By: Marisa Bruno and Victoria Wang

1. Unit ThreeCompare and contrast different proposals (or models) for economic growth in the developing world and the social and political consequences By: Marisa Bruno and Victoria Wang

2. Key Terms Mercantilism- the economic system prevailing in Europe in the 1500’s and 1600’s, which favored a balance of exports over imports, national wealth being measured by the amount of gold and silver possessed. A nation’s agriculture, industry, and trade were regulated with that end in view; the principles or practice characteristic of trade or commerce; commercialism. Capitalism- production owned by private persons and operated for the profit. Investments, pricing, production are determined through the free market. Based on the rights of the individuals and corporations to trade, employ, workers use money from banks in services and goods not run by state regulation. Globalization- the extension of culture and commerce across traditional national boundaries

3. Europe • As feudalism failed in Europe, urbanization and mercantilism increased as guilds formed • Women were now allowed to hold jobs in the textile, food, and beverage industries, however they were underpaid • Banks, stock exchanges, and chartered companies held the power of European economy • Monopolies and mercantilism allowed the economy to prosper • Europe formed new contacts with surrounding nations as the Ottoman Empire expanded • The Portuguese explored Africa because of their curiosity as to where the slaves and gold originated along with their desire to spread Christianity • The Portuguese opened a trade post along the coast in 1482 which became known as the Gold Coast • Europe dominated the Indian Ocean Trade during this time period and their success made this network the most lucrative in the world • The European nations, such as the French, English, and Spanish all competed with the Portuguese for the dominance of Indian Ocean Trade, and later for spreading their influence in the Americas • The Europeans easily conquered the Amerindians and took all there raw materials and natural resources which they manufactured and resold to the Americas in the Columbian Exchange

4. Asia • During this time period, the Ming and Qing Empires held power • Hongwu, the first emperor of the Ming sought to isolate China from foreign influence in fear that their technologies would be lost to enemies and enable them to invade the empire • The Canton System restricted international commerce • Japan became isolated as well and shared many similarities with China • For both countries, porcelain was their main export and they traded products such as silk, furniture, pottery, and lacquer for European silver • Despite their isolation, China and Japan flourished in art, theater, education, and literature during this time

5. Similarities and Differences of These Two Regions Europe Asia • Immense global interaction • Economic success from capitalism and mercantilism • Domination of trade • Expansion • Isolation • Cultural development • Little trade • Avoidance of global contact and expansion • Similarities • Experienced success economically with their different economic systems • Were both influenced by Christianity