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1450 CE – 1750 CE1450 CE – 1750 CE
Era of Global Interaction!Era of Global Interaction!
Chapter 16 & World EconomyChapter 16 & World Economy
1
Classical
1450 CE – 1750 CE
Ancient
1750 CE10,000 BCE 1000 BCE
Postclassical
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The World in 1400The World in 1400
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Middle East in 1400Middle East in 1400
►Loss of trade revenue & Loss of trade revenue & agricultural productivityagricultural productivity Peasants slip into serfdom Turn increasingly toward faith & away
from science for answers
►Abbasid, Mongol, & Byzantine Abbasid, Mongol, & Byzantine collapse creates power collapse creates power vacuumvacuum
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Middle East in 1400Middle East in 1400
►Ottomans fill void Ottomans fill void
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China in 1400China in 1400
►Ming dynasty initially focuses on Ming dynasty initially focuses on re-establishing borders & influencere-establishing borders & influence Example: Zheng He
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China in 1400China in 1400
►Foreign influence ended in favor of Foreign influence ended in favor of internal developmentinternal development Economy, industry, & agriculture Emphasis on tradition & Neo-Confucianism
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India in 1400India in 1400
►Timor & Mongol descendants Timor & Mongol descendants led to broad Islamic empire, led to broad Islamic empire, MughalMughal
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Europe in 1400Europe in 1400
►Contact & exchange bred curiosityContact & exchange bred curiosity Renaissance fosters spirit of exploring
world Wealth focused in Italian city-states
expanded international trade, banking, art
►Monarchy & commerce Monarchy & commerce strengthening strengthening Reconquista of Spain drives out Muslim
kingdoms
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Global ConnectionsGlobal Connections
Muslim trade & Indian Ocean-based tradeMuslim trade & Indian Ocean-based trade↓↓
Mongol moment & land-based tradeMongol moment & land-based trade↓↓
Return of sea trade & Chinese momentReturn of sea trade & Chinese moment↓↓
Leadership shifting toward EuropeLeadership shifting toward Europe
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Chinese compass & explosives
Chinese sternpost
rudder
Arab lateen sail
Arab portolan charts & maps
A Shift – Why?• New Technology: Key to Power
•Europe v. China
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Technology in Iberia
• New sturdier ships – Needed for ocean travel– Experience in N.Atlantic vs. Med
• Maneuverability – Added a rudder
• Sails– Combined square & lateen sails to advance in
uncooperative winds
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Technology in Iberia
• Navigation instruments • Astrolabe / cross staffs• Compass
• Winds & currents
• Volta do mar
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European Exploration
Countries (in chronological order)
→
Example territory outside Europe
→
Comparison
A- B- C- D-
A- B- C- D-
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1550
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1700
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Exploration → Truly Global Network
• Result:– Columbian Exchange
• massive swap of people, diseases, plants, & animals b/t New World & Old World upon arrival of Christopher Columbus.
Luxuries → Exploration
• Desire for luxuries helped fuel European exploration– Discovery of New World
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European Exploration
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Columbian Exchange
Examples:
From Old World From New World
Small PoxHorsesSugarcaneAfricansWheatCotton
PotatoesCornTomatoesTobacco
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Columbian Exchange
• Silver– What was the role of silver in the Columbian
Exchange?
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The world economy & The world economy & developments in Western Europe developments in Western Europe
are connected!are connected!
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Early Modern W. Europe - Pre-Early Modern W. Europe - Pre-TestTest
Early Modern W. Europe - Pre-Early Modern W. Europe - Pre-TestTest
£ Put the following developments in Put the following developments in chronological order & give a brief chronological order & give a brief descriptiondescription
Enlightenment =Enlightenment = Renaissance =Renaissance = Scientific Revolution =Scientific Revolution = Protestant Reformation =Protestant Reformation =
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W. Europe’s W. Europe’s Commercial Commercial RevolutionRevolution
W. Europe’s W. Europe’s Commercial Commercial RevolutionRevolution
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Commercial RevolutionCommercial RevolutionCommercial RevolutionCommercial Revolution
£ A time of internal economic growth in A time of internal economic growth in W. Europe as it became more trade- W. Europe as it became more trade-basedbased
£ Standard of living improvedStandard of living improved
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Economics?Economics?Economics?Economics?
