What did Ferdinand Magellan accomplish between 1519-21?
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He circumnavigated the globe.
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What did Ferdinand Magellan accomplish between 1519-21?
He circumnavigated the globe.
What was the effect of the massive influx of silver into Europe?
It raised the money supply in Europe, causing inflation.
Which regions did Spain colonize between 1400 and 1600?
Central and South America (except Brazil) and the Philippines.
In which other country was silver discovered after Peru?
Mexico.
What significant event occurred in 1521 related to the Columbian Exchange?
The conquest of the Aztec Empire by the Spanish Army.
What raw materials were sent from the Americas to Europe?
Sugar, cotton, grain, etc.
What accelerated after the geographic discovery?
Trading and colonization.
What was the Triangular Trade?
A profitable network of commerce between Europe, Africa, and the Americas.
Who had the financial resources to sponsor the initial global exploration voyages?
Only the monarchies.
What new form of commercial organization was established for global trade?
Limited liability company.
What significant event occurred in 1492?
Christopher Columbus found the coastline of the Americas.
What did capitalists do to generate profit?
They employed capital to produce output.
What did the series of voyages during the Age of Exploration open up?
Vast new areas for European trade and colonization.
Which commodity was particularly favored by Europeans in the 15th century?
Spices.
Why did the Chinese emperor abandon global exploration?
He believed they had all the goods and resources needed and that maritime trade was not necessary.
What was a significant outcome of European expansion in South America?
The establishment of colonies and exploitation of natural resources.
What was silver used for in China during the Ming dynasty?
Monetary transactions and tax payments.
What is the Columbian Exchange?
The exchange of goods, crops, and diseases between the Old World and the New World after European exploration.
What was the aim of establishing limited liability companies?
To spread the risk of loss and raise a larger sum of capital.
What did the Netherlands colonize during this period?
The East Indies (currently Indonesia).
What process occurred between the new world and the old world?
Integration of the new world into the old world.
Which regions were opened up to European trade and colonization?
North and South America, Australia, New Zealand, Africa, the East Indies, and the Philippines.
Where were the East India Companies listed to facilitate ownership transfer?
In the Stock Exchange in the Netherlands and England.
How did European expansion affect Africa during 1500 to 1775?
It led to increased trade and the establishment of trade routes, as well as the beginnings of the transatlantic slave trade.
Are owners of a limited liability company personally responsible for the company's liabilities?
No, the owner is not personally responsible for the liabilities of the company.
Which countries replaced Britain's industrial leadership?
The US and Germany.
What effect did the silver supply have on China?
It expanded enormously.
What diseases were introduced to the Americas during the Columbian Exchange?
Smallpox, influenza, and measles.
What technologies are expected to lead the global economy in the fourth stage of industrialization?
Artificial intelligence (AI), 5th Generation (5G) of ICT, Internet of Things, 3D printers, and Nano-technology.
What was one impact of the Columbian Exchange on global trade?
It significantly increased the exchange of goods and resources between continents.
What was the impact of the Ottoman Empire on trade in the 15th century?
It blocked direct trade between Western Europe and East Asian countries.
What is an example of an economic crisis mentioned?
Brexit.
Which country took Brazil during the period of colonization?
Portugal.
What new technologies emerged as leaders in the second stage of industrialization?
Oil, electricity, chemicals, automobiles, radio, and later TV.
Which part of North America did England colonize?
The east coast (the 13 colonies) and the Hudson Bay area.
Which country maintained its leadership during the industrialization process?
The US.
When was the Dutch East India Company (VOC) established?
In 1602.
What did the acceleration of economic activities create?
A global economy with specialization and division of labor.
What regions were significantly impacted by the expansion of European world-economies from 1500 to 1775?
China, India, Africa, Europe, North America, and South America.
How did European economies change as a result of global expansion from 1500 to 1775?
They became more interconnected and reliant on global trade networks.
What products were purchased from China using the newly discovered silver?
Silk cloth, tea, and chinaware.
What goods were shipped from Europe to Africa and North America?
Manufacturing goods.
What did limited liability companies help facilitate?
Long distance voyages.
What types of goods were brought from the Americas to Europe?
Corn, potatoes, and precious metals.
What is the significance of research and development (R&D) for countries in the context of new technology?
Countries are investing a significant portion of their GDP in R&D to generate a stable stream of new technology and products.
Which financial crisis occurred in 1997-98?
The Asian Financial Crisis.
