session 12: Global exchanges

Question 1

What is mercantilism?

Answer 1

An economic system (1600s–1700s) where states try to get rich by controlling trade and collecting gold and silver

Question 2

What is war capitalism?

Answer 2

Using violence, wars, and force (navies, armies, companies with guns) to control trade and colonies

Question 3

The Age of Mercantilism is mainly from the late _____th to the early _____th century.

Answer 3

17, 18

Question 4

What does it mean that “global wealth becomes increasingly privatized”?

Answer 4

private companies, not only kings, control more and more of the world’s wealth and trade

Question 5

Colonization carried out by private companies that create and run colonies.

Answer 5

Corporate colonization

Question 6

In this period, what new role does the merchant often take?

Answer 6

The merchant becomes a colonist (moves to and runs colonies)

Question 7

Name the three parts of the “cycle of economic expansion”.

Answer 7

More exports of precious metals, more global consumption, and speculative booms with corruption

Question 8

A short time when many people buy or invest hoping for quick profit; often followed by a crash

Answer 8

Speculative boom

Question 9

What is meant by the “Age of high mercantilism”?

Answer 9

A time of strong competition and military clashes between mercantilist empires, with big armies and high taxes

Question 10

Why did Europeans gain a dominant role in global commerce even though India and China were leading manufacturers?

Answer 10

Because Europeans used war capitalism (military power, monopolies, and companies) to control trade

Question 11

Which two countries are the “newcomers” in overseas empires in this period?

Answer 11

England and France

Question 12

Name the four actors that made the First British Empire

Answer 12

English pirates, traders, colonies of settlement, and chartered companies

Question 13

English __________ attacked Iberian ships (Spanish and Portuguese) to steal cargo

Answer 13

pirates

Question 14

People who sail around the world trading on their own, looking for profit

Answer 14

traders

Question 15

Colonies where people from the home country move to live permanently and build new communities

Answer 15

Colonies of settlement

Question 16

A private company that receives a royal charter giving it special trading rights and sometimes political powers

Answer 16

Chartered company

Question 17

What was the main British company ruling large parts of India?

Answer 17

The East India Company (EIC)

Question 18

The two key battles that gave the EIC control in India were __________ (1757) and __________ (1764)

Answer 18

Plassey / Buxar

Question 19

Why are Plassey and Buxar important for Indian history?

Answer 19

They mark the start of British/EIC political control over large parts of India, not just trade

Question 20

What is diwani?

Answer 20

The right to collect taxes (revenue) in a region

Question 21

Which regions did the EIC get diwani rights over after Buxar?

Answer 21

Bengal, Bihar and Orissa

Question 22

After its military victories, the EIC received the __________, which meant it could collect land revenue in Bengal, Bihar and Orissa

Answer 22

diwani

Question 23

By the early 19th century, how much of India was under EIC control?

Answer 23

Most of the subcontinent (directly or through dependent princes)

Question 24

The system of offices and officials who apply rules and make sure orders are carried out in a territory

Answer 24

Administration / bureaucracy

Question 25

Name three key elements of the EIC’s administration in India.

Answer 25

Cooperation with local princes and elites A large standing army A centralized bureaucracy and land-tax system

Question 26

The EIC built a large __________ army and a __________ bureaucracy to rule Indian territories.

Answer 26

standing / centralized

Question 27

What is a fiscal-military state?

Answer 27

A state that collects high taxes and uses them to keep a strong army and an effective administration

Question 28

Why did Britain develop into a fiscal-military state?

Answer 28

To afford wars, protect trade and colonies, and act as a major European power

Question 29

What does the map “Global Trade in Silver and other commodities 1650–1750” show?

Answer 29

The world network of trade in silver and many other goods between Europe, Africa, Asia, and the Americas

Question 30

When markets in different parts of the world are linked so that prices and demand in one place affect others

Answer 30

Organization of global markets

Question 31

The movement of goods like silver, sugar, coffee, tea, and cloth all around the world

Answer 31

Global circulation of commoditie

Question 32

What is new consumerism in this period?

Answer 32

Many more people, not only elites, start buying new and imported goods

Question 33

How did Asian manufacturing influence the making of Europe?

Answer 33

Europe imported Asian textiles and silk, copied them, and later built its own industries to compete

Question 34

Wars between states fought to control trade routes, colonies, and commercial privileges

Answer 34

Mercantilist warfare

Question 35

Coffee comes originally from __________ and the __________ area; tea comes first from __________; early sugar comes from __________ and __________ Asia

Answer 35

ethiopia yemen china south and south east

Question 36

Where was most sugar produced for Europe in this period?

Answer 36

On slave-based plantations in the Caribbean and Brazi

Question 37

How did these goods change from luxury to mass products?

Answer 37

Plantations and global trade increased supply, prices fell, and many more people could afford them

Question 38

A change in daily habits where people drink more coffee and tea and eat more sweet foods, made possible by global trade

Answer 38

New consumerism

Question 39

The growing demand for sugar and coffee led to a big increase in __________ in the Americas

Answer 39

slavery

Question 40

What does “several foods were traded” tell us about this period?

Answer 40

Trade was not just one product; many different foods moved through global networks

Question 41

What two big effects did the expansion of interests and demand have on production?

Answer 41

led to big improvements in manufacturing and also an increase in slavery

Question 42

What kind of goods did Europe import from Asia in this period?

Answer 42

Asian manufactured products such as India’s printed cotton cloth and Chinese silk

Question 43

By the 18th century, Europeans learned to make more profit by increasing local __________ capacity and selling European __________ products to the rest of the world

Answer 43

manufacturing / finished

Question 44

Sudden rises in prices and investments, often followed by a crash. They were common in the 18th century

Answer 44

Speculative booms

Question 45

According to the final remarks, what kind of warfare characterized the 18th-century world?

Answer 45

Mercantilist warfare—wars between states to control trade and markets