Mercantilism -- Definition for Kids

Summary

This 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.