Which economic system intertwined with the age of European exploration and the globalisation of labour?
Communism
Feudalism
Socialism
Capitalism
Capitalism
The economic system that intertwined with the age of European exploration and the globalization of labor is capitalism. Capitalism is an economic system in which private individuals or businesses own and control the means of production and distribution. This system became closely associated with the Age of Exploration and the globalization of labor during the 15th to 18th centuries, as European powers sought new territories and resources to trade and expand their economic influence. Capitalism facilitated the growth of international trade networks and the exploitation of resources from colonies, leading to the emergence of a global capitalist system.
The economic system that intertwined with the age of European exploration and the globalization of labor is capitalism.
To understand why capitalism was intertwined with this historical period, let's first define capitalism. Capitalism is an economic system in which private individuals or businesses own and control the means of production and distribution of goods and services. It is characterized by the pursuit of profit, free market competition, and the operation of supply and demand.
During the age of European exploration, which began in the 15th century, European nations embarked on voyages to discover new trade routes, resources, and markets across the world. This period marked the beginning of global trade networks and the expansion of European colonial empires.
Capitalism played a crucial role in this historical period because it provided the framework and incentives for exploration and global trade. European nations sought to boost their economic power and compete for resources and markets. Private individuals and companies, motivated by profit, took risks by investing in voyages and establishing colonies in far-off lands. They aimed to acquire valuable commodities, establish trade routes, and exploit new labor forces.
The globalization of labor was also a significant aspect of this period. European powers established colonies in various parts of the world, such as the Americas, Africa, and Asia. They exploited the resources, including labor, of these regions to fuel their own economic growth. Slavery, indentured servitude, and other forms of coerced labor were prevalent during this time, serving the interests of the capitalist systems in European nations.
Feudalism, on the other hand, was a medieval economic system that characterized European societies before the age of exploration. It was based on the exchange of land and labor between lords and peasants. Socialism and communism, as economic systems, emerged much later in history as responses to the perceived inequities and shortcomings of capitalism. While socialism and communism have had their own historical significance and impact, they were not the economic systems that intertwined with the age of European exploration and the globalization of labor.