Mercantilism
The trading system developed by Europeans.
Mercantilism
The father of Capitalism is...
Adam Smith
These three machines drove Industrialization..
Steam Engine
Blast Furnace
Power Loom
The sphere of influence refers to...
an AREA in a foreign nation which has arranged special trading privileges, and builds & controls industry- this may have an impact on culture in the region
What ended the 7 years war?
The Treaty of Paris (1763)
A monarch granted one individual or single company the sole right to gather and trade in a particular good
One of the four principles of Capitalism is...
1. Individuals have the right to own private property and to accumulate wealth through development and use of that property.
2. Most of the production, distribution, and ownership of the goods of a country should be in the hands of private individuals and companies.
3. Individual initiative and the desire for profit will motivate people to work.
4. People compete in their own self-interest
The shift from a domestic system to an industrial system meant that...
The transition from a domestic system meant that everything was once made in homes by hand, now workers were using technology in factories to produce cloth more quickly to keep up with growing demand. Thousands of people were employed in these factories.
A protectorate country is..
When a weaker nation is under the control & protection of a stronger nation
What three events were important in China's "century of humiliation?
The Treaty of Nanking
The Taiping Rebellion
The Boxer Rebellion
The Silk Road was...
A network of trading routes where items like silk, gunpowder, and porcelain were traded throughout the Mediterranean and China
A con of captialism is...
It mostly benefits the rich
A main negative impact of the industrial revolution was...
Child Labour
The Opium Wars started because..
Britains love tea and it was a huge Chinese export. What Britain was trading was NOT valuable to the Chinese. British merchants started selling Indian opium in China to balance trade for tea and goods
What is meant by "The White Man's Burden"
The moral duty or responsibility that Europeans thought they had when "civilizing" Indigenous populations.
An example of a monopoly is....
The Hudson's Bay Company
A pro of Captialism is...
More freedom in the market
Two examples of working conditions for child were...
child labor (women and children paid less), 12-16 hour days, limited or no breaks for meals, corporal punishment, fear of losing job, living miles away from the factories, poor living conditions, or short life span
The Treaty of Nanking is...
The Treaty of Nanking was signed at the end of the First Opium War (1839-1842) between China and Britain. Britain fought to keep selling opium in China, and when they won, China was forced to sign this unequal treaty.
Why is the Constitution Act 1867 important?
The Constitution Act of 1867 is a foundational legal document for Canada, setting up a government framework that continues today.
The goal of Mercantilism
Governments to control trade to increase their wealth, monarchs and their governments had the right to control trade for their own benefit.
NO!!
The Agricultural Revolution was...
New ways of farming and producing food. It led to an increase in food production and displacement of people
Thew two things Europe needed to keep their economy strong..
Raw Materials: unprocessed natural resources
Markets: a place where one can buy and sell raw materials, or manufactured goods. This “place” is normally a country
Who benefitted from the Enclosure Acts?
Large landowners were more productive and made more money whereas small farmers were forced to move to cities to find work.