Mercantilism_and_its_Vices (1)

Mercantilism_and_its_Vices (1) - Click to edit Master...

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Unformatted text preview: Click to edit Master subtitle style 4/9/11 M er cantilism and its Vices World Civ I I Lecture Seven: 4/9/11 The M oder n World System The M oder n World System : By around 1500 the world was integrat ed into a single world economy that was, nonetheless, based on inequality. 4/9/11 All the Worlds a One Key feature of the moder n world system is the commoditization of things. exchange value vs. use value The Commercialization of Agr iculture in the 16th 18th Centur ies 4/9/11 We Rise and Fall Together : Economic booms and depressions are Global Phenomenon. The World Economy has cycles..Asia r ises from the ashes ??? There is a global division of Labor.based on inequality. According t o Wallerstein the system 4/9/11 The Global Economic M er cantilism : An Economic philosophy that dominat ed European trade policy in the 17th and 18th centur ies aimed at increasing a nations wealth and power by ensur ing a favorable balance of trade . 4/9/11...
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