Which of the following correctly analyzes the ways in which new systems of trade impacted the global economy?(1 point)
Responses
Chinese dynasties in Asia lost wealth from global trade.
Chinese dynasties in Asia lost wealth from global trade.
Silver mines contributed to the wealth of South American economies.
Silver mines contributed to the wealth of South American economies.
West African trading empires gained power as new resources became available.
West African trading empires gained power as new resources became available.
New economic ideas like mercantilism and capitalism enriched European economies.
New economic ideas like mercantilism and capitalism enriched European economies.
The correct response is: New economic ideas like mercantilism and capitalism enriched European economies.
The correct option that analyzes the ways in which new systems of trade impacted the global economy is: New economic ideas like mercantilism and capitalism enriched European economies.
To arrive at this answer, we need to analyze each response and consider the historical context.
Response 1: "Chinese dynasties in Asia lost wealth from global trade."
While it is true that Chinese dynasties were involved in global trade, it would be incorrect to say that they lost wealth from it. In fact, Chinese dynasties, especially during the Tang and Song dynasties, experienced economic prosperity and gained wealth from their extensive trade networks.
Response 2: "Silver mines contributed to the wealth of South American economies."
This response correctly identifies that silver mines in South America played a significant role in contributing to the wealth of their economies. During the period of European colonization and exploration, massive amounts of silver were extracted from mines in regions like Mexico and Peru. This silver was then transported to Europe, where it contributed to the growth of their economies.
Response 3: "West African trading empires gained power as new resources became available."
This response correctly identifies that West African trading empires gained power as new resources became available. During the trans-Saharan trade and later the Atlantic slave trade, West African empires like Ghana, Mali, and Songhai grew wealthy through control of key trade routes and the export of commodities like gold, salt, and slaves.
Response 4: "New economic ideas like mercantilism and capitalism enriched European economies."
This response is the correct option. During the Age of Exploration and colonization, European nations adopted economic theories such as mercantilism and later capitalism. These ideas emphasized the accumulation of wealth through trade, the acquisition of colonies for raw materials, and the establishment of overseas markets. European nations, particularly countries like England, Spain, and the Netherlands, were able to accumulate wealth and increase their economic power as a result.
Therefore, the correct response that correctly analyzes the ways in which new systems of trade impacted the global economy is that new economic ideas like mercantilism and capitalism enriched European economies.