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Unformatted text preview: History Notes Mercantilism economic theory and practice common in Europe from the 16 th to the 18 th century that promoted governmental regulation of a nations economy for the purpose of augmenting state power at the expense of rival national powers. It was the economic counterpart of political absolutism o Principles of mercantilism State competition and limited amount of wealth Precious metals indispensable Trade balances must be favourable Foreign manufacturers should be kept out by tariffs, and by force if necessary Foreigners should also be driven out by markets Colonial possessions serve solely as markets and suppliers for mother country (important) Take raw materials, take to mother country and turn into products, then sell back Large population (important) Monopolies and limits on purchasing (important) Limit precious possessions from foreigners o Mercantilism is about state power colonies are for economic exploitation o Early colonies are all monopolies o Enforcement through the navy British had the largest navy up to WWII o Monopoly companies East India Levant Mascovy Royal African Trade in the New World o Trade in the 16 th century was dominated by Portugal and Spain o Later supplanted by Dutch, English, and French o Trade in exotic, luxury goods propels the slave trade o Coffee Sales took off Coffeehouse becomes social place o Tea Not a popular as coffee Luxury drink, status symbol Heavily taxed Advertised as a health drink o Tobacco and cocoa o Sugar Became very popular, big business Consumption of sugar skyrockets The Slave Trade Timeline o Slavery in Africa from ancient times, smaller scale, debts, warfare o Between 400-1600, Muslim slave traders export approx. 4.25 million slaves from Africa. Most slaves in Europe are white o 1453, fall of Constantinople halts the flow of white slaves from eastern Europe o 1430s, Portuguese begin to export slaves from Africa (Congo) by 1450s Atlantic plantations o 1511, beginning of mass expansion of plantation system to Caribbean o 1522, first slave revolt in Americas o 1672, British Royal Africa company given British monopoly o 1750s, peak decade of slave trade Slavery o Skyrocketed around 1650 o Brought to New World by Spain and Portugal o Used Africans (not Christian) Claimed one could do the work of four Indians 25% survive full passage (tough as nails) o Original slaves came from Eastern Europe Slave came from the word Slav o British becomes dominant player around 1750 o 11-13 million slaves arrived in America o 26 million removed out of Africa (many died on passage) o US share only 5% of the Atlantic slave trade o Triangle trade Raw materials to Europe Manufactured goods to Africa Slaves to Caribbean o Middle Passage Debate on loose or tight packing Harsh treatment, made an example Sick slaves thrown overboard o Selling slaves at ports...
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