factory system supplant the putting-out system? (20 points.)
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