Empires and the emergence of world powers- keywords

Imperialism

The policy of extending a nation’s power by gaining political and economic control over more territory. Sometimes referred to as colonialism and the territory taken is referred to as colonies.

Mercantilism

An economic policy based on the belief that there was only a limited amount of wealth in the world. European nations aimed to increase their share of that wealth at the expense oof their rivals, a situation encouraged imperialism and led to frequent wars

Deflation

Falling prices are caused by a drop in demand. This leads to falling wages and unemployment which further reduces demand as less people can afford to buy goods

Monopoly

A market structure characterised by a single seller facing no competition

Nationalism

A sense of belonging to a nation and supporting its interests above those of other nations. The belief that your country is superior ethically, culturally, politically and historically to all other countries