2. Feudalism is a political system of power dispersed and balanced between king and nobles. Feudalism
3. The Rise of Feudalism Feudalism evolved as a way of maintaining a stable population engaged in farming and to ensure that levies could be raised to face down external threats.
4. Three primary elements characterized feudalism: 1. Lords -a noble who owned land 2. Vassal -a person who was granted possession of the land by the lord
5. 3. Fief -the land Primary Elements in Feudalism
6. Common features of feudal societies 1. An overwhelmingly agrarian economy 2. The strength of the Church as an ally and counterpart to the civil-military structure
8. Decline of Feudalism Over time, as lords could no longer provide new lands to their vassals, nor enforce their right to reassign lands which had become de facto hereditary property, feudalism became less tenable as a working relationship.
9. By the thirteenth century, Europe's economy was involved in a transformation from a mostly agrarian system to one that was increasingly money-based and mixed. Feudalism
10. The Rise of Mercantilism
11. Mercantilism an economic theory that holds the prosperity of nation depends upon its supply of capital, and that the global volume of trade is unchangeable.
12. Mercantilicism was dominant in Europe from the 16th to the 18th century. It was a cause of frequent European wars in that time and motivated colonial expansion. Mercantilism
14. Mercantilism is bullionism: the idea that the only true measure of a countrys wealth and success was the amount of gold that it had. Mercantilism
15. Mercantilism includes a national economic policy aimed at accumulating monetary reserves through a positive balance of trade, especially of finished goods. Mercantilism
16. *A positive balance is known as a trade surplus if it consists of exporting more than is imported. Mercantilism
17. High tariffs, especially on manufactured goods, are an almost universal feature of mercantilist policy. Mercantilism
18. Mercantilists viewed the economic system as a zero-sum game, in which a gain by one country results in a loss by other. Mercantilism
19. Countries Affected By the Mercantile System: France Great Britain Netherlands Russia Spain
20. Effects of Mercantilism much control over economic life increase in domestic production economic self-sufficiency slave trade
21. It steadily lost favor during the eighteenth century. Mercantilists failed to understand the notions of absolute advantage and comparative advantage. Mercantilism