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producer interest

consumer interest

plantation vs. factory

plants and produces for local buyers

produces, exports and sells world wide

Mercantilism vs. Capitalism

  • only focused on producing for one country- colony obliged to buy
  • exported but did not allow imports
  • governmental control over production- black market
  • never boosted the economy or showed great changes
  • makes no sense today- we have multi million dollar companies producing tons each year, mercantilism would not bring it forward
  • boosted the economy
  • gave the world a purpose to advance- exploration, discovery, trade
  • competition
  • no governmental control over companies and factories producing

expeditions to China- exploring their riches and sending them to the world- tea

commercializing production of wool in India- British East Asia Company

invention of the steam engine- to boost production of coal

capitalism gave us a purpose to produce, to move forward- competition gave us that boost

guided industrialization in England

An Inquiry into the Nature and Causes of the Wealth of Nations

convinced England to switch to capitalism

result

gigantic production of coal leading Europe!

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