Module 4

What is the Black Death and when did it occur?

A devastating pandemic (1346–1353) that killed up to half of Europe’s population.

How did the Black Death contribute to economic restructuring in Europe?

It reduced population, raised wages, and increased disposable income, leading to trade expansion (Belich).

What does James Belich mean by “expansive trades”?

Trades that geographically expanded due to high demand post-Black Death (e.g. cod, whale oil, furs).

What is the Columbian Exchange?

The biological and cultural exchange between the Old and New Worlds post-1492.

Name 3 major consequences of the Columbian Exchange.

Indigenous depopulation, global spread of crops, and environmental transformation.

What is Wallerstein’s World-System Theory?

A model dividing the world into Core, Periphery, and Semi-Periphery zones, explaining global inequalities.

What characterizes ‘Core’ regions in World-System Theory?

They control capital, technology, and trade (e.g., Western Europe).

What defines ‘Periphery’ regions in World-System Theory?

They supply raw materials and labor, often through exploitation (e.g., Africa, parts of the Americas).

What is the GINI coefficient?

A measure of income inequality, ranging from 0 (equality) to 1 (maximum inequality).

What was the Atlantic Economy?

A triangular trade system linking Europe, Africa, and the Americas via slavery and extraction.

How did European countries profit from the Atlantic Economy?

By controlling trade routes, extracting resources, and exploiting enslaved labor.

What was the VOC and what did it do?

The Dutch East India Company; it monopolized spice trade and enforced control in Asia.

What argument did Laurens Reael and Van der Hagen make against VOC monopoly?

That it was harmful, violent, and unsustainable—free trade would benefit local economies more.

What did Pim de Zwart discover about prices in early modern trade?

Evidence of price convergence between Europe and Asia, showing market integration by 1600s.

Why is early globalization considered uneven?

Because it was shaped by monopolies, colonial violence, and unequal access to resource

What’s the difference between "soft" and "hard" globalization?

Soft globalization refers to cultural, ecological, and demographic exchanges; hard globalization is economic integration measurable through things like price convergence and trade flows.