Economic Systems Review

By Justin Scott Ehrenpreis

Traditional

• Based on agriculture• Limited barter trade• Neolithic Civilizations• Early River Valley Civilizations

Market

Based upon supply and demandUsually focuses on consumer goodsLittle government control

Command

Controlled by a strong, centralized governmentUsually focuses on industrial goodsLittle attention paid to agriculture and consumer

goods

Mixed Economy

Combination of Market and Command Economic systems

Market forces control most consumer goodsGovernment directs industry in need areas

Cash Crop Economies

An economic system based on the exporting of certain crops such as coffee, sugar, cotton, tobacco

Capitalism

An economic system based on the private ownership of the means of production and distribution of goods. Also promotes a free market regulated by supply and demand.

Put Out System

Manufacturing system where work was distributed and retrieved from individuals in their homes

Mercantilism

Country’s wealth based on exporting more than it imports

Strict government control Uses colonies as source of raw materials and

exclusive markets for selling goods

Laissez-Faire

Developed by Adam Smith in his book, Wealth of Nations

No government interference

Capitalist/Market Economy

Feudalism and Manoralism

Feudalism was a social, political, and economic system that dominated all aspects of medieval European life

Manorialism was the economic portion of feudalism where all aspects of life were centered on the lord’s manor including peasant villages, a church, farm land, a mill, and the lords castle or manor house

ManorialismManors were self- sufficient, all economic activities took place on the

manor

Most peasants working at the manor were serfs

Serfs were farmers who were ties to the land during European feudalism. They were not slaves because they could not be brought or sold, but they could not readily leave the manor either. Serfs were given land to farm in exchange for service to their lord. This service usually involved working the lord’s fields, maintaining roads and the manor, and providing military service in times of war. Serfs paid taxes to their lord in the form of cash crops. This is also how they paid the fee to use the manor's mill or other services

The Feudal System

Kings- gives large land grants to Upper Lords called fiefs, give protection, receives money, military service, and advice.

Upper Lords- Gives land grants to Lesser Lords, gives protection, receives money, military service.

Knights- give land to peasants/ serfs, receives crops, labor.

Peasants/ Serfs- Receives land to farm, pays with labor, crop.

Crusades

The Crusades resulted in an increase in trade between the Middle East/ Asia and Western Europe

Merchant- a person who sells goods or services. A member of the middle class in most societies

Merchants from Florence and Venice in Italy dominated European trade

Modern World

The Great Depression that ultimately led to fascism in Germany and Italy had a huge global impact.

The Great Depression

Stock Market Crash

Financial panic became widespread as stock brokers called in the loans they had made to stock investors. This caused stock prices to fall, and many people lost their entire life savings as many financial institutions went bankrupt

Raw Materials

During WW1, industrialized countries imported large amounts of raw materials from Africa, Asia, and Latin America. After the war, production fell and many of these areas faced severe economic difficulty.

Overproduction

Industrialized nations increased their levels of production to great levels during the war. At the war’s end, industrialists continued this high production rate at a time when many consumers could not afford their products

Result

Millions of people lost their jobs as banks and businesses closed around the world. Many people were reduced to homelessness, and had to rely on government sponsored soup kitchens to eat.

World trade also declined as many countries imposed protective tariffs in an attempt to restore their economies. This resulted in conditions worsening.

Diversity

• Geographic Regions• Empires• Religions and philosophies• Role of women

Europe Geographic Diversity

• Geographic location is important and can lead to violent conflict and war

• Mediterranean Sea has the biggest geographic impact in Europe

• The beginnings of European civilizations were primarily centered around the Mediterranean. (Greece, Rome, Hellenistic Empire)

• The island of England protected it from invasion over the centuries (Spanish Armada, Hitler)

• Russia had to fight wars to obtain a warm water port

Asian Geographic Diversity

• India- subcontinent• Japan- Island archipelago• Himalayan Mountain range separates China

and India• Gobi Desert- separates China and Russia

African Geographic Diversity

Regular coastline of AfricaSahara DesertNile River

Latin American Geographic Diversity

• Andes Mountains • Amazon River/ Amazon Rainforest• Caribbean Islands• Pampas- Argentina

Diversity of Empires • Egypt• Mesopotamia• Harappa• Shang Dynasty• Roman Empire• Athens, Greece• Persian Empire• Han Dynasty• Mongol Horde• Ghana• Mali• Songhai• Islamic• Maya• Aztec• Inca