1.1. What is “economics”? What is “economics”?
2.2. What are some basic principles of What are some basic principles of economics?economics?
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W. Europe’s W. Europe’s PostclassicalPostclassical Economy?Economy?
W. Europe’s W. Europe’s PostclassicalPostclassical Economy?Economy?
1.1. Manorialism Manorialism £ Subsistence farming = serfsSubsistence farming = serfs£ Lords live off of taxesLords live off of taxes£ ““Old Money” based on landownership Old Money” based on landownership
and traditionand tradition
2.2. Small guilds develop to encourage Small guilds develop to encourage artisanryartisanry
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Early Modern Early Modern EconomyEconomy
Early Modern Early Modern EconomyEconomy
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Early Modern Early Modern EconomyEconomy……is globalis global
Early Modern Early Modern EconomyEconomy……is globalis global
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W. Europe’s Commercial Revolution
…based on new theory:
•Mercantilism– A policy that encouraged nations to maximize
exports and minimize imports• Meant colonized ports could only trade w/ mother
country
–Europe buys raw materials ($)
–Europe sells manufactures ($$$)
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Mercantilism & Results in Europe
– Colonial markets led to more manufacturing in W. Europe
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New Manufacturing New Manufacturing Demands Demands in Europein Europe
New Manufacturing New Manufacturing Demands Demands in Europein Europe
Met through…Met through…
£Cottage Industry(also called Proto-Industrialization & Putting-Out System)
Production of cloth in rural areas Done by farmers in winter months Supplemented rural income Merchants amassed capital & avoided guilds
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Cottage IndustryCottage IndustryCottage IndustryCottage Industry
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New Manufacturing New Manufacturing Demands Demands in Europein Europe
New Manufacturing New Manufacturing Demands Demands in Europein Europe
Met through…Met through…
£Cottage Industry(also called Proto-Industrialization & Putting-Out System)
Production of cloth in rural areas Done by farmers in winter months Supplemented rural income Merchants amassed capital & avoided guilds
£Urban manufacturing improved by technology
Metal working, pottery, shoemaking
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Mercantilism & Mercantilism & ManufacturingManufacturingMercantilism & Mercantilism & ManufacturingManufacturing
Investment in cottage & urban manufacturing due to…
£Inflation£ What is inflation?What is inflation?
£ Why was there inflation in early modern Europe?Why was there inflation in early modern Europe?
£ Why would inflation encourage investment?Why would inflation encourage investment?
Money in 1550 would buy less in 5 years, so Money in 1550 would buy less in 5 years, so merchants invested in manufacturingmerchants invested in manufacturing
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Commercial Revolution Commercial Revolution in Western Europein Western Europe
Commercial Revolution Commercial Revolution in Western Europein Western Europe
£ New sources of income for:New sources of income for: GovernmentsGovernments BanksBanks MerchantsMerchants FarmersFarmers
• Pre-1450: Life similar to E. Europe Pre-1450: Life similar to E. Europe
• 1450-1750: peasant families had 5x 1450-1750: peasant families had 5x more stuff than E. Europeansmore stuff than E. Europeans
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Exploration, Columbian Exchange, Mercantilism, & Commercial Revolution
…in World Economy
•New economic patterns (not able to move inland, but)– Slave trade
• Intensifies mercantilism & dependency– New World plantation economies
• Intensifies mercantilism & dependency– exception:
• Gunpowder empires:
China, Ottomans
Silver?
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Reflect…
• How are the world economy and developments in Western Europe connected?