week 3 - INTB 3351 The First Global Economy: Energy and...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
INTB 3351 The First Global Economy: Energy and Industrialization Early Modern World Trade Routes European Explorations and Colonization
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
East India House (1808) Dutch Trade Routes
Background image of page 2
Mercantilist Trade Mercantilism (1500-1800), in theory, involved the economy’s subservience to the needs of the state. Mercantilist nations strove for protectionism, a positive balance of trade, the accumulation of gold, and a global system in which colonies’ primary job was to supply natural resources to the factories of the home country. Assumption that trade is a zero-sum game. One nation’s gain is another nation’s loss. Prominent trading companies owed their success to state- chartered monopolies, to exclusive rights to territories. Trade involved mainly high value-to-volume products. Trade was not free, competitive, capitalistic, or market- based. Globalization 1) Capitalism System of private property and pursuit of profits. Individuals depend on the market for the basic necessities of life. 2) Global Market Integration Prices for the same commodity in different markets approach each other = commodity price convergence. 3) Fossil-fueled Energy
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 9

week 3 - INTB 3351 The First Global Economy: Energy and...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online