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The Development of Modern Economies

HIST 152

Inequality and Imbalance

Mercantilism

Capitalism relied on already established trade routes. Europeans had little to offer, so economic dominance based on capitalism developed.

Truly Global?

Does the definition of Globalization apply to 16th and 17th Century world economy?

Asian and South American Routes are key

Path to Economic "Success"

Primitive sales to benefit home country. Relied on colonies for sales and resources

  • China's regional power
  • Japan's insularity
  • The Hermit Kingdom
  • the profits went to the rich
  • workers and slaves did not benefit
  • indigenous peoples supply the resources
  • natural resources depleted and squandered
  • trade is equal, profits are not

Two main stages of development:

The Commercial Revolution

Globalization is...

What is Globalization? When did it start?

Is it good or bad?

Does it DIRECTLY affect you? How?

Exploration >

Discovery of Resources>

Colonization and/or Exploitation >

Raw Materials >

Production >

Sales

Depends on endless supply of resources. How does it end?

the processes of international integration arising from increasing human connectivity and interchange of worldviews, products, ideas, and other aspects of culture

1. The Commercial Age (1500-1700): early Capitalism and Mercantilism

2. The Industrial Age (1700-1900s):

Takes place during the Commercial Age. The rapid increase of economic activity centered mainly on European trade and mercantilism

What are the effects of globalization?

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