Economic Concepts and Historical Impacts

The video explores the economic transformations during the Industrial Revolution, highlighting the shift from mercantilism to free market economics influenced by Adam Smith's 'The Wealth of Nations'. It discusses the criticisms of free market capitalism by figures like Jeremy Bentham and Friedrich List. The rise of transnational corporations, such as the Hong Kong and Shanghai Banking Corporation and Unilever, is examined, along with innovations in banking and finance like stock markets and limited liability corporations. The video concludes with the societal impacts, including a rising middle class and improved living standards.

What economic system replaced mercantilism during the Industrial Revolution?

• Feudalism

• Socialism

• Free Market Economics

• Barter System

Who was a major critic of mercantilism and advocated for laissez-faire policies?

• Karl Marx

• Adam Smith

• John Maynard Keynes

• Milton Friedman

Which economist argued for government intervention to address social issues caused by free market capitalism?

• Thomas Malthus

• Adam Smith

• Jeremy Bentham

• David Ricardo

What was the Zollverein?

• A German customs union

• A British trade policy

• An American economic plan

• A French industrial strategy

Which company was established to manage British imperial ventures in Asia?

• East India Company

• Standard Oil

• Dutch East India Company

• Hong Kong and Shanghai Banking Corporation

What was a key feature of limited liability corporations?

• Mandatory profit sharing

• Unlimited financial risk for owners

• Government ownership

• Protection of owners' financial investments

How did stock markets contribute to industrial capitalism?

• By limiting corporate growth

• By providing a platform to raise funds

• By enforcing government regulations

• By reducing trade barriers

What was a major effect of industrialization on society by 1900?

• Decrease in consumer goods

• Rise of a new middle class

• Reduction in agricultural output

• Decline in living standards

What technological advancement improved agricultural productivity during industrialization?

• Steam engines

• Mechanized farming

• Telegraph

• Railroads

What was a significant outcome of the increased efficiency in manufacturing?

• Decreased variety of products

• Cheaper and more accessible goods

• Limited access to products

• Higher prices for goods