Late 1600s

Definition

The Late 1600s refers to the period roughly between 1670 and 1700, characterized by significant shifts in economic practices and developments across Europe. During this time, Europe experienced changes driven by mercantilism, colonial expansion, and the beginnings of capitalism, which laid the groundwork for modern economic systems. The interconnectedness of economies began to take shape as trade networks expanded, leading to the emergence of a more global economy.

5 Must Know Facts For Your Next Test

1. The Late 1600s saw a shift from feudal economies to more market-oriented economies as trade and commerce expanded.
2. This period marked the height of mercantilist policies, where European nations aimed to increase their wealth through trade surplus and colonial expansion.
3. Colonial empires grew significantly during the Late 1600s, with countries like England, France, and Spain establishing lucrative trade routes and colonies in the Americas and Asia.
4. The late 17th century also experienced technological advancements in navigation and shipbuilding that facilitated maritime trade.
5. Key events, such as the Glorious Revolution in England in 1688, led to political changes that fostered more stable economic environments conducive to growth.

Review Questions

• How did mercantilism influence economic practices in Europe during the Late 1600s?
  • Mercantilism greatly influenced economic practices in Europe during the Late 1600s by promoting government intervention in the economy. Nations adopted policies that aimed to maximize exports while minimizing imports, thereby increasing national wealth. This created a competitive environment among European powers as they sought to establish colonies and trade routes that would enhance their economic standing.
• Discuss the impact of colonialism on European economies in the Late 1600s.
  • Colonialism had a profound impact on European economies during the Late 1600s by providing access to new markets and resources. As European nations established colonies, they were able to exploit natural resources like sugar, tobacco, and spices, which contributed significantly to their wealth. Additionally, the establishment of trade networks allowed for increased commerce between Europe and its colonies, further stimulating economic growth.
• Evaluate how the developments in the Late 1600s set the stage for the rise of capitalism in Europe.
  • The developments in the Late 1600s laid crucial groundwork for the rise of capitalism in Europe by shifting economic practices from feudalism towards market-oriented systems. As trade expanded and mercantilist policies encouraged competition among nations, entrepreneurial ventures became more viable. The increasing emphasis on profit motives and private ownership paved the way for capitalist economies that would flourish in subsequent centuries, fundamentally transforming European societies.

Related terms

Mercantilism: An economic theory that emphasizes government regulation of a nation's economy to enhance state power, often through protectionist policies and the accumulation of wealth.

Colonialism: The practice of acquiring control over foreign territories, exploiting their resources, and establishing settlements, which significantly influenced European economies during this period.

Capitalism: An economic system characterized by private ownership of production and the creation of goods or services for profit, gaining prominence towards the end of the 1600s.