Question 1

What is capitalism? According to Marx? According to Wallerstein? When did capitalism emerge in human history?

Accepted Answer

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Question 2

Some of the most important Italian city-states that were highly commercialized and oriented toward trade were Venice, Genoa, and Florence.

Accepted Answer

Venice, Genoa, and Florence were indeed among the most important Italian city-states during the Renaissance, known for their high levels of commercialization and orientation towards trade, which played a significant role in their wealth and power.

Question 3

The rise of the absolutist monarchies was closely associated with the emergence and expansion of a capitalist world-economy.

Accepted Answer

The rise of absolutist monarchies in Europe during the 16th to 18th centuries coincided with the emergence and expansion of a capitalist world-economy. Absolutist states played a key role in establishing the conditions for capitalism through centralizing power, creating legal systems conducive to trade and property rights, and investing in infrastructure and colonial expansion, which facilitated global trade and the accumulation of capital.

Question 4

A major trend in the political evolution of Europe in the past 500 years has been a marked reduction in the number of sovereign states.

Accepted Answer

The number of sovereign states in Europe has decreased significantly in the past 500 years due to factors such as unification, annexation, and the formation of international organizations.

Question 5

Distinguish among marketless, peripheral market, and market-dominated societies.

Accepted Answer

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Question 6

Industrial capital was entirely absent from the fifteenth- and sixteenth-century
European economic landscape.

Accepted Answer

During the fifteenth and sixteenth centuries, Europe saw the emergence of early forms of industrial capital, particularly in sectors like mining, metallurgy, and textiles, indicating that industrial capital was not entirely absent.

Question 7

The interstate system is a form of political organization consisting of a large number of competing and conflicting states.

Accepted Answer

The interstate system refers to the international political structure where multiple sovereign states interact, often leading to competition and conflict.

Question 8

Most theories of the rise of modern capitalism have concentrated on Europe and ignored Japan.

Accepted Answer

Most theories on the rise of modern capitalism, such as those by Max Weber and Karl Marx, have primarily focused on European developments and contexts, often overlooking Japan and other non-Western countries.

Question 9

In early modern Europe, large territorial states tended to be found where capitalists dominated the economy, whereas city-states and urban federations were more closely associated with the power of the landlord class.

Accepted Answer

In early modern Europe, large territorial states were often associated with the power of the landlord class and the consolidation of monarchies, while city-states and urban federations were more likely to be centers of capitalist and mercantile activity.

Question 10

Sanderson and Alderson claim that modern capitalism developed in three major regions of the world: in Europe after the sixteenth century, in Japan after the eighteenth century, and in Sung China between the tenth and thirteenth centuries.

Accepted Answer

Sanderson and Alderson's claim about the development of modern capitalism does not include Sung China; it focuses on Europe and Japan.

Question 11

Sanderson and Alderson claim that the development of modern capitalism depended on a long-term process of growth in the size and density of trade networks.

Accepted Answer

Sanderson and Alderson argue that the development of modern capitalism was indeed contingent upon a long-term expansion in the scale and complexity of trade networks, which facilitated increased economic interactions and the integration of various economies over time. This perspective aligns with historical analyses that emphasize the role of trade and market integration in the evolution of capitalist systems.

Question 12

Many of the methods and practices that define modern capitalism i.e., double- entry bookkeeping) were actually developed centuries earlier in Italian city-states such as Venice.

Accepted Answer

The development of double-entry bookkeeping, a fundamental practice in modern capitalism, is attributed to Italian city-states like Venice during the Renaissance period, showcasing the early development of capitalist methods and practices in these regions.

Question 13

The fact that capitalism has not been transformed into a world-empire is believed by Wallerstein to have contributed greatly to its long-term persistence.

Accepted Answer

Immanuel Wallerstein, in his world-systems theory, argues that the non-transformation of capitalism into a world-empire has allowed for its adaptability and longevity, as it has been able to incorporate various regions and societies into its economic system without the rigidity and overextension that typically come with empire.

Question 14

According to Sanderson and Alderson, capitalism developed earliest and farthest in western Europe and Japan because these societies possessed the most favorable preconditions for capitalist development.

Accepted Answer

Sanderson and Alderson argue that Western Europe and Japan had favorable preconditions such as social, economic, and political structures that facilitated the early and extensive development of capitalism.

Question 15

Discuss some of the important characteristics of the feudal mode of production in western Europe that preceded capitalism.

Accepted Answer

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Question 16

Slavery, serfdom, and other forms of forced labor disappeared as the capitalist world-economy grew to encompass the globe.

Accepted Answer

The expansion of the capitalist world-economy often relied on and perpetuated various forms of forced labor, including slavery and serfdom, in many parts of the world, rather than leading to their disappearance.

Question 17

Sanderson and Alderson argue that the emergence of the modern capitalist world cannot be understood properly without a full consideration of the development of capitalism in Japan.

Accepted Answer

Sanderson and Alderson's argument emphasizes the importance of understanding the development of capitalism in Japan to fully grasp the emergence of the modern capitalist world, acknowledging Japan's significant role in the global capitalist system.

Question 18

As a peripheral region in the sixteenth century, eastern Europe engaged primarily in large-scale grain farming based on a system of forced labor similar to the serfdom of
earlier days.

Accepted Answer

In the sixteenth century, Eastern Europe's economy was heavily based on large-scale grain farming, which relied on a system of forced labor that was very similar to serfdom. This was a period when the region became a significant supplier of grain to Western Europe, and the labor system was characterized by the enserfment of peasants.

Question 19

According to Sanderson and Alderson, western Europe and Japan became the first truly capitalist societies primarily because they had religions and cultural systems that were highly conducive to the rational acquisition of wealth.

Accepted Answer

Sanderson and Alderson argue that the primary reason western Europe and Japan became the first truly capitalist societies was due to specific historical and structural factors, including technological advancements and political changes, rather than solely because of their religions and cultural systems.

Question 20

Wallerstein has argued that the proper unit to use in analyzing capitalism is the individual nation-state, like England or the United States.

Accepted Answer

Wallerstein argued that the proper unit for analyzing capitalism is the world-system, not individual nation-states, emphasizing a global perspective on capitalist economies.

Quiz 5: The Rise of the Modern World