An economic system in which trade and production are solely controlled by competition and supply & demand
100
What are Joint stock companies and during this time period who had them?
Joint stock companies pulled together the resource of investors to pay for a voyage to the Spice Islands of S.E. Asia. The sailors were paid by these investors and owned neither the ship nor the cargo; the profits went to the investors who sometimes made many times the value of their initial investment in return. These were in Britain and the Netherlands.
100
What was the class of poor people who emerged during capitalism called?
Proletriat
100
Name 2 countries that used mercantilism that eventually led to a revolution
U.S. colonies and Britain
100
What is the main goal of mercantilism?
To make sure your country is the wealthiest
200
Define Mercantilism
Commercialism; the practice, methods or spirit of merchants
200
What were the social results of capitalism in western Europe?
Competition drove innovation leading to more trade. It also introduced large sums of money to the countryside causing strain on rural social customs.
200
Where did Mercantilism thrive?
Western Europe
200
Why were the aristocrats challenged by capitalism
The proletariat started to rise causing revolts against poverty and social tensions
200
Why did the proletariat support capitalism
It gave them the chance to change classes and make money.
300
Define Commercialism
The practices, methods, aims, an spirit of commerce/business/attitude that emphasizes tangible profit or success.
300
Which class favored Capitalism?
The Proleriat
300
What is bullionism?
The idea that a country's power should only be measured in wealth and success in obtaining gold.
300
Which economic caused many wars for expansion?
Mercantilism
300
What is the triangular trade?
A series of trade through the mother country, Britain, to the colonies using other countries such as the West Indies
400
Define a Free-Market Economy
A market structure in which distribution and costs of goods and services, along with structure and hierarchy between capital and consumer goods, are coordinated by supply and demand; often called capitalism.
400
What is the only country with a communist government but a capitalist economy and why does this seem unlikely?
China; communism usually controls all daily activity including trade, whereas capitalism is the exact opposite.
400
Which author wrote the book titled "The Wealth of Nations" which attacked Mercantilism ideas
Adam Smith
400
Where did the voyages that were sent by investors from Britain and the Netherlands sent to?
The Spice Islands of Southeast Asia
400
How did capitalism affect family life?
It put a strain on family life due to the increasing attention to money and material things rather than the people.
500
Define Proto-Industrialization
A possible phase in the development of modern industrial economies that preceded, and created conditions for the establishment of fully industrial societies
500
Which two empires advanced Merchant Capitalism in the Renaissance/Middle Age Eras
The Roman and Islamic Empires
500
Which class favored Mercantilism?
The aristocrats
500
Which government accompanied mercantilism and capitalism
Mercantilism - Absolute Monarchy
Capitalism - Parliament Monarchy and Democracy