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176 pages, Paperback
First published February 16, 2017
It is hard to believe that these [feudalist] arrangements did not check the growth of the medieval economy or that the response to the possibilities of globalization after 1492 would have been weaker, had half of the population remained serfs. The emergence of capitalist institutions was a necessary, if not sufficient, condition for modern economic growth.
The French government was very active in trying to promote advanced British technology in the eighteenth century, but its efforts failed since the British techniques were not cost-effective at French prices. James Hargreaves perfected the spinning jenny, the first machine that successfully spun cotton, in the late 1760s. In 1771, John Holker, an English Jacobite who held the post of Inspector General of Foreign Manufactures, spirited a jenny into France. Demonstration models were made, but the jenny was only installed in large, state-supported workshops. By the late 1780s, over 20,000 jennies were used in England and only 900 in France. Likewise, the French government sponsored the construction of an English style iron works (including four coke blast furnaces) in Burgundy in the 1780s. The raw materials were adequate, the enterprise was well capitalised, and they hired outstanding and experienced English engineers to oversee the project. Yet it was a commercial flop because coal was too expensive in France.
[H]ow much better fed, clothed, lodged and, in all outward respects, accommodated men now are, or might be, by a given quantity of labour, is a grateful reflection which forces itself on every one […] Wealth has more and more increased, and at the same time gathered itself more and more into masses, strangely altering the old relations, and increasing the distance between the rich and the poor.
These machines were to them [the owners] an advantage, inasmuch as they superseded the necessity of employing a number of workmen, who were left in consequence to starve. By the adoption of one species of frame in particular, one man performed the work of many, and the superfluous labourers were thrown out of employment.