What are some consequences of financial crises and recessions?
Mass unemployment, bankruptcy, lost output, and decreased wealth.
How does limited liability affect investor willingness?
With limited liability, investors unknown to each other were willing to invest in the company.
How did the silk industry in southern China change due to global trade?
It blossomed under the new global trade.
What was transported from Africa to the Americas during the Triangular Trade?
Slaves.
What blocked world trade between East Asia and European countries before the 15th century?
The Muslim-controlled Ottoman Empire.
What agricultural product was introduced to the Americas from Europe?
Wheat.
Why are companies competing with each other in the context of technology?
To generate more patents and maintain their competitive edge.
What global event occurred in 2008 that is considered a financial crisis?
The global financial crisis.
What role did North America play in the European world-economies during this period?
It became a site for colonization and resource extraction.
What do economic crises and disruptions slow down?
Economic growth and economic integration of the global economy.
What is the main characteristic of a shareholder in a limited liability company?
The liability of the owner is limited only to the fund invested in the company.
What generates more output in the process of economic growth?
Increase in inputs such as land, labor, and capital.
Which countries first sponsored the voyages of exploration?
Portugal and Spain.
What technologies marked the third stage of industrialization?
Internet, computers, information communication technology (ICT), and mobile phones.
What types of economic activities accelerated and intensified in the world?
Trade and colonization.
What rights were granted to the East India Companies by the government?
Monopoly trading rights and the ability to engage in wars.
What was the primary driver of European expansion during the period from 1500 to 1775?
The pursuit of trade and resources.
What is crucial for sustained growth in per-capita output?
New inventions and advances in technology.
What significant discovery was made by Spanish colonists in America in 1545?
The discovery of silver in PotosÃ, Peru.
What was a significant characteristic of the initial global exploration voyages?
They were very risky and expensive.
What areas did France colonize in North America?
Quebec and the Mississippi basin.
What economic system expanded under the new global economy?
Merchant Capitalism.
What was the primary trade focus of the British East India Company?
Trade with India, particularly in Calcutta and Bengal.
What was a major financial crisis in the US from 1929 to 1939?
The Great Depression.
Who led the state-sponsored naval missions for China between 1405 and 1433?
Zheng He.
What became a major function of modern governments in managing economic crises?
The development of macroeconomic stabilization policies.
What accompanied the rise of the modern global economy?
Continuous adoption of new technology in production and consumption.
Name two crops that were exchanged during the Columbian Exchange.
Cocoa and tobacco.
What did global voyage exploration and geographic discovery reveal to European civilization?
A large part of the unknown world.
What happened to the profits generated by capitalists?
They were reinvested into further investment of more capital.
What region did the Dutch East India Company dominate in trade?
Southeast Asia, particularly the spice trade from the Moluccas.
What significant development arose from the rise of global trading?
The modern form of corporations and finance.
Which Asian countries were involved in trade with Europe during the expansion from 1500 to 1775?
China and India.
What was the first stage of Industrialization characterized by?
Burning coal, making steam engines, railways, locomotives, and cotton-based textile products.
Who was the Portuguese captain that circumnavigated Africa in 1497?
Vasco da Gama.
Why was finding alternative sea paths to East Asia important for Europeans?
To gain wealth through trade and to spread Christianity.
What laid the foundation for the industrial revolution in the 18th-19th century?
The accumulation of capital.
What event in the 1990s is known for its asset bubble bursting in Japan?
The Japanese economic bubble burst.
What were the Europeans searching for during their explorations?
The way to India and China.
What role did Japan play in the industrialization process after 1960?
Japan played a brilliant catching up role and became the second largest economy.
When was the British East India Company founded?
In 1600.
What often leads to financial crises and economic recessions?
Excessive financial speculation.
What was the navigation capacity of China under the Ming Dynasty in the 15th century compared to Europe?
China had more advanced navigation capacity than Europe.
What regions did Zheng He reach during his voyages?
As far as Arabia and the east coast of Africa.
What is the significance of Zheng He's voyages compared to European explorers like Columbus?
Zheng He led state-sponsored missions while Europeans had stronger monetary motives for exploration.
What precious commodities were Europeans looking for from East Asia?
Spices, silk clothes, chinaware, silver, and tea.
What is the role of artificial intelligence in the future economy?
AI is expected to lead the global economy forward.
What was the European motive for exploration in the 15th century?
A much stronger monetary motive to gain wealth through trade.
