1. Geography influenced the development of mercantilism by affecting what raw materials could be produced and exported from the colonies to Europe. The colonies provided goods like wood, fish, and cotton to strengthen European countries.
2. Under mercantilism, European countries like Britain passed laws requiring colonies to trade exclusively with the mother country. This led the colonies to develop plantation economies using slave labor for crops like tobacco and sugar to maximize profits for European merchants.
3. The triangular slave trade system emerged, with Europeans exchanging goods for African slaves. Slaves endured the horrific Middle Passage to the colonies, where they were forced to work plantations producing goods for export back to Europe under mercantilism
International trade is the exchange of capital, goods, and services across international borders or territories.
international trade has existed throughout history (for example Uttarapatha, Silk Road, Amber Road, salt roads), its economic, social, and political importance has been on the rise in recent centuries.
To understand the pattern in international trade, Different trade theories are postulated. Some famous trade theories are:
Mercantilism
Absolute Advantage Theory
Comparative Advantage Theory
Hecksher-Ohlin Factor endowment theory
Product Life Cycle Theory
New Trade Theory
Porter’s Diamond Theory for competitive advantage
Restrictions on imports – tariff barriers, quotas or non-tariff barriers.
Accumulation of foreign currency reserves and gold and silver reserves. (known also as bullionism)
Granting of state monopolies to particular firms especially those associated with trade and shipping.
Subsidies of export industries to give competitive advantage in global markets.
Government investment in research and development to maximize efficiency and capacity of domestic industry.
Allowing copyright / intellectual theft from foreign companies.
Limiting wages and consumption of the working classes to enable greater profits to stay with the merchant class.
Control of colonies, e.g. making colonies buy from Empire country and taking control of colonies wealth.
England Navigation Act of 1651 prohibited foreign vessels engaging in coastal trade.
All colonial exports to Europe had to pass through English first and be re-exported to Europe.
Under British Empire, India restricted in buying from domestic industries and were forced to import salt from the UK. Protests against this salt tax, led to ‘Salt tax’ revolt led by Gandhi.
In seventeenth Century France, the state promoted a controlled economy, with strict regulations about the economy and labour markets
In the modern world, mercantilism is sometimes associated with policies, such as.
Undervaluation of currency e.g. government buying foreign currency assets to keep the exchange rate undervalued and make exports more competitive.
Government subsidy of industry for unfair advantage. China has been accused of offering too much subsidised investment for industry, leading to over supply of industries such as steel – meaning other countries struggle to compete.
Surge of protectionist sentiment, e.g. tariffs on imports.
Copyright theft
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
1. U.S. History
Ms. Gonzalez
September 22, 2015
Aim: What role did geography play
in the system of Mercantilism?
Do Now:
Based on the
political cartoon,
what can you
infer is the
definition of
Mercantilism?
2.
3.
4. How did geography affect
early settlement and
colonial development?
Why was tobacco a crop
of the southern colonies
such as Virginia?
6. HW
Complete your notes based on
the PPT/video on our class site.
Due Friday 09/25
7.
8. •Mercantilism: European economic system that
supported the establishment of colonies that would
enrich the “Mother” country or the country in control of
the colonies.
1. Where are
they?
2. Who is the
“Mother
country”?
3. What is role
of the
colonies?
What is their
job?
9. Mercantilism: the goal is to strengthen and
enrich the country so it can compete with other
empires.
• A key to power is wealth and self-sufficiency: a
country that is able to produce all it needs for its
citizens and is able to gain wealth by selling goods to
other nations.
• Countries want to export more than import.
10. The role of the Colonies: provide raw
materials (so that the mother country does
not have to import from other nations)
• Example: the New England and Middle
colonies helped Britain maintain naval
supremacy by providing wood for ships, sailors,
trade
1.How did geography influence the
development of mercantilism?
11. What do the colonies provide to Great Britain?
12. Great Britain passed laws to enforce
Mercantilism:
• Required all exports from the colonies to go
to Great Britain so that British merchants
would then sell or trade the goods around the
world.
• Colonies were discouraged from buying
goods from other countries (are only allowed
to buy from Britain)
Navigation Acts All imports or exports
had to be carried on GB ships.
1.If you were a merchant (businessman) in the
colonies, would this law help you make profits?
13. So… Great Britain needs raw materials
from the colonies—like wood and cotton.
•Indentured servants who work on a
contract for 2-3 years are put to work
cutting trees and picking cotton, but once
their contract is up in 2-3 years, they are
legally allowed to leave their ‘bosses’.
What can Great Britain do to increase
profits ($$$)—have more trees cut for
wood and more cotton picked?
15. What was the Triangular Trade?
A system of trade between Africa, the
colonies, and European countries.
Why did the Slave Trade Begin?
Need for a cheaper work force—free in this case.
Indentured servants were Europeans. They got sick and
were not able to work under the hot climate and harsh
conditions of plantation (large farms).
Was Slavery a new thing before Europeans?
No, Africans traded slaves long before Europeans arrived.
African kingdoms used slaves they captured from different
African tribes.
16. The Transatlantic Slave
Trade or Triangular Trade
Involved 3 steps
1.First stage: manufactured goods (cloth,
tobacco, beads, guns, alcohol) from Europe
were sent to Africa.
2.The Middle Passage: slaves were sent from
Africa to the colonies.
3.Final stage: raw materials (cotton, sugar,
tobacco leaves, molasses and rum) were sent
to Europe from the colonies.
19. The Middle Passage
• 5 times as many Africans arrived in the Americas than Europeans. The
majority were shipped to Brazil, the Caribbean, and the Spanish colonies.
20. 1. How did Europeans obtained the slaves?
2. How would you describe the experience of the Middle Passage?
3. Why do you think some of the slaves captured chose to throw
themselves out of the ship?
21. Closure
1. What role did geography play in
the system of Mercantilism?
2. How did mercantilism lead to the
development of the Transatlantic
slave trade?