Economics through History
Letās Review!
- The Age of Exploration, lasting from the fifteenth to the seventeenth century, was characterized by overseas exploration by countries like Spain, France, and England.
- Economic globalization began during the Age of Exploration.
- After the New World was discovered, England established 13 colonies along the coast of North America.
- Mercantilism helped European countries amass wealth through trade.
- The Navigation Acts were some of the mercantilist policies that favored England, the mother country. Colonists could trade only with English ships and only from a list of approved goods.
- Protests against taxation led to the American Revolution.
- The Declaration of Independence and Adamās Smithās Wealth of Nations were written in 1776.
- The Scientific Revolution, the Agricultural Revolution, and the Industrial Revolution improved living standards.
- The Enlightenment was a movement that emphasized individualism, reason, and skepticism. The movement challenged traditional religious views.
- During the Enlightenment, philosophers used the ideas and reason of the Scientific Revolution to solve problems in government and society.
- The American System united regions in the United States economically while encouraging a self-sufficient economy.
- During the age of mass immigration, from about 1880 to 1920, there was massive emigration out of Southern and Eastern Europe and into the United States.
- Economies of scale are the decrease in the per unit cost of production as the amount of production increases.
- Industrialization allowed industries to prosper and grow by taking advantage of economies of scale and a huge immigrant workforce.
- The American Civil War began for economic reasons, including a tariff and a Southern economy that depended on enslaved workers.
- Wars usually have an underlying economic reason.
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