Role of Women

• Queen Elizabeth 1- England• Catherine the Great- Russia• Wu Zhao- China- Empress during the Tang

Dynasty

Woman and Islam

• According to the Quran woman are considered equal

• Woman today have less freedom then in earlier times

• The Taliban in Afghanistan made life even more difficult by forcing woman to wear burkas and not allowing them to work outside of the house

Woman in Asia

• Food binding• Infanticide• One Child policy• Matriarchal

Women in Europe

• Not allowed in the “public sphere” until the Industrial Revolution

• Earnings have always been unequal to the men’s

• Woman worked during WW2, and their change in status after the war, led to activism and the feminist movement

Golden Ages in History

Golden Ages

• China• Athenian/Hellenistic• Pax Romana- Rome• Gupta- India• Islam• Mesoamerica• Africa• Japan

Dynastic China

• Shang Dynasty 1650-1027 BCE: Earliest dynasty in China along the Yellow River

• Used pictographs• Used Oracle Bones• Zhou Dynasty 1027-256 BCE:• Created Mandate of Heaven and Dynastic Cycle• Started making silk• Began making books

Dynastic China

• Han Dynasty 206 BCE- 220 CE• Opened the Silk Road • Confucianism became the standard philosophy• Many inventions including the wheel barrow,

acupuncture, etc.• Tang Dynasty 618-907• Unified the government• Developed strict social structure • Invented gunpowder• Developed block printing

• Gentry- wealthy landowners, studied Confucian ideas, civil service

• Peasants- Most Chinese are peasants, farmers work the land, live in small villages

• Merchants- some became very rich, lower status then peasants because riches come from others work, some buy land, educate sons to become gentry

Dynastic China

• Song Dynasty 960-1279• Began rice cultivation• Developed fine porcelain• Developed calligraphy• Moveable type printing press invented• Ming Dynasty 1368 ACE- 1644• Increased trade with porcelain, paper and tools• Started explorations of the world

Voyages of Zheng He1405-1433

• Zheng He sailed along the coasts of India, Southeast Asia, and Africa.

• The Chinese were trading and spreading their culture west.

• When Zheng He died, The Ming Emperors did not continue trade or exploration

Athenian Golden Age

• Ancient Greek Golden Age occurred under leadership Pericles

• Pericles- Athenian statesman, he was the central ruler of Athens during its golden age. He was the central patron behind many of their achievements. He was also a very skilled speaker. Athens City- State of Ancient Greece and center of Greek golden ages that occurred in the 5th century BCE

Athens

• Government- first democracy- direct democracy giving every citizen male a vote. Woman and slaves could not vote.

• Philosophers- (lovers of wisdom) used observation and reason to observe the world around them . Socrates, Plato, and Aristotle.

• Literature- Tragedies and Comedies• Art and Architecture- Columns, Parthenon in Athens• Math and Science- Pythagoras, Euclid• Medicine- Hippocrates

Socratic Method of questioning as a learning tool.

Wrote The Republic Favored a strong,Controlling government

Developed ideas on governmentFavored the one strong and wise rule as best form

Considered to be first western philosopher

Society has three classes:Philosophers, soldiers, and workers

Human Reason was the key to learning

Socrates Plato Aristotle

Hellenistic Age

Alexander the Great (356 BCE-323 BCE) He conquered most of the ancient world from

Asia Minor to Egypt and India, which began of Greek, Persian, Indian, and Egyptian influences

Pax Romana

• Roman Republic: Senators- Patricians, Plebeians- Artisans, Merchants, Farmers

• The end of the republic occurred when Julius Caesar took power

• Augustus came to power and this started the golden age of Rome (Pax Romana)

Pax Romana

• Roman Law: The Law of the Twelve Tables- code of laws

• Art and Architecture: Arch, Dome, realistic statues and portraits, Pantheon, Coliseum

• Engineering: Aqueducts, Roads, Harbors, Bridges

• Science and Medicine: Ptolemy, Cpernicus

Gupta Empire

• Golden Age of India• Strong, central government• Established the caste system• Math: Developed decimal system and Arabic

numbers system• Arts and Literature: Stupas (Buddhist

temples), Alie Baba and the 40 Thieves

Golden Age of Islam

• The religion of Islam and its empire spread into Spain, Sicily, India, and Southwest Asia

