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The Rise of Capitalism in Britain 1660-1830

Module description

When, where and how did capitalism emerge? This module explores the rise of capitalism within Britain and its empire during the early modern period, and the fierce debates about its origins, development and impact. A series of revolutions in agriculture, finance and consumption transformed Britain before industrialisation, all of which were deeply connected to imperial expansion and the capture of new resources and markets. This module focuses on the dramatic changes in how wealth was created and distributed between 1660 and 1830, and on the ideas, experiences and attitudes of the people who lived it. You will explore the shifts in society and culture as more land came under private ownership, more goods were made for profit on the market, and more people sold their labour for wages. You will also consider how these changes in the British economy were connected to the violent acquisition of new territory, the exploitation of plantation slavery, and the growth of armed trading companies.

Module aims - intentions of the module

This Special Subject has the following main aims:

- to provide an overview of key economic developments in early modern Britain and its empire, and their social, cultural and intellectual implications

- to introduce you to key concepts and theories relevant to the history of capitalism

- to demonstrate the diverse range primary sources that can be used to study early modern economic history

You will have the opportunity to explore different themes in economic history on their own terms, while also being equipped to consider how these themes can be linked analytically to gain a deeper understanding of the formation of modern capitalism. You will learn how to use interdisciplinary approaches to study economic history, drawing on ideas from sociology, anthropology, literary studies, intellectual history, art history, as well as economics. While the module tackles ‘traditional’ economic topics such as labour, consumption and credit, we will often approach these topics through a cultural or social lens, reflecting on how people perceived and experienced economic activities.

You will also learn about how theories of capitalism have been used by scholars to understand critical changes in this period. ‘Capitalism’ describes more than an economic system, and offers a powerful set of tools for navigating the interplay of different elements of society, culture and politics. You will learn about key capitalist concepts, such as commodification, and how they apply to early modern Britain. You will also encounter both past and present supporters and critics of capitalism; celebrating its productive power or denouncing its inequalities.

To explore these themes you will learn how to interpret the rich variety of primary sources historians use to examine the history of the economy and capitalism. You will learn how to combine insights from polemical pamphlets, satirical cartoons, household accounts, poetry, labour contracts, family portraits, how-to manuals, diaries and trade cards. You will also learn what methods historians use to recover evidence of ‘hidden’ forms of work, especially by women, and how we can reconstruct the economic lives of the poor. You will be encouraged to reflect on how broad theories about the history of capitalism can be used to analyse such sources, while also asking how the primary evidence we examine supports or conflicts with different narratives of capitalist development.

You do not need training in quantitative methods as the module will primarily focus on social, cultural and intellectual approaches to studying texts and images. Some familiarity with the early modern period (c.1500-1800) will be helpful, but no specialist knowledge of economic history is necessary.

By engaging with this complex empirical and theoretical subject, you will develop sophisticated research, analytical, interpretative and communication skills that can be applied in further academic studies or in graduate careers.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

• 1. Evaluate the complex themes in eighteenth century economic history from social, cultural and economic perspectives
• 2. Identify key concepts, theories and debates within the history of capitalism
• 3. Analyse key developments in the British economy c.1660-1830

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

• 4. Focus on and comprehend complex issues
• 5. Analyse philosophical and critical arguments to assess their utility to the historian
• 6. Understand and deploy relevant historical terminology in a comprehensible and sophisticated manner

ILO: Personal and key skills

On successfully completing the module you will be able to...

• 7. Undertake independent and autonomous study and group work, including presentation of material for group discussion, developed through the mode of learning
• 8. Digest, select and organise material to produce, to a deadline, a coherent and cogent argument, developed through the mode of assessment

Syllabus plan

Whilst the content may vary from year to year, it is envisioned that it will cover some or all of the following topics:

• Women’s work and the gendered division of labour
• The increase in the numbers of people working for wages
• Unfree workers: servants and slaves
• Theories of capitalism and the new global history of capitalism
• Wealth, poverty and inequality
• Attitudes to work, industriousness and labour discipline
• Agrarian capitalism and the enclosure of common land
• Industrialisation and living standards
• Climate and the Anthropocene
• Consumer revolution and luxury goods
• Commodities and markets
• Trade, imperialism and the East India Company
• Financial revolution and the Bank of England
• Financial crises and the South Sea Bubble
• Money, credit and debt

Some of you will already have studied some economic history; others will not. The introductory sessions will therefore be important in offering a broad overview within which framework everyone can place their subsequent work. The co-requisite module will also provide a close focus on the historical sources available for study. You will be expected to prepare for seminars by reading and evaluating the respective sources in advance, and will discuss the issues raised by them in the seminars.

Learning activities and teaching methods (given in hours of study time)

Details of learning activities and teaching methods

Formative assessment

Summative assessment (% of credit)

Details of summative assessment

Details of re-assessment (where required by referral or deferral)

Re-assessment notes

Deferral – if you miss an assessment for certificated reasons judged acceptable by the Mitigation Committee, you will normally be either deferred in the assessment or an extension may be granted. The mark given for a re-assessment taken as a result of deferral will not be capped and will be treated as it would be if it were your first attempt at the assessment.

Referral – if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be required to submit a further assessment as necessary. If you are successful on referral, your overall module mark will be capped at 40%.

Indicative learning resources - Basic reading

• S. Beckert, Empire of Cotton: A New History of Global Capitalism (2014)
• M. Berg, Luxury and Pleasure in Eighteenth-Century Britain (2005)
• S. Newman, A New World of Labor: The Development of Plantation Slavery in the British Atlantic (2013)
• K. Wrightson, Earthly Necessities: Economic Lives in Early Modern Britain (2000)
• S. King and A. Tomkins (eds), The Poor in England, 1700-1850: An Economy of Makeshifts (2003)
• C. Muldrew, The Economy of Obligation: The Culture of Credit and Social Relations in Early Modern England (1998)
• J. de Vries, The Industrious Revolution: Consumer Behaviour and the Household Economy, 1650 to the Present (2008)
• J. Neeson, Commoners: Common Right, Enclosure and Social Change in England, 1700–1820 (1993)
• E.P. Thompson, Customs in Common (1993)
• A. Shepard, Accounting for Oneself: Worth, Status and the Social Order in Early Modern England (2016)
• D. Valenze, The Social Life of Money in the English Past (2006)
• J. Bohstedt, The Politics of Provisions: Food Riots, Moral Economy, and Market Transition in England, c. 1550-1850 (2010)
• C. Tomlins. Freedom Bound: Law, Labour, and Civic Identity in Colonising English America, 1580–1865 (2010)
• E.M. Wood, The Origin of Capitalism: A Longer View (2002)

Indicative learning resources - Web based and electronic resources

• ELE – Faculty to provide hyperlink to appropriate pages
• Exeter Electronic Library resources include: ProQuest Theses and Dissertations
• Key journals for the module are available via JSTOR, Project Muse, Taylor & Francis, Cambridge Journals Online, Oxford Journals

Key words search

Capitalism, work, economy, wealth, poverty, industrialisation, finance