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The Global Economy in the 18th C.

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Presentation on theme: "The Global Economy in the 18th C."— Presentation transcript:

1 The Global Economy in the 18th C.

2 Mercantilism

3 The Rise of the English Become a trading and colonial power
Navigation Acts of 1651 & later Require that cargo be brought to England on English ships, or by country of origin Aims to weaken Dutch shipping Gave British Merchants trade monopoly with colonies Develops shipping industry and royal navy

4 The Rise of the English Act of Union Unites England and Scotland, creating Great Britain Act of Union Unites with Ireland

5 French Competition Rival the British Wars
Wealth, resources, 4x population, allied with Spain Wars Of Spanish Succession Gives Brits all of Canada Of Austrian Succession Fight over access to India 7 Years War Treaty of Paris of 1763 forces France out of North America and India

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10 Importance of Colonies
Source of National Pride Provide Wealth from Cash Crops and Natural Resources Create markets for manufactured goods

11 British America Cheap land creates opportunity
Slavery accounts for as much as 20% of pop. Plantation cash crops Southern colonies

12 The Slave Trade “Triangle Trade” Slaves provide labor for cash crops
In South Banned by Brits in 1807

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14 The Global Economy in the 18th c. pt 2

15 Spain Rebounds Under Philip V (Bourbon)
Reformist ministers, economic prosperity American silver mines produce again

16 Class in Latin America Peninsulares Creoles Mestizos Mulattos Africans
Natives

17 British Trade with Asia
Spices, spices, spices 1716 British get wide trade rights from Mughal of India Intervene, become local players Take French holdings after 7 Years War 1764 British East India Co. defeats Mughals, take control of India directly “Jewel in the British Crown”

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20 Dutch Trade with Asia Dutch push Portuguese out of Asia in early 17th c. Decline due to focus on spices

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22 Economic Liberalism Economic freedom over strong government control (Mercantilism, government monopolies) Independent/ Small merchants favor

23 Adam Smith (1723-1790) Scottish Economist Wealth of Nations 1776
Provides Basic tenets of capitalism Law of competition Law of self interest Law of Supply and Demand “laissez faire,” free market, the “invisible hand” 3 government duties Civil defense, order, and public works

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