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Jan 1, 1300
African Civilizations and Trade
African societies such as Mali and Benin had economies built on gold. They tended to be extremely wealthy. Trade had a majorly beneficial impact to their economy. One of the most efficient forms of trade they used was gold-salt trade. Their main trade routes were the Trans-Arabia route, the Silk Roads, the Mediterranean route, the Trans-Sahara route, and Indian Ocean route. -
Period: Jan 1, 1300 to
Economics
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Period: Jan 1, 1348 to Jan 1, 1350
The Black Plague
The Black Plague, a deadlly disease that wiped out roughly one-third of the population, had a major effect on the economy of Western Europe. For example, trade declined and prices rose. In addition, wages were so low that serfs would leave the manor to find a places where the pay was better. Low wages also resulted in peasant riots, due to the ignorance of their demand for higher pay.
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Period: Jan 1, 1450 to
Triangular Trade
The exchange of slaves and goods between Africa, England, Europe, the West Indies, and America is known as triangular trade. Slave trade was also a huge part of this trade network. The unjustness of this process is shown in Olaudah Equiano’s experience. When he finally arrived he was sick and unable to eat, and consequently “one of them [two white men] held me fast by the hands, and laid me across… the windlass, while the other flogged me severly.”
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Jan 1, 1550
Capitalism
Merchant capitalism was the economic system following feudalism in Europe in the sixteenth century and stressed government control of foreign trade. Merchant capitalism led to industrial capitalism which occurred during industrialization (hence the name) in which machinery use increased. It stressed that individuals should own property and businesses rather than the government. Capitalism was based on the “laissez-faire” idea that the government shouldn’t interfere with business and industry. -
Colonization of America
“The furniture of shipping consists in masts, cordage, pitch, tar, resin, and that of which England is by nature unprovided; at this present time it enjoys them only by the favor of a foreign country.” This is from the article “On the Value of Colonies to England” attributed to various authors around 1606. The quote lists items that England buys but could get in colonies.The author says other countries are profiting from colonies. The first successful British colony was Jamestown in 1607. -
Feudal System
The feudal system is based on rights and obligations. The king provides lords with peasants and land in exchange for loyalty and military aid. Lords provide food, protection, and land to knights in exchange for homage and military service. Lords provide food, protection, and land to peasants who pay rent and farm the land. Britain abolished the feudal system in 1645, France abolished it in 1780. It was also used in China and Japan. -
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Industrialization
Industrialization is the process of developing machine production of goods. Starting in the textile industry, the Industrial Revolution slowly took over, modernizing most of Europe and the US. Cities grew rapidly, factories were built, and the manufacture of goods was greatly increased. This did nothing but good for economies due to the amount of money that was raked in by newly industrialized countries.
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Wealth of Nations
“It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.” This is from the book The Wealth of Nations written by Adam Smith in 1776. His widely read book covers capitalism and free-markets, saying that when people follow their self-interest there is order. He felt that government shouldn’t interfere with economics. He said the economics laws are self-interest, competition, and supply and demand. -
Free Market Economy
A market economy is type of economic system that ideally runs with hardly any government influence. Means of production and the prices of goods are determined by the sellers and buyers. The government has a small role that neither limits nor encourages economic activity. It is the exact opposite of a controlled market. -
Communism
Communism is a political and economic system. It became widely known when Karl Marx and Friedrich Engels published Communist Manifesto in 1848. Also called Marxism, communism basically formed around the idea of no social classes. In communism production is owned by the people and there is no private property. State and money cease to exist so people work in exchange for what they need. Marx believed capitalism would destroy itself and the working class would revolt and take over the factories. -
Socialism
In 1899, Eduard Bernstein published Evolutionary Socialism in which he critiqued communism. This book marked the split between socialists and communists. Socialism incorporates the public ownership of natural resources and property. Socialists believed government control of industries would diminish poverty and build equality. They felt people should live in cooperation and share everything they produce. Socialism claims that land, labor, and capital operates for the welfare of everyone.
