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THE WORLD ECONOMY Tim, Zac, Alexis, Brittany, and Claire INTRODUCTION TO SILVER Silver became global currency of the early modern period Could be mined in Japan, South America, and Mexico Spanish rulers kept one-fifth of the silver produced in their Latin America colonies for its value Europeans used silver to buy Asian goods China and India received most of European silver Tax payments were lowered because initial payment was more valuable Silver caused a gap between the rich and poor because it was very difficult to obtain Mine working conditions were very harsh MARITIME POWER Deep, drafted boats were better for ocean travel Advances in compass, metalworking, and explosives Vasco de Gama was first explorer to reach India by sea Magellan and crew circumnavigated the globe France and England took lead in colonization Portugal also initiated colonization into West Africa Portugal had a vast trade network, eventually moving their colonies north TOWARD A WORLD ECONOMY o The Columbian Exchange of Disease & Food • Native Americans suffered the most because they had not previously been exposed to AfroEurasians to create a new population of their own citizens and slaves imported from America. • Their death became the opportunity for Europeans to create a new population of their own citizens and slaves imported form Africa. o The West’s Commercial Outreach • Western Europe controlled most of oceanic shipping. • Parts of the Indian and subcontinent and islands of southeast Asia had a strong governments that limited the Europeans ability to seize harbors. o Imbalances in World Trade • European nations dominated trade, Spain had some dominance from the import of silver. • The core nations in the new world system supplemented their growing economic prowess by self serving political policies. o A System of International Inequality • In dependent areas not all people were mired in poverty. • Coercive labor systems spread. TOWARD A WORLD ECONOMY The Expansionist Trade • By 18th century, Western traders were advancing in India as Mughal empire began to fall. • World economy grew over time. • Eastern Europe was brought into growing relationship with the world economy and west European core. COLONIAL EXPANSION The Americas: Loosely Controlled Colonies • European guns, horses, and iron weapons offer special advantages. • Spain is first to move – first colony established by Vasco de Balboa in Panama. • Several expeditions launched from Cuba to start conquest of Mexico. • Francisco Pizarro – attacked Inca Empire & killed the emperor. Assassinated in 1541. • In 17th century, France, Britain, and Holland seized and colonized West Islands. British and French North America: Backwater Colonies • Land grants stimulate recruitment of settlers. • Catholic Church holds high position. • Treaty of Paris – granted New France to England in 1763. • Seven Years War – (1756-1763) took place in Europe & in oversea colonies. • Indians move westward as population begins to decrease from disease and warfare. • Trade and manufacturing develop widely in new colonies. • Colonists retain European culture except for importation of African slaves. North America and Western Civilization • New western habits develop – Americans marry earlier & had more children. • British colonists revolted against leaders using western political and economic ideology. • First to implement concepts of that ideology COLONIAL EXPANSION Africa and Asia: Coastal Trading Stations • Most Europeans confined because of climate, disease, non-navigable rivers, and African strength. • Dutch founded Cape Colony in 1652. • Dutch began wars with the Bantu. • Rivalry over colonization in Asia between Britain and France. • British East India Company gave the British an advantage. • French power in Asia destroyed by East India Company. • Only people in the Philippines were drawn to Christianity. Impact on Western Europe • Colonial rivalries added to nation rivalries • Seven Years War is the first worldwide war – fought in Europe, Asia, and America. • New products changed lifestyles (ex. Sugar is available to ordinary people) • Colonies brought new wealth to Europe. COLONIAL EXPANSION Impact of a New World Order • World Economy and European Colonialism have immense impact. – Range of unfree labor systems to supply goods become more widespread than ever. • Slavery and Serfdom – disrupted West Africa and individual lives. • World economy brought benefits: • New foods • Wider trade patterns • Merchants & landowners gained wealth • China prospered with silver imports