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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