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The Commercial Revolution

The Commercial Revolution. Trade, Mercantilism, and War. Definition. A rapid increase in global trade occurring in the seventeenth and eighteenth centuries involving new goods, new techniques, and new institutions. Mercantilism. 1. Real wealth is specie (i.e., hard money, gold and silver)

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The Commercial Revolution

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  1. The Commercial Revolution Trade, Mercantilism, and War

  2. Definition • A rapid increase in global trade occurring in the seventeenth and eighteenth centuries involving new goods, new techniques, and new institutions.

  3. Mercantilism • 1. Real wealth is specie (i.e., hard money, gold and silver) • 2. There is a natural scarcity of resources in the world. • 3. Nations must maximize their exports and minimize their imports. • Acquire colonies • Set up trade monopolies • Build navies/merchant marine • Fight trade and colonial wars • Erect high tariffs • Build roads, canals, and subsidize key industries

  4. The Rise of the Dutch • Geographic—ideal location, center of textiles, protection from attack (dikes). • Economic—scientific agriculture, institutions (Bank of Amster., joint-stock comps., entrepot system), financial leaders, fluyts, rejected mercantilism • Social—mercantile elite, bourgeois influence, tolerant, Calvinist frugality • Political—decentralized authority, representative institutions (Estates-General)

  5. “An Embarrassment of Riches”: New Goods • Cloth—silks, cotton, calicoes • Spices—pepper, mace, nutmeg, cinnamon, saffron, etc. • Foods—sugar, tea, coffee, rum, molasses

  6. “The Inhuman Trade” • Begun by Portuguese in 15th century • Taken over by Dutch • Most went to New World • “Middle Passage” • Sugar plantations • Mixing of cultures • Racism

  7. “The Tasty and Bitter Fruits” • Improved diet, standard of living, life expectancy • Increase in size and power of middle class • More resources for state in power drive • Rise of global economy and geopolitics, European exploitation/dominance • Constant but limited warfare, 1600-1763 • Shift in balance of power to those nations that most efficiently organized resources

  8. Commercial Wars, 1600-1763 • Anglo-Dutch Naval Wars, 1652-74 • Louis’s Dutch Wars, 1667-79 • Nine Years War (League of Augsburg), 1688-97 • Treaty of Ryswick • Role of William III • War of Spanish Succession, 1701-14 • War of Jenkins Ear, 1739-44

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