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COLUMBIAN EXCHANGE
Columbian Exchange = Global transfer of food, plants, animals, people, and disease during colonization of the Americas
CAPITALISM
Capitalism = Economic system based on private ownership and investment of resources for profit
Capitalism in action during colonization of Americas: merchants obtain great wealth from overseas colonization and trade continue to invest money in more overseas exploration, trade , and other enterprises business in general across Europe grows and European nations become wealthy
JOINT STOCK COMPANY
Joint stock company = a business venture that involved a number of people combining wealth for a common purpose.
ADVANTAGES OF JOINT STOCK COMPANY
1. Combined wealth is more wealth than one individual
2. Risk is shared
MERCANTILISM
Mercantilism = Economic policy adopted by European nations in the 1500s which provided that a country’s power depended mainly on its wealth.
How Acquire Wealth According to Mercantilism?
1. Obtain as much gold and silver as possible2. Establish a favorable balance of trade
American Colonies Vital Role in Mercantilism
• Provided gold and silver• Provided raw materials that were not readily
available in Europe• Served as a market for European
manufactured goods
Who Benefited the Most from Global Effects of Colonization?
• Merchant class (got wealthy and powerful)• European nations (got wealthy and powerful)• European monarchs (got more powerful)
Who Suffered the Most Because from Global Effects of Colonization?
• Majority of Europeans (remained poor)• Entire population of Native Americans
(practically wiped out and lost land and culture)
• Approximately 9.5 million Africans (enslaved for almost 400 years in the Americas)