AP World Theme Four Timeline: ECN

Grand Canal

Artificial water ways linking China’s main rivers, big part of China’s economic prosperity and stability prior to European involvement.

Chinese Luxury Goods

Textiles, tea, and porcelain

Caravanserai

“pit stops” along major trade routes like the Silk Roads, merchants could rest there which in doing so exchanged culture, goods, and ideas.

Merchants

Those who buy and sell goods.

Manorialism

Europe’s economic system during feudalism, land was owned by lords and peasants/serfs worked on them.

What was traded on the Silk Roads?

Luxury Goods: Silk, Porcelain, Gunpowder, Horses, Textiles

What was traded on the Indian Ocean?

“Common Man” Trade: Gold, Ivory, Fruit, Textiles, Pepper, Rice

What was traded on the Trans-Saharan?

Horses, Salt, Gold, Slaves

Tribute System

Empire tax system used by the Chinese and the Aztecs, conquered people would have to give goods, crops, or people (Aztec sacrifice) to the government/emperor.

Mit’a System

Labor system used in the Inca Empire. People had to work for the state for a certain amount of time each year. This labor was used for public works projects like road construction, agricultural terracing, and mining.

Cash Crops

Crops grown for export/sale. Ex: cotton, tobacco, coffee.

Indentured Servitude

Labor contract system where workers would work for a set amount of time than be freed or accepted residence.

How did the Atlantic Slave Trade work?

Europe traded Africa manufactured goods like textiles →Africa traded enslaved people to European colonies in America → Europe sent their materials/cash crops harvested in the American plantations to Europe (for people and manufactured goods).

Mercantilism

economic system/ideology where it was believed there limited amount of wealth in the world and was measured by the supply of a state's gold and silver, thus should try to increase their supply.

Commercialization

process of implementing a new product/production method into the market.

Marco Polo

European explorer who was famous for his documented journey to China, this made Europe eager to get involved with the big trade networks (Silk Roads, Indian Ocean).

How was Europe able to trade with China after the Columbian Exchange

With Europe developing their Maritime technology (ideas from China and Islamic world) they could travel there and with colonies in the Americas, they had silver currency which China desired as their paper money system had failed due to inflation and counterfeit bills.

Zheng He

Chinese admiral who expanded the economic reach of China through explorations.

Join-stock companies

Investor-backed companies that sponsored European exploration

Isolationism

Policies discouraging trade and interaction with outside countries. Implemented by the Chinese and Japan in response to European influence and exploitation.

Industrial Revolution

The transition of manufacturing goods by hand to with machines.

Urbanization

The growth of cities.

Adam Smith

Eurpoean economic philosopher, famous for “The Wealth of Nations” and support for a laissez-faire economy.

Laissez-Faire System

Economic system involving no government regulation.

Capitalism

an economic and political system in which a country's trade and industry are controlled by private owners for profit rather than the government.

Transnational Businesses

When businesses in different countries work together for economic dominance.

Marxism

Economic and politcal ideology made as an alternative to capitalism, promoted aid for the lower classes.

Socialism

A political and economic theory that advocates that resources should owned or regulated by the community as a whole

Communism

Extreme form of socialism and Marxism, a economic and political ideology that promoted resources being owned by the state and a classless society, often enforced with oppressive polices.

Mejji Restoration

When the new Japanese Empire after 1868, implemented Western-like policies to promote industrialization.

Economic Imperialism

a form of imperialism in which businesses and industrialized states dominate another country's economy.

Opium Wars

Series of wars fought between British forces and China that helped drug smugglers. Britain prospered off the trade of Opioids with China but when China banned them due to addiction within population, Britain used violence to regain trade opportunity.

Spheres of Influence

claim by a state to exclusive control over a foreign area or territory economically or politically.

Banana Republics

Struggling countries that are weak due to an excessive reliance on one crop and foreign funding

Coerced Labor

Labor or work that is gained through use of force or threats. Similar to slavery but workers are paid little.

The Great Depression

Period of global economic struggle due to extreme stock market crash in the US

The New Deal

US policies in response to the Great Depression, increasing government involvement in the economy.

Stalin’s Five Year Plans

Policies that monitored the Soviet Union economy through oppressive policies that led to famine.

The Great Leap Forward

Policies that transformed China into socialist economy through rapid industrialization and collectivization.

Economic Liberalization

Reduction of government regulations on economic activities like trade, investment, and production. Ex: privatizing state-owned enterprises, deregulating industries, and opening markets to foreign competition. Aims to promote growth, efficiency, and improve society's welfare.

Offshoring

When businesses build their factories in these countries as labor is cheaper there.

Multinational Corporations

a company that has business operations in multiple countries.