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The World Economy in the Early Modern Period: Lecture Notes 1 I. China: Ming Dynasty Early years see expansionism into the Indian Ocean highlighted by the voyages of Zheng Ho with the purpose of establishing tribute and trade. Chinese policy changes with the influence of Confucian scholars who mistrust foreign alliances and cut off the government sponsorship of Indian Ocean trade in 1433. Chinese resources are redirected to its’ northern borders. II. European Exploration A. Portugal: Prince Henry the Navigator Portugal took early lead as Henry gathered knowledge, technologies and funding for expansion. First invasions took islands in the Atlantic Ocean off the coast of Africa. Set up sugar cane plantations and began importation of slaves traded out of Africa. Second wave of invasions hit Indian Ocean basin, over-running the Swahili Coast and key points in India. Third wave of expansion took the eastern seaboard of South America. Motivation: 1. Resource poor country with not means to expand in Europe. 2. Bypass Italian monopolies with the Ottomans. Bypass Muslim middlemen for the Asian spice trade. 3. Africa is resource rich: Ivory, Gold, Slaves Technologies: 1. Sailing Tech: Sternpost rudders – new sail types – new ships 2. Navigation Tech: Magnetic Compass – Astrolabe 3. Geographic Tech: Muslims passed along knowledge of trade winds, new maps, and monsoon seasons 1 B. The Big Four: Spain – Belgium (Dutch) – England – France Spain: Mexico – South America – Philippines England: Atlantic Seaboard of North America and Hudson Bay– Indian Ocean Basin France: Canada and Mississippi Valley Dutch: Piracy – Indian Ocean Basin – Small hold on Atlantic Seaboard of North America III. Resulting Global Exchanges A. Columbian Exchange: Global diffusion of plants, food crops, animals, human populations, and disease. Beginning with Columbus but spreading to the entire planet. 1. Disease: Smallpox, measles, diphtheria, whooping cough, influenza. Between 1500 and 1800 over 100 million humans died from these vectors. 2. Plants and animals: To the Americas: wheat, horses, cattle, sheep, goats, chickens, sugarcane, cotton To Europe: maize, potatoes, tomatoes, beans, peppers, peanuts B. Global Population Growth and Movement 1. Global population 1500: 425 million Global population 1800: 900 million 2. Major shift of African and European populations to the Americas ` 2 IV. Comparative versus Absolute advantage in interactions A. Comparative Advantage A country that can do many things but channels its resources into the few areas where it has an advantage over other countries. Example: Europe’s early advantage was to become the middle men and provide shipping for others B. Absolute Advantage The country has a natural advantage in producing certain goods or services. This advantage usually takes the form of natural resource. Example: Asia: spices and silk Europe: silver and gold C. Europe chooses to dominate both Comparative and Absolute Advantages: Seize or create choke points where all trade has to pass. Seize lands where spices are produced, destroy competition, establish monopolies over goods. Then move to a global transoceanic trade empire connecting world-wide ports according to supply and demand. Example: Spanish Manila Galleons sailed back and forth between the Philippines and Mexico. Asian luxury goods are taken to Mexico. Mexican silver taken to Asia, resulting in an Asian dependence on European supplied silver. 3