Mercantilism
Results of Mercantilism on Africa
- Huge migration of humans due to slave traders. (moved inland) - Traditional cultures disrupted due to introduction of manufactured goods and firearms. - Decrease in population in coastal areas.
What were the solutions to Mercantilism?
1) Acquire land to make colonies. 2) Force colonies to provide a market for industrial goods and acquire colonies resources. (England to US and Canada)
Trade route #1
slave ships from Britain to Africa to get forced labor
What are the objectives of Mercantilism
1) Acquiring favorable balance of trade 2) Maximizing amount of valued metals in one's country 3) Strong military to attain and control colonies 4) Import raw materials and export finished goods 5) Strong central government and taxation
Results of Mercantilism on Colonies
Little growth of economy due to restriction put by England. Smuggling increased as colonists were trying to get around restrictions. Economy based on supplying raw material to Britain.
What are the weaknesses of Mercantilism?
1) Each country in Europe practiced Mercantilism meaning no one trade with each other and viewed each other as enemies. 2) Some trades couldn't be avoided but it wasn't enough to grow economy and keep people employed.
What is triangular trade?
1) The trade between Europe, Africa and the colonial Americas. 2) It grew out of slave trade and mercantilist economic policy of Britain. 3) Formed 3 points of port cities on the trade route.
Results of Mercantilism on Britain
Economy improved due to the ability to sell manufactured goods. Large amount of wealth generated was used to fund wars with France and Spain.
Trade route #3
Raw materials from NA to Britain
What did Mercantilism rely on?
Relied on acquiring colonies to supply Empires with gold/resources
Trade route #2
Slaves to 13 colonies to farm raw materials
What is Mercantilism?
an economic system in which nations seek to increase their wealth and power by obtaining large amounts of gold and silver and by establishing a favorable balance of trade.