Lesson 2 The First Global Economic Systems

imports greater

When the balance of trade between what a nation - and what it exports is favorable, the goods exported are of - value than those imported.

mercantilism (theory that trade generates wealth) prosperity

According to the theory of -, which dominated economic thought in the seventeenth century, the - of a nation depends on a large supply of gold and silver (also called buillon).

10

As many as - million enslaved Africans were brought to the Americas between the early 1500s and the late 1800s.

markets

Colonies were important as sources of raw materials and as - for exports of manufactured goods.

expansion economy

European colonial - helped produce a great increase in European trade, and this growth was a key step in the development of a world -.

African

Europeans first bought enslaved people from - merchants in return for gold and other goods.

English French

In the seventeenth century, the - and the - established trading posts and forts in India.

the movement of goods, people, and ideas that led to a world economy, such as the millions of enslaved Africans brought to the Americas; the import and export of plants and animals of the Columbian Ex- change; the spread of European diseases to native peoples; the theory of mercantilism that encouraged colonial expansion.

How did European expansion create the first global economic system?

Dutch 17th

The - dominated the spice trade in the - century.

1500s sugarcane

Plantations that were established in the Americas in the - to grow - needed many laborers.

population

New food crops supported the growth of - and changed people's tastes.

plants the Americas

The exchange of - and animals between Europe and - significantly changed economic activity in both regions.

Quakers (also known as Society of Friends)

Until the - condemned it in the 1770s, slavery remained largely acceptable in Europe.