Mercantilism Economic Systems Traditional economy Command Economy Capitalism Mercantilism

Capitalism Also known as a “free market” system Economic system Key Ideas: Adam Smith Lassiez-Faire Supply & Demand Competition (low prices/better goods) Also known as a “free market” system Private business own the means of production and distribution of goods Economic system based on the private ownership Capitalism

wealth by exporting more goods than it imports Mercantilism Examples from history: England – India England – South Africa Spain - Mexico Colonies are instrumental in this policy as they supply their parent nations with raw materials that are used to produce finished goods, and then exported back to the colonies A nation that builds wealth by exporting more goods than it imports

Trading a handmade pottery Economy based on agriculture or Traditional economy Example: Trading a handmade pottery for corn & wheat. This is for economies without factories… Economy based on agriculture or “handmade” goods ONLY things made by HAND

Command Economy Used in Communism Examples: Highly dependent on Soviet Union Cuba North Korea Used in Communism Highly dependent on Manufactured goods (factory) Economic system controlled by strong dictator, centralized government

Affects of Islands Affects of Deserts Geography & the Environment Affect of Mountains Affects of Rivers

Ancient Greece (Athens/Sparta) Mountains Examples of Nations: Ancient Greece (Athens/Sparta) China/India Isolated nations

Gives civilizations life! Rivers Examples: Mesopotamia Nile Yellow River (China) Indus Valley (India) Uses: Trade Cultural Diffusion Food Early River Valley Civilizations Gives civilizations life!

Good soil becomes a desert Deserts Desertification: Good soil becomes a desert Largest desert is the Sahara (North Africa) Barrier to Cultural Diffusion And Trade

A group or chain of islands Examples: England Japan Australia Archipelago A group or chain of islands Protects and Isolates Nations

Human Rights Violations Justice, freedom, and equality Justice & Human Rights Human Rights Violations Laws Justice, freedom, and equality

Human Rights Violations Genocide (Hitler / Jews) Apartheid (S. Africa) Caste System (India / Hinduism) Human Rights Violations Key Words: Discrimination Genocide (ethnic cleansing) Holocaust Anti-Semitism

Justice, freedom, and equality Document—giving equality all International Court of Justice (Nuremburg Trials) Punished those Nazi’s Who killed Jews. Justice, freedom, and equality Example: Universal Declaration of Human Rights French Revolution Document—giving equality all

Oldest written system of laws Law of the Twelve Tables: Strict Roman laws Justinian’s Code: A law code created by the Byzantine Emperor Justinian Hammurabi’s Code : Oldest written system of laws

Industrial Revolution Scientific Revolution Science & Technology Industrial Revolution Inventions Golden Ages Scientific Revolution

Golden Ages Peace Prosperity Progress New ideas: Art Architecture Math Example: Ancient Egypt (created Pyramids) Islam (creation of algebra) Renaissance (new knowledge) Golden Ages A time of: Peace Prosperity Progress New ideas: Art Architecture Math Science

Scientific Revolution Changed the way Human understood nature, lead to many new inventions. Key Words: Scientific Method Heli0centric Isaac Newton “Reason” Scientists questioned church beliefs about how the universe worked (1500’)

Allowed for many more books = cheap Inventions Printing Press Johannes Gutenberg Germany Allowed for many more books = cheap (more information) Telescope Isaac Newton Proved “Heliocentric Theory” true Lead to new inventions = microscope

Industrial Revolution Invention of Factories Manchester, England Rural to Urban Urbanization Mass Production Cheaper Products Led to: Need for more resources Imperialism Child Labor Unions