evangelized
the act of preaching a religious belief in hopes of winning converts.
Columbian Exchange
term for the back-and-forth, give-and-take relationship between Europe and the New World. It was marked by the movement of people, crops, and goods between both hemispheres.
bullion
Precious metals (gold and silver) in bulk form, valued by weight
inflation
a general increase in prices and a decline in the purchasing power of the money.
barter
the economic system where goods are traded for other goods without the use of currency.
Global Economy
Term for the beginnings of the intertwined worldwide economy that linked that four corners of the world through the exchange of goods.
Triangle Trade
Term for the economic relationship between Europe, Africa, and the New World.
coffee houses
Businesses that emerged in European cities selling coffee, sugar, and tobacco products imported from the New World. they are good examples of the global economy.
commercial
a synonym for business
commercial capitalism
An early form of trade that focused on the movement of goods from a place where there was a low value - to a place where these same goods could be sold for more. It is a forerunner of free-trade.
joint-stock corporations
A business model that was based on shared risk and shared reward. Shares (portion of ownership) were sold to investors who owned a share in the entire business.
British East Indies Company
First chartered by Queen Elizabeth I in 1600, the company came to dominate trade in South Asia (India, Sri Lanka, and Singapore) and Qing China. At its peak, it accounted for 50% of all world trade.
Dutch East Indies Company
First chartered in 1602, this company is considered the world’s first multi-national conglomerate. It built ships, and transported goods such as Java coffee, Taiwanese sugar, Indian tea and cotton, and South African wines.
Fuggers
a powerful and wealthy family that dominated the banking industry in Northern Europe, especially Germany.
Bourgeoisie
Term referring to the urban, educated middle and upper classes
mercantilism
The dominant economy policy of the 1500’s — 1750’s, it was based on the formation of self-sufficient national economies. This was achieved by limiting imports through high tariffs, the development of national industries, and the acquisition of colonies. It emphasized amassing of bullion.
import
a good that is brought into a country from a foreign source
tariff
a tax placed on imported goods to keep out foreign competition
domestic
Of, or pertaining to one’s own country
free-trade
A system of economics that rejected the theory of mercantilism. The idea is to put as few barriers to trade as possible. The system rejects all tariffs.
Hanseatic League
German merchant guild that formed during the middle ages to protect their mutual trading interests.