Question
Globally, what happened to economic systems after 1450?(1 point)
Responses
Mercantilism was replaced by capitalism as the world’s most common economic system.
Mercantilism was replaced by capitalism as the world’s most common economic system.
Highland Clearances were replaced by mercantilism as the world’s most common economic system.
Highland Clearances were replaced by mercantilism as the world’s most common economic system.
Capitalism was replaced by feudalism as the world’s most common economic system.
Capitalism was replaced by feudalism as the world’s most common economic system.
Indentured servitude was replaced by capitalism as the world’s most common economic system.
Mercantilism was replaced by capitalism as the world’s most common economic system.
Mercantilism was replaced by capitalism as the world’s most common economic system.
To determine what happened to economic systems globally after 1450, you can consider historical events and shifts in economic ideologies during that time period.
Firstly, mercantilism was the dominant economic system in Europe during the 16th to 18th centuries. It emphasized government control and regulation of trade, accumulation of wealth through exports, and the establishment of colonies to secure resources. However, by the late 18th century, mercantilism began to decline as a result of changing economic conditions and the emergence of new philosophies.
Around the same time, capitalism started gaining momentum. Capitalism is an economic system where resources and means of production are privately owned and operated for profit. This shift was influenced by the Enlightenment and the Industrial Revolution, which sparked technological advancements, increased trade, and the spread of market-based economies.
Therefore, the correct answer to the question is:
Mercantilism was replaced by capitalism as the world's most common economic system.