November 13, 2007

November 13, 2007 - Unit 3: Revolutionizing Trade, Industry...

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Unit 3: Revolutionizing Trade, Industry and Commerce: The Beginning of Industrial Capitalism 1700 and 1800s Britain and Western Europe beginning of Modern Age Mercantilism, Free Trade and the Impact of Adam Smith Key Trends o Changes in economic theories and trade policies o Revolutions in manufacturing, distribution and marketing Mercantilism o Loose-knit body of ideas/policies in European countries and their colonies o 1500s to early 1800s o Little agreement on the theory, and implementation in this period o Mercantilism differed in each nation and empire o Number of things in common Believed that fixed amount of wealth in world Increase exports and reduce imports Nation’s wealth = gold and silver Colonies were crucial Used to supply mother country with valuable raw materials o Use these materials to create manufactured goods Colonial settlements could be used as a market for the finished products Illegal to trade with other nations/empires Policies to hinder colonial manufacturing o Set of protectionist policies o Main purpose of Mercantilism
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November 13, 2007 - Unit 3: Revolutionizing Trade, Industry...

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