Commerce and Trade 1450-1750
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Transcript of Commerce and Trade 1450-1750
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Global Commerce & Trade
1450-1750
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TOP TEN GLOBAL TRADE Commodities (2012)
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Rank Commodity Value in US$
1 Mineral fuels, oils, distillation products, etc. $2,183,079,941
2 Electrical, electronic equipment $1,833,534,414
3 Machinery, nuclear reactors, boilers, etc. $1,763,371,813
4 Vehicles other than railway $1,076,830,856
5 Plastics and articles thereof $470,226,676
6Optical, photo, technical, medical, etc. apparatus
$465,101,524
7 Pharmaceutical products $443,596,577
8 Iron and steel $379,113,147
9 Organic chemicals $377,462,088
10 Pearls, precious stones, metals, coins, etc. $348,155,369
TOP TEN GLOBAL TRADE Commodities “Today”
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TOP 5 Trade commodities 1450-1750?
• 5. FUR (Beaver, Deer, Sable, etc.)
• 4. TEXTILES (Cotton, Silk)
• 3. SLAVES
• 2. SPICES (Cinnamon, Nutmeg, Cloves,etc)
• 1. SILVER
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CHANGE in Global Commerce
SILVER!
• Silver was THE ITEM that truly began GLOBAL TRADE
• Chinese demand for silver and new silver mines in Spanish America & Japan led to global trade movement.
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CHANGE in Global CommerceTRANSATLANTIC SLAVE TRADE
(esp for sugar production)
• Massive movement of people through the slave trade from coasts of West Africa to the Americas led by Europeans (African supported).
• Slave trade to fill demand for labor in plantation agriculture in the Caribbean, Brazil, and N America.
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“New” trade connections
FUR TRADE
• Luxury furs exported from Russia and North America .
• Variety of animal furs and varieties of peoples involved in the trade.
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New trading empires
EUROPEAN TRADING POST EMPIRES
• European nation-states controlled ports and territories in the Africa, South & Southeast Asia
• Increasingly Europeans carried the trade goods of maritime trade…even the routes that had existed before European arrival
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Spanish Empire 1600s
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Portuguese Empire 1600s
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Dutch East India Company
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• Pool wealth for a common purpose
• 1500s and 1600s common purpose was colonization
• Profits and risks were high
• If there was failure the risk was spread out
• Dutch (Indonesia) and British (India)-received charters from the govt. granting trading monopolies and the power to make war and govern conquered people
Joint Stock Companies-Private
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Economic Motives
The Commercial Revolution-16th and 17th Century Europe
• Capitalism– An economic system based
on private (not govt.) ownership and the investment of wealth for profit.
– Wealthy merchants reinvested their profits into new ventures
– A key role in the Industrial Revolution
• Mercantilism– An economic policy under
which nations sought to increase their wealth and power by obtaining large amounts of gold and silver and by selling more goods than they bought.
– The goal was self-sufficiency
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JAPAN
• After a period of contact with Europeans, Japanese isolate themselves from outsiders while profiting from the silver trade and keeping “watch” on outsiders.
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Make a map that has the main trade routes +
Oceans- Atlantic, Indian, & Pacific
Seas- Mediterranean, Caribbean, & Black
Empires- Label each separately…
–Qing (Strayer p644)
–Mughal (645)
–Ottoman (647)
–Russian (682)
–Spanish, French, Dutch, English, Portuguese territories. (682)
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• Increase in economic activity leads to increase in $ supply.
• Inflation-steady rise in the price of goods
• Occurs when people have more money to spend and demand more goods and services
• Goods become scarce and more valuable and prices rise
Inflation