False Dawn
Chapter 1: From the Great Transformation to the global free market
1. What is the “Great Transformation”?
The “Great Transformation” started with the Industrial Revolution. Before the Industrial Revolution the economy of the UK was agricultural. Farmers were very important. The Industrial Revolution (1835) changed the economy life of the UK and other countries in Europe for ever. Transportation of goods and food had become much faster thanks to new railways. The “Great Transformation” is not only a transformation of the economy in general but also a transformation of the markets. The social market (local farmers) changed into a free market that we still recognize now.
2. What is “Laissez-faire”?
The Regime of “Laissez-faire” is the capitalism by companies (ex: Volkswagen). Laissez-faire= free market
3. Who is Adam Smith?
Adam Smith was a Scottish philosopher and a political economist. He was one of the key figures of the intellectual......
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