7. Age of Exploration, Commercial Revolution

Question 1

Bartholomew Diaz

nationality? what did he do?

Answer 1

Portuguese

rounded Cape of Good Hope

Question 2

Vasco da Gama

Answer 2

Portuguese

reached India

Question 3

Hernando Cortes

Answer 3

Aztec

Question 4

Francisco Pizarro

Answer 4

Inca

Question 5

Columbian Exchange: New world -> Old world

Answer 5

food: potato, tobacco, vanilla, chocolate
diseases: syphilis

Question 6

Col Exchange: Old -> New world

Answer 6

coffee, horses, slaves, colonists

diseases: smallpox, measles

Question 7

Commercial Revolution is marked by

Answer 7

an increase in general commerce, and in the growth of financial services such as banking, insurance, and investing

Question 8

Population growth from 1500 to 1600

Answer 8

70mil to 90 mil

Question 9

4 Causes of Commcial Rev

Answer 9

• Increase in trade
• Pop growth
• Price inflation
• New nation-centered economies

Question 10

Putting-out system
describe?
consequence?

Answer 10

• work is contracted by a central agent(entrepreneur) to subcontractors who complete the work in their own places and paces. Finished parts are put together by entrepreneur
• significant increase in production

Question 11

joint-stock companies formed by?

in order to?

Answer 11

• English and Dutch merchants

- maximize profits and limit risks

Question 12

Goals of mercantilists

Answer 12

• want to build strong, self-sufficient economies

Question 13

Description of Mercantilist theory

Answer 13

• colonies should export raw materials and import finished goods
• thus, creating Favorable Balance of Trade

Question 14

Consequences of Commercial Rev

Answer 14

• Rise of Capitalism: a system where capital is invested to produce more capital
• Rise of bourgeoisie (middle class)