The Rise of Europe: Atlantic Trade, Institutional Change, and Economic Growth

A set of flashcards to help review key concepts of the rise of Europe in relation to Atlantic trade and institutional change.

What factors contributed to the rise of Western Europe after 1500?

Access to the Atlantic Ocean and substantial trade with the New World, Africa, and Asia.

What was the impact of Atlantic trade on political institutions in Western Europe?

It strengthened merchant groups by constraining the monarchy's power and helped protect property rights.

What is the significance of the term 'First Great Divergence'?

It refers to the period from 1500 to 1800 when Western Europe became substantially richer than other regions.

Which nations are considered Atlantic traders?

Britain, France, the Netherlands, Portugal, and Spain.

How did initial political institutions influence economic growth after 1500?

Countries with nonabsolutist institutions, like Britain and the Netherlands, experienced more rapid economic growth compared to absolutist regimes like Spain and Portugal.

What role did urbanization play in measuring growth in European countries?

Urbanization rates were used as a proxy for economic development and growth.

During which century did the growth of Atlantic trade become significant for Europe?

From the late fifteenth century onward.

What characterized the political structure of absolutist regimes in Spain and Portugal?

Trade was largely controlled by the monarchy, limiting benefits to merchant groups.

What was the relationship between Atlantic trade and institutional changes in Britain?

Atlantic trade empowered merchants, leading to demands for political changes that constrained monarchical power.

What hypothesis did the authors propose regarding Atlantic trade's role in economic development?

Atlantic trade contributed to economic growth indirectly by inducing fundamental institutional changes.