The+World+Economy



1. Notes on Pg. 350 - 359

MI: The Europeans began to expand more and become more aware of the world around them, though they were still a bit ignorant. - Islamic and Asian exchanges with Europe --> evidence of superior economy and products. - Ignorant of the shape of the world + Vikings' exploration. - Only small initial explorations through small boats.

MI: New and developed technology began to encourage European explorations. - Use of compass for direction. - Use of gunpowder to develop cannons for defense. - Improvement of ships for sturdiness.

MI: Spain and Portugal were the first nations to take action in exploring west, in order to establish settlements and trade routes with Asian societies like India. - Both had mistaken Americas for India, pre-Columbus's death. - Only after **Columbus's** death were they able to discover that it was a "new world", named aptly by Amerigo Vespucci. - Spain gained settlements in bulk of Americas; Portugal gained settlements in Brazil.

MI: Many northern European societies, such as Britain and France, took action afterward after recognizing the economic potential that exploration to the new world could bring them. - Increasing seafare power allowed northern societies to fight with southern societies for exploration; e.g. Britain overtook Spain's armada. - Coasts were places of settlement for fishing products. - Established great trading companies, e.g. **Dutch East India Company**.

MI: Interactions between explorers and natives of the new world produced negative side effects in the form of diseases, and positive side effects in the form of agriculture. - Europeans introduced smallpox + measles, which wiped out about 80% of the native population. - Introduction of corn and sweet potato led to population increase for societies outside new world. - 30% of the world's food come from Americas.

MI: Western Europe gained more power as a result of being able to control and influence international trade that may not have necessarily involved them. - Control over trade routes --> more regional power + special privileges. - Used ports as trade centers for overland traders; access to inland goods. - Enclaves were set up where western Europeans gained special rights.

MI: Some societies of Europe had less amount of power than other societies due to their varying control over trade routes. - Spain held strong initially, but failed to match other societies due to lack of banking system. - **Core nations** used belief in **mercantilism** to bolster their profits/power. - Traded goods for labor (slaves).

MI: Not all peoples who were non-European were poor, but they did focus likewise on gaining money. - African slave traders and princes who taxed the trade grew rich. - Silver miners and commercial estates in Latin America grew rich from demanding food from farmers and merchants. - Slaves were imported to America for use of free/cheap labor.

MI: Societies not as involved in the trade routes as the Europeans saw less power come to them. - China benefited slightly because of its stubbornness to stick to traditions, and not willing to explore new concepts. - India and Africa were for the most part isolated from the world trade. Focused more on internal development; world trade was a "sideline".

MI: Increased expansions led to more or decreased manufacturing of materials. - Eastern Europe --> more manufacturing from increase in demand of grain from Western Europe. - India --> Less manufacturing due to tariff on cotton industry.