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TOWARD A WORLD ECONOMY

Explore the roots of the Commercial Revolution in the Middle Ages, the population growth, and the "price revolution." Discover how states sought to increase economic power, the rise of capitalism, and the emergence of entrepreneurs in the private property, profits, and free enterprise. Learn about the growth of commercial capitalism, the impact of inflation on prices, and the concept of profits. Dive into the world of moneylenders, wine merchants, and the economic thinking of mercantilism. Discover the significance of overseas trade, colonies, and the movement of globalization in Europe's expansion. Uncover the impact of European expansion on conquered lands, the missionary work of Catholic missionaries, and the desires of conquerors for riches and social advancement.

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TOWARD A WORLD ECONOMY

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  1. TOWARD A WORLD ECONOMY • THE COMMERCIAL REVOLUTION 1500-1700 roots in the middle ages population growth “price revolution” states sought to increase economic power rise in capitalism entrepreneurs emerging capitalism = private property, profits, free enterprise

  2. THE GROWTH OF COMMERCIAL CAPITALISM • The Price Revolution = inflation • Prices go up -> wages don’t go up as fast -> greater profits for businesses • profits = money made minus costs THE MONEYLENDER AND HIS WIFE WINE MERCHANTS

  3. MERCANTILISM • New type of economic thinking beginning in the 17th century – • BULLIONISM = countries should stockpile gold and silver • Export more than you import • Protect and stimulate your country’s export industries • High tariffs = taxes on imports • Colonies were good -> source of raw materials + place to sell your country’s stuff • Construction of roads and canals • Government should be involved in economic activity • Economic activity should benefit the state

  4. OVERSEAS TRADE AND COLONIES: MOVEMENT GLOBALIZATION • Europe’s overseas expansion -> international commerce • Transatlantic trade = huge profits • Pepper and spices from the Indies • Sugar from Brazil and the W. Indies • Coffee and tea from Asia • Trade begins to link Europe, Africa, the East, and the Americas

  5. THE IMPACT OF EUROPEAN EXPANSION • Between 1500 and 1800 Atlantic nations of Europe move into all parts of the world • 16th century = Portugal and Spain • 17th century = the Dutch • End of 18th century = England

  6. THE CONQUERED • Pop losses due to European diseases • Social and political structures destroyed • European institutions, religion, languages, and culture replace indigenous people’s • Sexual exploitation • Mestizos • Mulattoes • Horses • New european crop -> wheat

  7. CATHOLIC MISSIONARIES • Franciscans, Dominicans, and Jesuits led missionary/conversion work in Spanish Americas • The Missions • Hospitals, orphanages, and schools • Jesuit missionary work in China and Japan ->300,000 converts in China • Missionaries expelled from Japan and Japanese Christians persecuted FRANCIS XAVIER

  8. THE CONQUERORS • Europeans in the Americas wanted -> riches, land, social advancement • Gold and silver • The Columbian Exchange • old world = horses, cattle, wheat • New world = potatoes, chocolate, corn, tomatoes, tobacco

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