Economic Globalization 2 (Economic Systems during the Age of Colonialism) Flashcards
people operated only in small concentric circles of trade. Merchants don’t travel too far, or inter-continental, just to trade their goods
Age of Mercantilism
European kingdoms tried to accumulate as much gold as possible. Empires now operated inter-continentally.
Age of Discovery
He is the national personification of Great Britain / UK
John Bull
Europe became the “center” of the economy, which is now a global economy. Farm-Factory relationship of nations.
Industrial Revolution
overseas colonies became ____________
periphery
they also became a “center” of economic power aside from Europe
USA
where the factories are
center
the farms, the sources of raw materials
periphery
After World War 2, the “centers” released their respective “peripheries”. The Western Powers gave independence to their colonies.
Post-Colonial Era
The 1st World continued to flourish economically, while the 3rd World (agriculture-based economies) struggle to improve economically. Old economic order remained.
Neo-colonialism
newly-independent countries who still exports raw materials to their former colonizers
3rd World
Western Powers who exports finished products to the former colonies
1st World
they loaned money to the 3rd World countries
Banks of the 1st World (like IMF and WB)
trade happens only among themselves
2nd World (communist bloc)
where did petroleum was discovered
Middle East
