4.5 Flashcards
Maritime Empires Develop
capital
material wealth used to gain more wealth
Commercial Revolution
change from trade-based economies to the use of gold and silver. This affected the entire world and was caused by the development of European colonies, population growth, the opening of new ocean trade routes, and inflation.
Price Revolution
The high rate of inflation in the 16th and 17th centuries due to an influx in trade, gold, and silver
joint-stock companies
people with money investing in trading and exploratory ventures. they shared the losses and successes equally, making trading easier.
limited liability
people in joint-stock companies shared losses and gains, this made investing easier.
East India Company
British joint-stock company that ran most British trade and exploration
Dutch East India Company
Dutch joint-stock company that ran most Dutch trade and exploration. Very successful because of faster ships, made profits in the Spice Islands
triangular trade
Trade between Europe, Africa, and the Americas
monopolies
When a certain merchant, joint-stock company or government takes full control over the trade of a specific item, maintaining patterns of trade and often greatly increasing the wealth of thee controlling body.
Dahomey
African society that conducted slave raids. Got firearms in return for the slave trade and then used those firearms to become more rich and powerful and able to conduct more raids on non-firearm neighbors
Oyo
African society that conducted slave raids
polygyny
the practice of taking more than one wife
viceroys
acted as local administration for the Spanish crown. Audiencias kept them from acting independently, but the distance from Spain still gave them a lot of independent control
audiencias
royal courts established by Spain in the colonies to keep the viceroy from acting independently
creoles
people of Spanish origin born in the Americas. Soon began to want independance
