Flashcards in Chapter 8: The Age of Exploration and the Commercial Revolution Deck (29)
Factors that Lead to European Expansion: Renaissance Individualism
A renewed feeling of individualism took over this time. The interest in classical works also lead to greater knowledge in math, astronomy, and geography.
Factors that Lead to European Expansion: Search for Spice
Asian spices were all the rage for Europeans these days, as the Crusades started a spike in the demand for Asian spices. Europeans wanted overseas empires and trade stations that would lead to direct access to these lucrative Asian markets.
Factors that Lead to European Expansion: Cash Crops
Sugar was a major cash crop at the time, though European soil was unsuitable. Instead, Europeans sought a nice place to start sugar plantations.
Factors that Lead to European Expansion: Christianity
Europeans felt they had a duty to God to spread Christianity.
Factors that Lead to European Expansion: New Maritime Technology
The new square sails and magnetic compass made it much easier for mariners to determine their location and traverse the seas.
Henry the Navigator
A Portuguese navigator that traveled along the West Coast of Africa. By the time of his death, he set up multiple successful trading posts along Africa for gold and slaves.
Portuguese navigator that rounded the Cape of Good Hope.
Vasco da Gama
Portuguese. Went to India and returned with a ton of spices worth far more than the expedition itself.
Portuguese Trading Posts
The Portuguese did not try to conquer any territory, but rather establish trading posts. The most important posts were Moa, Malacca, and Macao.
Consequences of Portuguese Expansion
The Portuguese ended the Venetian and Muslim monopoly trade with Asia, which shifted the center of commerce to the Atlantic Ocean.
Discovered the New World (Caribbean Islands) in 1492. Columbus's voyages was the step to propel Spain into the leading force in the European expansion.
Conquered the Aztecs.
Conquered the Incas.
Spanish in America
By the 16th century, Spain had a huge American empire. The Spaniards spread Christianity to the indigenous peoples, and the King governed his overseas empire through councils and viceroys.
The Age of Exploration, Columbian Exchange
The time of Europeans traveling to overseas places and creating empires and trading posts. Promoted the spread of agricultural products, gold, animals, spices, populations, and diseases.
Products from New World to Old World
Agricultural: Potatoes, maize, tobacco, chocolate
Products form Old World to New World
Agricultural: Sugar, Coffee, Rice
Animals: Cows, horses, sheeps, goats, chickens
Doseases: Small pox, measles
People: Slaves and European colonists
Consequences of the Columbian Exchange: New World
1. Diseases obliterated indigenous populations.
2. Horse transformed the Plains Indians.
Consequences of the Columbian Exchange: Europe
1. Changed the European diet, which the newer, richer diet helped feed a growing population.
2. The influx of wealth and silver to Spain contributed to the inflation.
3. Power of Western Europe increased.
Consequences of the Columbian Exchange: Africa
Promoted the triangular system, and many Africans were sent overseas to be slaves.
Causes of the Commercial Revolution
1. Wealth of Europeans
2. Increased investments
3. New foods, which caused a growing population, and thus a growing demand for products.
4. Price Revolution
5. Nation-centered economic system replacing the guild system.
The period of European economy noted by the high inflation due to Spanish influx of wealth and silver.
New Entrepreneurs in the Commercial Revolution
With the growing population and commercial activity, came an emergence of new markets and economic leadership. Since guilds were becoming obsolete, merchants and bankers came to take the lead role in European society – The Italian Medici and German Fuggers.
New Industries in the Commercial Revolution
1. Shipbuilding due to new trade routes
2. Books due to the printing press
3. Cannons and muskets with the emergence of nationstate.
Putting Out System
In which merchant employers "put out" resources to the rural in-home workers, such as cloth, looms, and other common equipment. Lead to the increase in the production of cloth and other manufactured goods.
Joint stock companies
English and Dutch formed these to maximize profits and limit risks.
The theory that nations should export raw materials and import finished goods. This would create strong-self-sufficient economies and growing national reserves of gold and silver.
The economic system in which people invest capital, or wealth, to produce even more capital. Depends on private ownership and the desire to earn more profits.