HIST 1700 Lecture 3: 8/30/16
18 Nov 2016
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The atlantic system- no one called it that back then, historians just say it now. First global economy since the silk road between chinese and mediterranean. Single system that links multiple areas of the globe. Many flows of capital, pieces of paper that are promises to pay. (four sided trade) Mercantilism-form of capitalism, focussing on profits and what you do with them but it is not the free market. Some argued that trade works better with less regulations and laws. That was said from the book wealth of nations . The net flow of capital must be toward england. Had many peasants, so they put them in the army. For a country"s wealth, there was no data, so countries knew wealth by two ways. If you export more than import, you make more money. A lot is taken by king but rest is given to bankers to give loans. Also with gold and silver they could make money.
