The prevailing economic theory of mercantilism stressed the need for a nation to accumulate materials. Merchants were building large wealthy companies that chartered out and traded goods‚ and these companies believed colonization would benefit them by expanding their trade immensely. Martin
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Chapter 19 Outline Questions 1. How did the open field system work? Why was much of the land left uncultivated while the people sometimes starved? System that divided land to be cultivated by peasants of a village into several large fields‚ which were in turn cut up into narrow strips‚ individual or peasant family held scattered strips‚ farmed each field as a community. Common lands were set aside for herd and natural pasture. Eastern European peasants worked some days without pay. 2. What
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established the Church of England as the reigning church of the country Catholicism‚ Judaism‚ and Puritanism‚ were subsequently suppressed Describe the colonial economy in the late 1600s to early 1700s. (Mercantilism‚ triangle trade‚ production‚ cultivation‚ profits‚ relevant legislation‚ etc.) Mercantilism – economic philosophy or practice in which England established the colonies to provide raw materials to the Mother Country; the colonies received manufactured goods in return. Triangular trade - indicating
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1. Business and Economics WEEK 4: Theories of International Trade and Investment 2. QUESTION 1 Mercantilism is a bankrupt theory that has no place in the modern world. Discuss. 3. Mercantilism - a country should maintain a trade surplus‚ even if that means that imports are limited by government intervention. Bankrupt theory because: – Inconsistent with the general notion of globalization. • Eventually‚ a country will find it difficult to export if it imposes oppressive quotas and tariffs on
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The point of mercantilism is to export more than you import so as to build up the amount of gold and silver in your country’s treasury‚ therefore countries like Britain who had colonies had the upper hand since they could have raw materials not available on their homeland
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themselves from Spanish Florida. Section Summary: ← More colonies were made to fit the diversity of the population. ← The colonies were also used to give lower class people from Europe another chance at life. Important Ideas from Mercantilism and the Empire ← The next step for the colonies was to begin the building of the
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Unit 1: Test Quick Review Below is a quick review guide for the upcoming unit test. This review guide is intended to provide an overview of general topics that may be on the test. However‚ all items below may not appear on your version of the test. At the same time‚ certain items on the test may not be directly mentioned the review guide. It is intended for review only‚ the class readings and materials also need to be consulted. Introduction to History PowerPoint: Be able to define Primary
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centered on agriculture (Pearson). As a result class or rank based societies were formed. The dominant government and society in European was the Feudal system where land was granted for service. Trading routes were local and the economic system was Mercantilism. After a thousand years the Feudal system was replaced by Capitalism an economic and political system. Over time
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efficient allocation of resources guided by the preferences and tastes of individual consumers. In summary‚ the market forces are regulated by competition instead of the state. That is the way how economy should make progress. On the other hand‚ mercantilism doesn’t consider competition within economy activities. The economy activities are regulated and controlled by the state in order to guarantee security‚ to protect the nation against foreign threats‚ and to support its own industries. The internal
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self-interest. Smith proposes a theory of sympathy‚ in which the act of observing others makes people aware of themselves and the morality of their own behavior. -The Wealth of Nations: In this book‚ he established his political argument against mercantilism. Mercantilism is the economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances‚ which a government should encourage by means of protectionism. An essential part of the argument was for new political arrangements
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