The Modern World System III: The Second Era of Great by Immanuel Maurice Wallerstein
By Immanuel Maurice Wallerstein
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In Plumb (1956, 104); see also Barr (1949, 195). If one wonders how it was possible that Pitt's views and those of the City merchants did not prevail, one must remember that there were other interests at play. J. R. Jones (1980. " 72 The Modern World-System III Those who concentrated their attention on the appropriate role of the state in the competitive struggles within thecapitaJist world-economy seemed as frustrated in Britain at this point as they proved to be shortlv in France: All seemed within their grasp, but they failed, because they lacked pOlItIcal power.
Which explains the outbreak of the French Revolution. ) which explains the "first" industrial revolution. But were the "seigniorial reaction" and the "wave of enclosures" so different? I think not. The eighteenth-century effort to increase rental income and to expand control over land and production in the core countries began, in my view, as a modest response to declining profit by large agricultural landowners (akin to the response of eastern European seigniors at the beginning of the seventeenth century).
One of the issues that gets lost in this discussion of the c1'ises d'Ancien Regime is one to which, nonetheless, Labrousse himself drew attention and in particular on. While short-term price rises had convulsive were associated with reduced production, long-term price rises had the opposite significance, "the same signitkance as today,,,IO for they led to long-term increases in production. And this had to do with the difference in the mode of operation of local markets on the one hand (domain, par excellence, of the small producer, though not of him alone), and regional or world-economy-wide markets on the other (domain primarily of the large producer).