Today, Paqui has reprimanded us because of the behaviour that we had yesterday. After this, we have started talking about the scheme of the 1st Industrial Revolution and then, we have corrected the scheme of the Transport Revolution that Paqui gave us do for today.
The causes were the need for moving products from factories to markets because there was more production. During this revolution, some traditional infrastructures (roads, river canals, bridges) were improved and they started using the steam engine for road/maritime/fluvial transport. The consequences which these changes carried out were that the speed increased, travel duration and expenses reduced and people's trips and trade increased.
After starting the new point, Paqui has explained us how the locomotive worked in the coal mines. It was something like that:
She has also told us that the 1st commercial line was Liverpool - Manchester. Here in Spain, the 1st railway line was only for the kings to travel from Madrid to Aranjuez; the 1st commercial line was from Barcelona to Mataró.
With all these changes, people could consume more.
Then we have started the new point: Consolidation of Market Economy. It's a theorical point.
We have talked about all the points, but we have stopped in the law of supply and demand. Paqui has made a small scheme on the blackboard to explain us how it works.
She has also made a drawing on the blackboard showing us an example of capitalists and proletarians. Finally she has said that even if the State doesn't have to intervene in economy, they do when they want and then Paqui has looked for the price of Aena's shares.
While we were picking up our things, she has told us to do exercises 4 and 5 (page 31) to summarize this point.
As always we have written down some new words in our glossary like:
- Incomes: ingresos.
- Amelioration: mejora.
- Railway track: vía del tren.
- Steamboat: barco de vapor.
- Law of Supply and Demand: ley de oferta y demanda.
- Means of production: medios de producción.
- Bailout: rescate financiero.
- Loan: crédito.
- Share of economy: acción de una compañía.
And that's all for today! Bye!