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European History Chapter 3, Section 5


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A global exchange of plants, animals, technology, and ideas that began with Columbus

Columbian Exchange

Here's the coffee--I swear it's Columbian!
A change in the European economy that included the rise of capitalism

Commercial Revolution

TV Ad Hosts of the World, Unite!
A system in which peasants received the raw product from merchants, and later sold back the finished product

"Putting-out" system

Aww, we know who's really putting out!
A rise in prices linked to a sharp increase in the amount of money available
The investment of money to make a profit


Buying stock in building blocks is investing "capitals"!
Enterprising merchant


These "Enterprise"-ing merchants are going where no man has gone before.
An organization that allows people to pool large amounts of capital needed for overseas ventures

Joint Stock Company

Nothing brings people together like "joint" stock!
An economic policy based on the belief that a nation's real wealth is measured in its gold and silver treasure

Tax on imported goods


After hearing his goods were being taxed, this dude was "tariff"-ied!
How did the voyages of Columbus lead to global exchanges of goods and ideas?

Columbus transported European settlers, plants, and animals to America, and the cultural exchange that followed from this spread worldwide
Explain how each of the following contribued to economic changes in Europe: the price revolution, capitalism, and mercantilism.

The price revolution caused a permanent upsurge in prices, giving capitalism a boost. Capitalism brought an increase in overseas ventures and thus an international trading system. Mercantilism increased the power of overseas empires and the amount of government revenues.
How did the economic changes of the 1500s and 1600s affect the lives of ordinary people?
Merchants acquired wealth, but nobles and workers were hurt by the changes. Workers' wages did not keep up with inflation, causing widespread poverty.
How has modern technology quickened the speed with which global exchanges occur?
Television and films are able to introduce other cultures to us instantly through images. We can chat or e-mail to exchange all kinds of ideas over the Internet. Others...
Do you think the European policy of mercantilism was beneficial or harmful for the people of Africa and the Americas? Explain.
Generally, it was a bad policy, because it relied on stockpiling the wealth of a colonizing nation. This necessitated exploitation of the natural resources of the colonies, a process that forced more and more into slavery and left native peoples with few or no natural resources of their own.

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