• It spread because of common language and fair treatment of conquered peoples

• Military tactics were advanced with horse and camel cavalry

• Golden Age occurred under the Abbasid Dynasty, culture blended Arab, Persian, European, and Egyptian traditions

Golden Age of Islam

• Arts and Literature- forbidden to use human figures in art- developed geometric shapes and patterns. Calligraphy. Domes. Arches. Mosques

Golden Age of Islam

• Math and Science- Measured the circumference of the earth

• Medicine- Hospitals, Emergency Rooms, treated cataracts on the eyes, sweet tasting syrups with medicine

• Economic Achievements- Credit, banks, partnerships

• Laws- Developed Shania, law based upon Quran

Golden Age of Mesoamerica

• Four main cultures in Mesoamerica• Olmecs, Mayas, Incas, Aztecs

• Olmecs- First major civilization. Developed pyramid- shape temples, a system of writing, devotion to religion

Mayans

• Lived in city-states on the Yucatan Peninsula and Central America

• Arts and Architecture- Large elaborate palaces, pyramid-shaped temples, paintings, carvings

• Agriculture- Irrigation, crops of corn, beans, squash, trade

• Education and Science- Hieroglyphics writing system, 365 day calendar, concept of zero

Aztecs

• Established an empire throughout Mexico• Strong central government, tribute payments• Deeply religious utilizing human sacrifices on

large pyramid shaped temples• Achievements- Calendar, able to set broken

bones, aqueducts, capital city of Tenochtitlan (Mexico), large stone carvings and paintings

Incas

• Established an empire along the Pacific Coast of South America

• Engineering- Elaborate road system over 12,000 miles of read

• Terrace farming- (the cutting out of flat areas (terraces) into near vertical slopes to allow farming. Terrace farms appears as steps cut into a mountainside. This adaptation allowed both the early Chinese and the Inca of Mesoamerica to grow enough food for their large populations).

• Science and Medicine- Able to treat illnesses, surgery, counting system with Quipas, a knotted string

Africa

• Three main cultures- Songhai, Mali, Ghana• Vast Trading Network• Gold was the main export• Islamic Influence- kings of Ghana had Islamic

advisers, Mali and Songhai established Islamic Empires, Mansa Musa of Mali made a famous pilgrimage to Mecca

Africa

• Arts and Literature- often religious, statues, and masks made of ivory, wood, or bronze. Oral and written traditions

• Education- Timbuktu became a center of learning under Mansa Musa

• Commerce- Established trade routes, besides gold, agricultural products, salt were traded. Started the slave trade

Japan

• Heavily influenced by Korean and Chinese cultures

• Korea acted as a bridge between Japan and China

• Japan began direct contact with China during the Tang Dynasty

• Adopted Chinese calligraphy, Buddhism, Confucianism, adapted into Zen Buddhism

Japan

• Feudalism- A social, political, and economic system that dominated all the aspects of medieval European life, was also a part of the Japanese society

• Different classes with Emperor at the top, with most power held by the Shogun, the military ruler of Japan

• Tokugawa Shogunate- Feudal Warlord rulers of Japan. Responsible for closing Japan off from the rest of the world. Overthrown during the Mejia Restoration. Under the Tokugawa shoguns Japan was very peaceful.

• Arts and Literature- Kabuki theater, Haiku poems, landscape paintings, wood block printing

Human and Physical Goography

Five Themes of Human and Physical Geography

Location

-Describes where a place is- its position on the Earth’s surface. Two ways to describe location: Relative Location : the description of a place in relation to another-Absolute Location: the exact location using lines of longitude and latitude

Place

-Describes an area in terms of its physical and human characteristics such as climate, landforms, waterways, language, religion, social activities, etc…..

Human/ Environment Interaction

Describes how people change their environment or adapt to it

Movement

Describes the movement of people, goods, and ideas. This occurs through migrations, trade, and cultural diffusion

Religion

Describes an area that has its own unifying characteristics. This is done politically- The Middle East is a political region, physically

Climate ZonesTropical -Located near the equator

-Little temperature change from year to year-Tropical Rainforests: warm and wet most of the year. (Amazon Rainforest)Tropical Savanna - warm and dry part of the year, warm and wet the other part. (African Savanna)

Dry -Little to no rainfall, less than 10 inches per year-Temperature very hot during the day, very cold at night-Extremely clod winters-The Sahara Desert is a dry climate

Mid Latitude -Variety of climates due to mixing warm and cold air masses-Variety of weather patterns-Most people live in a mid latitude climate