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Transatlantic Trade/Triangular Trade
The triangular trade system (16th-19th century) facilitated the exchange between Europe, Africa, and the Americas. While introducing new commodities and markets, it continued European colonial exploitation and slave labor. This system stimulated the growth of industries in Europe through the importation of raw materials from the Americas, fostering economic expansion in nations. However, this economic prosperity was built on African labor, creating a troubling continuity in human exploitation. -
Navigation Acts
The Navigation Acts (1651 to 1756) constituted a set of laws that tightly regulated colonial trade by mandating specific goods to be transported exclusively in English ships. It was strategically designed to bolster the British mercantile system by ensuring economic benefits flowed back to England. The acts marked an effort by the British to assert control over colonial economic relations, shaping trade patterns and exemplifying imperial economic policies throughout the colonial period. -
The War of Spanish Succession
The War of Spanish Succession (1701-1714) influenced European power dynamics and trade, impacting economics and colonial possessions. The conflict disrupted trade and led to increased government spending, straining economies of nations and forcing the development of a modern banking system. The war altered geopolitical structures but maintained the imperialistic competition that characterized earlier centuries, reshaping colonial territories through the Treaty of Utrecht. -
Treaty of Utrecht
The Treaty of Utrecht concluded the War of Spanish Succession, redistributing colonial possessions and influencing global trade patterns. The treaty marked a change in international relations and colonial control, shaping the economic landscape of European powers. It influenced global trade patterns by altering the flow of commodities, resources, and wealth. This also transformed the dynamics of international trade and contributed to new economic alliances and rivalries among European powers. -
Agricultural Revolution
The Agricultural Revolution (17th-19th century) introduced innovations like crop rotation and the seed drill, transforming traditional farming and increasing food production. This marked a significant change in agricultural practices, contributing to increased productivity and demographic shifts. Crop rotation enhanced soil fertility and minimized depletion. The seed drill automated the process of sowing seeds, allowing for precise planting at controlled intervals, improving efficiency. -
Putting-out System
The Putting-out System (18th century) emerged, allowing merchants to distribute raw materials to rural households for production, impacting the textile industry. This system represented a change in production methods, fostering early industrialization while maintaining a decentralized approach to manufacturing and laid the groundwork for the transition to centralize factory methods. This system provided economic opportunities for rural families, challenging traditional economic structures. -
Physiocrats
The Physiocrats (18th century), led by figures like François Quesnay, introduced a philosophy that emphasized natural economic laws and the use of agriculture as the main source of wealth. They advocated laissez-faire policies, promoting minimal government intervention in economic matters and the importance of free markets. Despite limited immediate policy impact, their ideas laid the groundwork for classical economics and influenced subsequent economic thinkers. -
The Spinning Jenny
The Spinning Jenny, invented by James Hargreaves, transformed textile production by allowing one worker to operate multiple spinning wheels simultaneously. This technological innovation marked a change in manufacturing efficiency, contributing to the Industrial Revolution, while maintaining a focus on textile production, driving technological change towards mechanization. It significantly increased the efficiency of yarn production, representing a pivotal change in the manufacturing process. -
The Cottage Industry
Cottage industries (16th-18th century) flourished in rural areas, contributing to pre-industrial economic patterns.This economic activity represented a continuity in decentralized production methods while adapting to evolving market demands, laying the groundwork for later industrialization. This empowered families and challenged traditional gender roles as women and children participated in the production process. It played a role in the transition to early industrialization. -
Enclosure Acts
The Enclosure Acts (1709-1869) in England consolidated and enclosed common lands, transforming traditional farming practices.
This policy marked a significant change in land use, fostering agricultural efficiency, and contributing to the rise of a new agricultural middle class as previous low-income level farmers moved into urban centers as they could not afford their land from the wealthy people that now owned if after these acts.