Class 5 Flashcards
Who comes up with the terminology of Mercantilism?
Adam Smith
Define mercantilism
The state should enact policies that create positive trade inflows
Mercantilism says that wealth if…
finite, so trade is zero-sum
In mercantilism, why do colonies exist?
To enrich the metropole
WHat does autarchy mean?
Society should be completely closed-off, self-sufficient. (Sell everything, import nothing)
T or F: The line between legal and illegal piracy in the 17th century is very clear
False, it was blurry
Why was contraband popular at that time?
Contraband was offering bette prizes in general
What ships were the best targets for pirate?
British
What did pirate depend on to continue their activity?
landed communities that wanted to engage with trade
Why was the increase of trade in 18th centure a cause of the pirates decline?
Those landed communities were not willing to deal with them anymore
What helped the connection between the West Indies and the 13 colonies?
Piracy
T or F: gold remained one of the most important trade good.
False, sugar or tobacco became way more popular. that’s what caused piracy decline
What trade connected the 13 colonies and France?
Fur trade
What french company had a monopoly on fur?
Compagnie des Indes
As the West indies became plantation colonies…
they became more reliant to North American food imports
What is the definition of exclusive system?
All ships had to be dealing with the direct metropole and no one else
Which of the 13 colonies was a major destination for contraband trade
Rhode Island
Which French settlement was the main destination for trade (and smuggling)?
Louisbourg
Why was Louisbourg the best destination (in a maritime sense)?
You didn’t have to navigate the Saint Laurent, which was no easy task.
What increased Britain’s borrowing capacity
The creation of the Bank of England
T or F: Because of its small population, Britain was a minor imperial power
False, Britain was a major imperial power despite the population size