Unprecedented Economic Growth

Question 1

Mercantilism

Answer 1

The idea that a nation’s wealth and power were measured through accumulation of precious metals

Question 2

Mercantilist policies

Answer 2

Aimed to increase a nations wealth by maximising exports and minimising imports through state intervention

Question 3

Agricultural improvements

Answer 3

Animal feeding, fertilisation
More intensive crop growing methods (proposed by Royal Society)
Enclosure improved

Question 4

Which material dominated the economy?

Answer 4

Wool

Question 5

Agricultural revolution

Answer 5

Persistent surplus and productivity improvement

Question 6

Social effects of economic growth?

Answer 6

Had the potential to challenge social order

Question 7

Connection to scientific revolution

Answer 7

Scientific revolution helped to modernise economy- more intensive and efficient methods of growing crops suggested by the Royal society

Question 8

Connection to empire

Answer 8

Pillars of mercantilist thought reflected by trade/ empire?
Overseas trade primary engine of economic growth during this period

Question 9

Overseas trade during this period

Answer 9

Quantity doubles in this period, producing fiscal and macroeconomic benefits- the engine of economic growth

Question 10

South Sea company

Answer 10

British stock company, aimed to reduce national debt to increase trade in the Americas. Company granted a monopoly over the transportation of African slaves

Question 11

South Sea Bubble

Answer 11

Failure of stocks in the South Sea Company- first financial crash?