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Colbert the Father of Mercantilism

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1. Mercantilism- WHO: Colbert “Father of Mercantilism”
WHAT: economic policy designed to bring profit to a nation to build its empire; colonies could only trade w/ home country (Navigation Laws) WHEN: 1700s
WHERE: Spain, England, France, Dutch
WHY: close government control of the economy that sought to maximize exports and accumulate as much precious metals as possible to enable the state to defend its economic and political interests 2. Atlantic Economy- WHO: Adam Smith “Father of Capitalism” WHAT: shift of economic power from the Mediteranean to the Atlantic WHEN: 1700s

WHERE: England & France (Rivals)
WHY: the economy surged after the Agriculutral and Industrial Revolution; the growing empires and overseas colonies contributed, and the slave trade began 3. Boston Massacre- WHO: George 3rd, English Colonists, British soldiers WHAT: 5 colonists were shot by British soldiers in a scuffle on the street WHEN: 1770

WHERE: Boston, Massachusetts
WHY: the British had occupied the English colonies to enforce the new taxes, but the colonists constantly refused which created tension and disturbances b/w the soldiers and the colonists 4. Whigs- WHO: Whig = John Locke, George 3rd

WHAT: Whig = Parliament should function under royal (NOT aristocratic) authority WHEN: mid-late 1700s
WHERE: England & American Colonies

5. Stamp Act- WHO: George 3rd (King of England) Parliament WHAT: put a tax on legal documents and other items
Congress = protested the crown (no taxation w/o representation) WHEN: 1765
WHERE: England (tax on American Colonies)
WHY: colonies resistance to taxes led to tension b/w them and England which set the stage for the American Revolution 6. Treaty of Paris- WHO: George 3rd
WHAT: England defeated France & France gave up much of it territory: Britain received… 1) all of Canada, Ohio River Valley, & east of MS River
2) gained Florida
3) restored Cuba to Spain
WHEN: 1763
WHERE: England

WHY: ended the 7 Years’ War making Britain a World Power and increasing tension b/w France & England 7. War of Austrian Succession- (1740-1748) War fought between Prussia and the Habsburg Empire over the ascension of Maria Theresa to the throne. 8. The Flota system- Each year, a fleet of commercial vessels, controlled by Seville merchants and escorted by warships, carried merchandise from Spain to a few specified ports including Portobello, Veracruz, and Cartagena on the Atlantic coast. Ships were then loaded with gold and silver for transport back to Spain. Trade outside the flota system was banned. 9. Intendant- instituted by Charles III system which relied on loyal, royal bureaucrats to serve as agents of the royal administration. 10. Peninsulares: persons born in Spain who entered the New World to fill posts, which were usually the most profitable jobs in the region. 11. Seasoning- was the process through which recently arrived Africans were indoctrinated with the idea that they were no longer free.

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