New Patterns of Trade Flashcards
Columbian Exchange
After people traveled to the new world they brought back new things and everybody wanted a piece. They would trade stuff to the new world and from the new world.
Mercantilism
It was an economic system that created the idea that there was a limited amount of wealth in the world.
Balance of Trade
In order for mercantilism to work a country must have a balanced trade system to not going to debt.
Subsides
Because reference goods could be sold for a greater amount, countries would encourage industrial development by granting money to those who wished to start a manufacturing business.
Capitalism
An industry that is privately owned and now owned by the government.
Joint stock companies
Very large businesses were very hard to manage so the company will issue stock from within the company.
Plantations
They followed the encomienda system.
Triangular Trade
The triangle of trade from america, europe and africa
Middle Passage
Another route of trade between Africa and South America and they would use this passage to transport slaves.
African Diaspora
The slave trade helped spread african culture. Diaspora means spreading of culture.
Indentured Servants
They were expensive and they all had a set period of time they had to serve.
The slave trade
Because of the lack of native population in the Americas the European settlers looked elsewhere for labor sources.
Slavery in the colonies
Every person had a set skill that they were good at and would be paid more if it was an important one.
Effects of the slave trade
Lots of families divided and all of this motivated tribes in Africa to kill each other.
