AP®︎ European History: Topic 3.3 Flashcards

An economy in which production responds chiefly to prices and demand, with private capital, contracts, credit, wage labor, and commercial exchange allocating resources

The gradual, uneven adoption of new land use, cultivation, livestock, and farm-management practices that increased agricultural productivity, especially in Britain and the Netherlands

A village farming system in which peasant households cultivated scattered strips in common fields and shared access to communal grazing and resources

A traditional rotation in which one field grew winter grain, one grew a spring crop, and one remained fallow to restore fertility

Farming chiefly to feed the producing household rather than to sell goods in a market

Tracts of Dutch land reclaimed from marshes or the sea through dikes, canals, pumps, and drainage

The consolidation of scattered strips and common lands into compact, privately controlled farms, encouraging investment while displacing some customary users

English agricultural innovator associated with the seed drill, which planted seeds in regular rows at controlled depths and reduced waste

English agriculturalist who used selective breeding to produce livestock with desired traits such as greater size and rapid weight gain

Farming organized increasingly for sale in regional, urban, or international markets rather than only for household or village consumption

Urban associations that restricted entry into trades and regulated production methods, quality, working conditions, and sometimes prices

The continuation or intensification of serfdom in central and eastern Europe, where landlords compelled bound peasants to produce marketable surpluses

Decentralized production in which merchants supplied raw materials to rural households, paid them for processing goods, and sold the finished products

The expansion of decentralized manufacturing for distant markets before mechanized factory production

Institutions that accepted deposits, facilitated payments and currency exchange, made loans, and redirected accumulated savings into investment

Accumulated private wealth directed into loans, businesses, trade, government borrowing, or other potentially profitable ventures

Paper credit instruments that enabled merchants to transfer funds over long distances without transporting coin

A financial arrangement in which payment of a premium transfers specified commercial risks to an insurer who compensates covered losses

Predictable legal protection of ownership and contracts against arbitrary seizure, encouraging lending, investment, and long-term improvements

A government’s capacity to borrow reliably because lenders trust its taxation, laws, and commitment to repay its debts

Government debt maintained as a continuing national obligation, with investors receiving interest backed by dependable public revenue

A bank founded in 1694 through a private loan to the English government that accepted deposits, issued notes, extended credit, and organized public borrowing

The seventeenth- and eighteenth-century expansion of banking, insurance, investment markets, and public credit that mobilized private capital on a larger scale

The planned alternation of crops, including turnips and clover, to preserve soil fertility, reduce fallow, support more livestock, and raise agricultural output

An American crop increasingly cultivated especially in northern, central, and eastern Europe that supplied many calories per acre and grew in soils unsuitable for some grains

An American crop increasingly cultivated in parts of southern and eastern Europe as food for people and livestock, enlarging the food supply