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Published byProsper Carroll Modified over 9 years ago
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Changes Within Europe: Government and Economics
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ECONOMICSECONOMICS
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Mercantilism
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Characteristics of Mercantilism 1. Power = wealth [gold or silver bullion] Export more than you import [a trade surplus]. Export more than you import [a trade surplus]. 2. Needs = A strong state to control economics 3. Sea power = control foreign markets.
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Characteristics of Mercantilism 4. Colonies = provide markets for manufactured goods & a supply of raw materials. 5. Trade is a “zero-sum” game. Manufactured goods Raw materials Mother Country Colony Cheap labor
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Capitalism: a.k.a. Laissez Faire Economics
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Adam Smith (1723-1790) £ 1776 wrote The Wealth of Nations
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1.Individuals driven by self-interest 2.The “Invisible Hand” (consumer’s choices) the economy is self-regulating! Basic Capitalist Principles
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3. The Law of Supply and Demand Individuals free to pursue self-interest will produce goods and services that others want, at prices others will be willing to pay. Basic Capitalist Principles
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4. Law of Competition Ensures production of needed goods 5. Government interference = low Laissez faire [“Leave things alone.”]
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GovernmentGovernment
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Absolute Monarchy £ Absolute Monarchy = A ruler with total power Ruler backed by “divine right” (God-given right to rule) Tried to create trained bureaucracies, usually using the new middle class (bourgeoisie)
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Louis XIV £ Best example of an absolute monarch £ "L'État, c'est moi" (I am the State) £ Called “The Sun King.” (b/c he gave light and life to his subjects). £ Often shown as the Sun God Apollo
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Ch â teaux de Versailles £ King’s residence and center of government. £ Nobles required to live there £ Able to keep an eye on nobles…& therefore, power
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Henry VIII of England £ Broke with the Catholic Church b/c Pope wouldn’t grant him a divorce from his first wife – he wanted a male heir £ Founds and makes himself head of the Anglican Church (Church of England) £ Example of a monarch exerting personal power
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Constitutional Monarchies £ Some European nations developed Constitutional Monarchies, instead of Absolute Monarchies £ England is the best example £ English Civil War – 1640s – fought over who would hold more power, the King or the Parliament £ Parliament wins out (and chops off Charles I’s head)- - they would rule TOGETHER Boo Hoo. My heads are ALL gone.
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Balance of Power Idea that Europe would remain more stable if no one family/nation had too much power Nations had quickly shifting alliances to prevent too much gain European nation-states’ boundaries and identities being built at this time
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