Module 18: The age of industrial development: The impact of mercantilism and colonialism Flashcards
What were the key impacts of mercantilism and colonialism during the age of industrial development?
Mercantilism and colonialism increased trade, manufacturing, and urbanization, leading to a commercial revolution in Europe between 1400-1700. This resulted in increased world trade, development of an efficient money economy, banking, new industries, big businesses, increased production, and wealth.
What was the driving force behind the First Industrial Revolution?
The mechanization of production, enabled through energy developments like steam power and metallurgy, was the driving force. These innovations led to increased efficiency in manufacturing, transportation, and infrastructure.
How did the commercial revolution impact manufacturing and economic activity?
It led to mass production techniques, mechanization, division of labor, and the rise of factories. Economic activity shifted from manual labor-intensive production to automated, mechanized production, focusing more on manufacturing than on agriculture or trade.
What were the major consequences of the First Industrial Revolution on the economy?
The consequences included increased economic growth, higher profits, improved wages, urbanization, an abundant supply of goods and services, cheaper products, and improved standards of living.
How did mechanized manufacturing impact productivity and the economy?
Mechanized manufacturing led to an abundant supply of goods and services, cheaper products, urbanization, higher profits, improved wages, and an increase in production capacity and pace.
What challenges arose from the Industrial Revolution’s impact on labor?
The Industrial Revolution led to structural unemployment as some laborers struggled to adapt to new machinery and techniques. However, it also created new job opportunities and improved living standards for many workers.
How did government involvement affect the Industrial Revolution?
Governments funded industrialization, which required significant capital outlay but led to increased income, savings, and profitability. This, in turn, generated further investments and economic growth.
What was the initial purpose of the Voyages of Discovery?
To establish sea routes to India and the Far East.
Name four explorers associated with the Voyages of Discovery.
Columbus, Vasco da Gama, Cabot, Magellan
What was one positive impact of the Voyages of Discovery on Europe?
Increased trade and economic development.
What were some negative impacts of the Voyages of Discovery?
Led to slavery, colonialism, and the exploitation of global economies, including South Africa.
How did governments support economic growth during the Voyages of Discovery?
By importing resources (precious metals, luxury items, slaves) and exporting goods for profit.
What is mercantilism?
An economic system where the state regulates trade to accumulate precious metals like gold and silver.
What is colonialism?
The control of a territory by another country, often for resource exploitation.
What were some types of taxes in the Middle Ages?
Poll tax, customs duties, war tax, inheritance tax, sales tax, personal income tax.
