Mercantilism -- Definition for Kids
Summary
TLDRThis video explores mercantilism, an economic system driven by European powers like Spain, France, and England during the Renaissance. As these nations colonized new lands, they collected resources to enhance their wealth and power. Colonies could only trade with their mother countries, fueling intense competition. The impact of mercantilism was vast, leading to European dominance, the spread of Christianity, industrialization, and colonization. It reshaped global politics, economies, and cultures while triggering slavery and the destruction of native societies. Though powerful for centuries, European empires collapsed after World War II, losing their colonies.
Takeaways
- 💰 Mercantilism is an economic system focused on the economy, wealth, and trade.
- 🌍 European powers, including Spain, France, England, Portugal, and the Dutch, were the primary players in mercantilism.
- 🚢 European exploration and colonization began in the 1400s, with nations racing to claim new lands and resources.
- 🛠 Colonies provided raw materials that were sent back to Europe to be manufactured into goods, boosting wealth in the mother countries.
- 📜 European colonies were restricted to trading only with their mother countries, creating a system where wealth was concentrated in Europe.
- 🏰 Mercantilism led to the rise of European powers, establishing massive empires and dominance in the global economy.
- ⛪ The spread of Christianity, as well as the social and cultural changes caused by European colonization, had long-lasting global impacts.
- 🔗 Millions of people were enslaved, and entire civilizations were disrupted or destroyed due to colonization and mercantilism.
- ⚖️ The world’s legal and political systems were reshaped by European values, spreading ideas from ancient Greece and Rome.
- 🌱 Environmental and agricultural exchanges transformed global food systems and population growth, with Europe influencing cultures worldwide.
Q & A
What is mercantilism?
-Mercantilism is an economic system where countries aim to accumulate wealth, primarily through trade and the acquisition of colonies, to strengthen their economy and power.
Which European powers were primarily involved in mercantilism?
-The primary European powers involved in mercantilism were Spain, France, and England, though other countries like Portugal and the Dutch also played significant roles.
How did European countries benefit from colonizing new lands?
-European countries benefited by claiming new lands, extracting resources such as gold and exotic goods, and creating new markets to sell goods. This wealth helped them gain power and influence.
Why was competition between European countries so fierce during the mercantilist period?
-The competition was fierce because countries wanted to accumulate more wealth and power, and the more land and resources a country claimed, the stronger it became relative to others. This created intense rivalries.
How did colonies function under mercantilism?
-Colonies served as both new markets for European goods and sources of raw materials. These materials were sent to the mother country, where they were turned into manufactured goods.
What were the trading restrictions imposed on colonies under mercantilism?
-Colonies were only allowed to trade with their mother country, even if other countries offered better prices for their goods. This ensured that wealth was concentrated with the mother country.
What was the economic impact of mercantilism on Europe?
-Mercantilism helped European countries grow powerful, establishing colonies around the world, and led to industrialization, which had a long-lasting impact on global economies.
What were some of the social and cultural effects of mercantilism?
-Mercantilism spread Christianity worldwide, contributed to the enslavement and forced migration of millions of people, and led to the destruction or assimilation of many indigenous cultures.
How did mercantilism affect political systems around the world?
-Mercantilism spread European legal systems and political values, many of which were based on ancient Greek and Roman traditions, and influenced the development of modern political systems globally.
What were the environmental consequences of mercantilism?
-Mercantilism facilitated the global exchange of plants, animals, and resources, leading to changes in agriculture and population growth. It also introduced European views on land ownership, which displaced native practices and reshaped landscapes.
Outlines
💰 The Rise of Mercantilism and European Expansion
The video begins by introducing mercantilism, a European-led economic system aimed at accumulating wealth and power. This system was predominantly spearheaded by Spain, France, and England, although other nations like Portugal and the Dutch were also key players. The exploration era began in the 1400s with European powers claiming new lands, such as Columbus' 1492 discovery of the Americas. This fueled intense competition among European nations to extract wealth through resources like gold and trade. Mercantilism strengthened these nations, giving them the power to avoid being marginalized or bullied.
🌍 Mercantilism's Mechanism: Colonies and Trade Rules
Mercantilism operated through colonies that European powers established in newly claimed lands. Colonies served as new markets and sources of raw materials, which were exported back to Europe to be turned into manufactured goods. A key rule under mercantilism was that colonies could only trade with their 'mother country,' ensuring wealth flowed back to Europe. This system helped European nations grow powerful, but also intensified rivalries and had significant impacts, including driving industrialization and shaping global trade practices.
🌐 Global Impacts of Mercantilism: Power and Industrialization
The effects of mercantilism extended beyond economic gains. Europe became the dominant global power, colonizing every continent except Antarctica. The system fueled industrialization, which had a profound impact on people’s lives, reshaping economies and societies worldwide. Socially and culturally, mercantilism spread Christianity and contributed to the enslavement of millions. Many civilizations were conquered or wiped out, leaving lasting legacies, such as the spread of European legal systems and values, which were often adopted or imposed on other countries.
🌱 Environmental and Population Changes Due to Mercantilism
Mercantilism also had vast environmental impacts, triggering an unprecedented exchange of plants, animals, and resources across continents. This reshaped ecosystems and agricultural practices, with notable examples like tomatoes becoming a staple in Italian cuisine. The system also disregarded indigenous views on land, promoting private ownership, which helped drive agricultural development and a global population boom from under a billion to over seven billion in just a few centuries. The environmental and societal shifts sparked by mercantilism continue to affect the world today.
