CAT 1
QUINTUPLE POINTS
Define export surplus.
An export surplus means that a nation is exporting (selling) more than importing (buying). This allows nations to store export surplus as Bullion
What was the main goal of mercantilist economies?
To increase national wealth and power
What is mercantilism?
Mercantilism is an economic system based on exporting more than you import.
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How did colonial powers control trade during this period?
They created monopolies and protected routes with their navies.
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What is a monopoly?
A monopoly is when one company or entity is given complete rights to a specific trade.
Who developed the theory of comparative advantage?
David Ricardo
TRIPLE POINTS
List one perceived benefit of imperialism and list one criticism of imperialism.
Spread of crops and technologies
Development of infrastructure
Expansion of education and knowledge
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What was the Industrial Revolution, and where did it begin?
The IR was a time period marked by: mechanization, standardization, mass Production, and new fuel sources. It began in England.
List two benefits of free trade.
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Greater total output across countries
Increased access to goods and resources
Higher consumption levels for societies
Potential for economic growth
SEXTUPLE POINTS
How did global trade expand during the Industrial Revolution?
Global trade expanded as new markets emerged, and the cycle of raw materials to finished goods expanded. Mass production requires more raw materials, more raw materials mean you can produce more.
What are tariffs, and how do they work?
Tariffs are special taxes on foreign goods. Tariffs were used to protect domestic markets.
What is free trade?
Free trade is an economic system that began during the Enlightenment, which argued for fewer trade barriers and less government control.
QUADRUPLE POINTS
List two problems with mercantilism.
Limits economic growth
Reduces competition
Focuses on hoarding wealth
Can lead to conflict
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What role did these regions, like India, Africa, and Latin America, play in global trade during industrialization?
They supplied the raw materials to fuel production
What is one key difference between mercantilism and free trade?
Government control
Monopolies
Specialization
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What was the Age of Discovery (1450–1750)?
European exploration connected the Eastern and Western Hemispheres
The Americas became part of global trade networks
Movement of people, crops, and silver increased
Trade systems were tightly controlled by colonial powers
Name three goods commonly traded on the Silk Roads.
Silk, spices, and precious metals.
What is imperialism
Is when powerful states extend their control over other sovereign nations.
What were the Silk Roads, and what regions did they connect?
The Silk Roads were land-based trade routes that connected Afro-Eurasian societies
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What is bullion, and why was it important?
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Gold and silver are seen as national strengths
Used to fund armies and governments
More bullion = more power
Countries competed to accumulate wealth
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How did Enlightenment thinkers influence ideas about trade?
Argued that trade can benefit everyone.
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Why do historians still debate imperialism today?
Historians still debate Imperialism's benefits and harms
What is the difference between early imperialism and early modern imperialism?
Early Imperialism is land-based and focused on man-power, tribute, and land.
Early Modern imperialism is ocean-based and focused on colonies, access to raw materials, and trading companies.
DOUBLE POINTS
What is Global Commerce?
Global commerce is the worldwide exchange of goods, services, and capital
How did the Industrial Revolution contribute to imperialism?
For access to more raw materials, this encouraged powerful nations to take over weaker ones.