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79 Cards in this Set
- Front
- Back
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What years are known as the commercial revolution? |
Between 1750-1900 |
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What is an economic system in which raw materials are taken from a colony sent to the mother country to be made into finished products and sold large profit? |
Mercantilism (the colony is not allowed to trade any other country) |
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What is the line of Demarcation? |
It is an imaginary line created by the Pope that gave Spain the rights to all new lands west of the line and Portugal all new lands east of the line |
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What are the basic principles of Mercantilism? |
Gained precious metals Build a large and impressive royal court Have a very powerful military (Navy) Control the balance of trade between years and another nation (the difference between imports and exports) |
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What have colonies become a source of? |
profit for the mother nation |
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What is the 2 or more investors paying for the expedition and then would split the profits? |
Joint Stock Companies |
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What paid back double the investment? |
English East India Co. |
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What did the depending size of the take? |
Dutch West India Co. |
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What were the wealth was no longer determined? |
land alone it was now in liquid assets |
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What is liquid assets better than hard assets? |
Liquid assets are easily be sold and Hard assets is something could be sold but depends on because it is changing |
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Who were the Middle class? |
Merchants and Artisans |
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What started the Middle class? |
started to invest their money in an attempt to gain more wealth. |
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Who scorned the idea? |
nobles and aristocrats (not wanting to accept the change of thinking) |
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What was each state to monopolize? |
Mercantile trade and the way to do that was to control the seas |
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Who sought to compete with Spain knew they had to cut the flow of American gold and wealth? |
Europeans |
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Where pirates hide in to attempt to steal Spanish Bullion? |
Caribbean |
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Who were these pirates? |
privateers |
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What did the pirates were subsidized? |
Dutch and English joint stock companies |
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Who was an English merchant brought European goods and slaves to the Caribbean in defiance of Spanish decrees? |
John Hawkins |
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In 1577, who was an English pirate that sailed his ship along the coast of South America and got tons of gold a sliver? |
Francis Drake |
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What was Francis Drake's ship? |
The Golden Wind |
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What did Francis Drake escape capture from the Spanish? |
He circumnavigated the globe |
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Who congratulated Francis Drake? |
Queen Elizabeth |
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Who joined the pirating? |
France and the Netherlands |
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In 1629, Who captured 4 million gold coins and used it to fund the war against Spanish rule? |
admiral piet heyn (Dutch East India Co.) |
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What is inflation? |
a great deal of new precious medals in the European Market |
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What is when supplies got low the prices of goods started to rise? |
inflation |
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What is a sharp steady rise in prices as a result of excess demand? |
inflation |
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What does inflation affects groups in different ways? |
* landowning nobles receive fixed rent and so couldn't buy the same amount * city workers pay bought less food * merchants made a fortune |
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What did the demand of food allowed? |
some landowners to raise rent and evict farmers so they could have the land buck |
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What is an market economic system based on private ownership and use of capital (wealth in the form of property or money)? |
Captilalism |
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What were 4 major features for Capitalism? |
* private ownership * Profit Motive * Market economy * zero-sum |
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What is private ownership? |
capital is controlled by the individual and they may do with it what he wants (free-enterprise system) |
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What is profit motive? |
people go to work, make up a product or sell goods with the sole purpose to make profit |
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What is the law that states the more demand there is for a product the prices go up, but when the demand is low, prices drop, but if supply is scarce then prices rise? |
Law of supply and demand |
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What is market economy? |
almost all property has a price and it is bared on supply and demand, based on what the market will bear |
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What is zero-sum? |
unlimited demand is met with limited supply such that when one going another must lose |
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Where did capitalism goes back? |
Italy |
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Who were the people to base their wealth on liquid assets? |
Merchants who there who were rich enough |
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Who was the author of Capitalism? |
Adam Smith |
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What book did Adam Smith wrote? |
Wealth of Nations |
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What did Adam Smith speaks about? |
Laissez Faire, competition, free markets will requlate the economy |
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How was the american populations were altered drastically? |
Europeans |
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How many ways did they justify slavery? |
2 |
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How did they justify slavery? |
They weren't Christians and were already enslaved in Africa |
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How many years of slavery? |
250 years and during this time it continued to grow |
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From 1518 to the mid 1800's, How many Africans had been shipped across the Atlantic? |
over 10 millions Africans |
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Before 1650, What place did most slaves were? |
In Brazil working on Portuguese Sugar |
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After 1650, What was converted into slave central? |
The Carribean |
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What was England's largest plantation island? |
Jamaica |
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Who became French Haiti? |
Hisponiola |
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Before 1700, How many slaves come to the northern colony? |
Few slaves |
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In the late 1700's, what changed? |
cotton |
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Who had the cotton gin? |
Eli Whitney |
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If the cotton gin wasn't invented, what have slavery become? |
slavery would've most likely died out 60 years earlier |
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What is contract slavery for a number of years to buy transport? |
Indentured Servitude |
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What were the Indian crops? |
potato, corn, squash, pumpkin, tomato, chocolate |
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What was common between European and African men and Indian women? |
Intermarriage |
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What is European/Indian? |
mostizos |
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What is African/European? |
mulatto |
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What is African/Indian? |
african |
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What were they usually grown up as? |
Europeans and were baptized |
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What is much less rigid in their class distinctions? |
Brazil |
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What kind of Indians tended to be more immune to European disease? |
mixed Indians |
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How many Africans in the Americas were not slaves? |
Some Africans |
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How does Africans get out of slavery? |
could buy freedom, be set free, or runaway |
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What were communities of runaway slaves called? |
Maroons |
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What they were protected hardly by? |
the newly freed people |
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Where were the Maroons? |
Dutch Guiana and Jamaica that were never conquered |
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What started Africa as? |
a new source of wealth for the Portuguese as they explored, but in time the African people themselves became the source of income |
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What had existed in Africa since the beginning of time (much like the rest of the world)? |
Slavery |
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As the Portuguese started to explore, what did they explore in the 1400's? |
the coast of Africa |
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Who wanted to trade but he had nothing for the Portuguese wanted? |
The King of Kongo |
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What did King of Kongo did to African slaves? |
He agreed to sell African slaves to be used as house servants |
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Who was a helical (Kongo from 1506-1543)? |
King Alfonso |
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What did King Alfonso grew alarmed? |
the increasing demand for slaves and tried to stop it |
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Who asked King of Portugal to stop it? |
King Alfonso |
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What did King Alfonso was unsuccessful? |
his appeals to the king and pope |
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By the 1600's, What was Portugal's #1 source of income? |
Slave Trading (gold and pepper) |