🏴 The Decline of European Colonial Powers
Mercantilism's reign began to fade after World War II when European powers, weakened by destruction, could no longer control their colonies. Over time, these colonies declared independence, marking the collapse of European imperialism. What took centuries to build unraveled in just a few decades, leaving once-powerful European nations powerless to maintain their grip on the colonies they had dominated for over 500 years.
Mindmap
Keywords
💡Mercantilism
💡European Powers
💡Colonies
💡Raw Materials
💡Manufactured Goods
💡Mother Country
💡Rivalry
💡Christianity
💡Industrialization
💡Colonial Independence
Highlights
Mercantilism is an economic system focusing on wealth and power accumulation by European countries.
Mercantilism was primarily led by Spain, France, and England, with Portugal and the Dutch also playing significant roles.
European countries competed to discover and claim new lands after Columbus' voyage in 1492.
Colonies provided new markets and resources, which were sent back to Europe and manufactured into goods.
European colonies were restricted from trading with countries other than their mother country, concentrating wealth in Europe.
The mercantilist system helped European powers grow dominant, leading to the creation of the world's largest empires.
The system contributed to the spread of Christianity, which remains the world's largest religion today.
Mercantilism resulted in the forced migration and enslavement of millions of people, leaving a lasting legacy.
Some civilizations were wiped out through conquest, disease, or war due to European expansion.
European legal and political systems, derived from Greece and Rome, were imposed on much of the world.
Environmental changes occurred through the exchange of plants, animals, and resources across continents.
Mercantilism paved the way for agricultural advancements that contributed to the global population surge from under 1 billion to over 7 billion.
The collapse of European empires after World War II led to the independence of their colonies.
Despite its collapse, mercantilism continues to leave a significant mark on the modern world.
The mercantilist era, which began in the 1400s, lasted for about 500 years until the mid-20th century.
Transcripts
in this history illustrated video we
will be discussing mercantilism
so what is mercantilism
basically it's just an economic system
when talking about economic things that
means you're talking about the economy
or simply put
money
so who is involved in mercantilism
it was started by european powers and
was primarily led by the big three so
that's spain france and england but
there were other major players too such
as portugal and the dutch
but most european countries were
involved in some way as the renaissance
began in europe the middle ages started
to come to an end
and europeans began to explore the world
so during the 1400s the portuguese began
to colonize pieces of africa and in 1492
columbus landed in america
after this it was a race for all the
countries of europe to find new lands
that they hadn't heard of and claim a
piece for themselves each european
country that claimed territory could
bring back wealth they collected things
like gold or exotic things that they had
never even seen and merchants could sell
these items
and this would make the mother country
very very wealthy and all of this wealth
meant that leaders of these countries
would gain more power
and with this power they would be a
respected country in the neighborhood
and they could get what they wanted
without it though
you might be the small country that was
bullied around
this led to an intense rivalry between
all of these countries and the
competition was fierce
so how did mercantilism work well once
new land was claimed by european powers
they would establish a colony these
colonies would work in a couple of
different ways first
that meant that they would become a new
market which means it's a place that i
could sell things to which means i would
make money and that means money is
coming back to europe
the resources of these colonies were
also collected and sent back to europe
too these resources are called raw
materials
european merchants would then
manufacture these items or turn them
into something else
for example a country could cut down
trees for lumber and send it to europe
where a manufacturer would turn that
lumber into things like furniture we
call these things manufactured goods
under this system europeans created some
rules for gaining wealth too
colonies were not allowed to trade with
whoever they wanted
they could only trade with their mother
country
for example an english colony could not
sell their lumber to france
even if france ain't more they would be
required to sell it to england
this concentrated the wealth with the
mother countries
europe was able to grow very powerful
over the course of a few centuries with
this system but it had a lot of effects
outside of what their original
intentions were too
for example let's look at the economic
impact their goal was to gain a lot of
power
and that definitely happened
europe emerged as the dominant power of
the world
they would have colonies on every
continent outside of antarctica and
create the largest empires in the
history of the entire world
also during this time industrialization
would start under the leadership of the
european powers and that would greatly
affect every person's life forever
the social and cultural impact was vast
too
christianity for example spread
throughout the world and it remains the
largest religion today
[Music]
millions of people would be enslaved and
forced to live on different continents
which leaves a legacy that still affects
many countries today as well
some civilizations were completely
conquered while other groups of people
were exterminated directly or indirectly
through disease or war
and the disappearance of entire cultures
has an effect that we're never going to
know
politically it completely changed the
world as well
europe would rebuild the world in an
image of their legal systems based on
values that they inherited from ancient
greece and rome
other countries either adopted those
ideas embraced them or they were forced
to use something similar just so they
can engage with the rest of the world
environmentally the world experiences an
exchange that was never seen before
plants animals and other resources find
their ways to the other ends of the
earth which allows us to experience
things as simple as tomatoes being used
in italian food for the first time all
the way to things like the communal
views of native americans on land being
completely dismissed so they could be
bought and sold as private property
which later makes way for an
agricultural development that allowed
our population of the world to go from
under a billion
to more than seven billion in just a
couple of centuries essentially
mercantilism had many effects and it
continues to leave its mark on the world
today the first colonies of the system
were established in the 1400s and lasted
for about 500 years
however after world war ii they
experienced so much destruction that
they could no longer control their
colonies
one by one their colonies would declare
their independence and the once powerful
european powers were now powerless to
stop them
and what they had built for centuries
fell apart in just a couple of decades
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