Mercantilism According to Wild, 2000, the trade theory that states that nations should accumulate financial wealth
, usually in the form of gold, by encouraging exports and discouraging imports is called mercantilism. According to this theory other measures of countries' well being, such as living standards or human development, are irrelevant. Mainly Great Britain, France, the Netherlands, Portugal and Spain used mercantilism during the 1500s to the late 1700s. Mercantilistic countries practised the so-called zero-sum game, which meant that world wealth was limited and that countries only could increase their share at expense of their neighbours. The economic development was prevented when the mercantilistic countries paid the colonies little for export and charged them high price for import. The main problem with mercantilism is that all countries engaged in export but was restricted from import, another prevention from development of international trade. Mercantilism proposed that a country should try to export more than it imports, in order to receive gold. The main criticism of mercantilism is that countries are restricted from import, a prevention of international trade. Adam Smith developed the theory of absolute advantage that stressed that a country should produce goods or services if it uses a lesser amount of resources than other
who in return paid a stipulated amount from the harvests or from services rendered or ‐ later on ‐ through money.S.
Feudalism The economic structure prevailing then became known as Feudalism. to
. a term which has come to mean. Raymond Vernon's product life cycle theory stresses that a company will begin to export its product and later take on foreign direct investment as the product moves through its life cycle. and found that it was not applicable in the U.S. Leontief tested the HecksherOhlin theory in the U. Eventually a country's export becomes its import.countries. David Ricardo stated in his theory of comparative advantage that a country should specialise in producing and exporting products in which it has a comparative advantage and it should import goods in which it has a comparative disadvantage. owned by a senior lord. an economic system based on Lordship (ownership) of vast Land (also known as the ‘manor’ or ‘estate’). Hecksher-Ohlin's theory of factor endowments stressed that a country should produce and export goods that require resources (factors) that are abundant in the home country. who gave the right of cultivation (fief) to a lower rank of people called the vassals.
every man owed allegiance to another higher than him and at the highest level was the King. The lord of the farm or ‘manor’. This concept prevailed especially in the 8th and 9th Centuries resulting in the farms being nearly auto‐ sufficient. also known as the ‘Vassal’ or in Spanish “Caballero” owned allegiance to another man senior. There also existed ownership of large track of land in Gaul before the Roman
Roman ownership of land prevailed through the invasion of the German tribes until the beginning of the medieval period. The effect of this rigidity was what became known in Europe as Feudalism. there were present large portions of land owned by Roman soldiers who had received the allocation of land in return for military services rendered to the Caesar. the social economic system became rigid and so did the resulting social ‐ cultural structures.the Lord of the manor. In return. In feudalism. The origin of feudalism is sometimes traced back to the expansion of the Roman Empire. who in turn owed his allegiance to the King or Emperor who in turn was the head of the
. In Italy for instance. The Romans had intended that the Farm or ‘Estate’ would be auto sufficient. like the ‘Conde’ or ‘Baron’. The vassals also received security from the lord of the manor.
a warrior. the king and those of higher rank also needed servants for other public services. In return for providing the king with warriors. This allegiance was basically a form of slavery since the vassal knew he could not liberate himself from
. In every case. The vassals could distribute the right of cultivation of land given them in trust to other men. To maintain a retinue of knights was. to live well and to impose law and order. Some lords organized local governments for the sake of law and order. Besides. Those of higher rank like the King. above everything else. very expensive.feudal system. tenants‐in‐chief were granted large holdings of land. the vassal had juridical allegiance only to his immediate superior. From the 9th to the 14th centuries—the heyday of feudalism—the most important element in making war was the armoured and mounted knight. The medieval king was. however. the Barons and the Knights hungered for power in order to maintain powerful control of the others below them. They invoked the law of land ownership from time to time to reclaim title of property over the others in order to make concessions for the recruitment of soldiers or other certain specific services for the King or Lord. Thus the structure went on down to the peasantry.
the grantor of the fief was the overlord. They had no economic recourse other than the land and could not leave it. As a result the entire society remained attached to an intricate system of allegiances and services. They owed loyalty to various warring vassals and thus administration of estates became very difficult.his Lord. It turned out that administration of these estates became very difficult owing to the fact that most land owners had come into possession through various. while. the lord invested the
. In effect Feudalism was a political system which decentralized and localized power. The fief was formally acquired following the ceremony of homage. and the recipient was the vassal. The men below of lower rank were not slaves as such but in effect were workers without any rights (given to servitude). At this time most of the farming land belonged to most senior people. dioceses and monasteries. The system came to its Zenith at the beginning of the 12th Century. If they did. Description of life in the Estate The feudal method of holding land was by fief. in which the vassal swore an oath of fealty. the life away from the land was vandalism and adventure such as that of “Robin Hood” which was rather much worse. hereditary paths.
dukes. with the knight as the typical warrior. as well as land. the lord could not create his armed force without the obligation of the vassal to supply a stipulated number of armed men. The land for cultivation belonging solely to the lord of the estate was the centre of technological development in land use. The vassal owed. in addition to military service. Since equipping mounted fighters was expensive. therefore. The system of planting which developed in the 8th and 9th century became known as the ‘trialterno’ or tri‐annual rotation of plantations. Honours or rights. At the bottom of the social scale was the squire. The gradations of nobility were. with the advent of hereditary succession and primogeniture.vassal with the fief. The nobility was essentially a military class. other dues and services that varied with local custom and tended to become fixed. barons. originally the servant of the knight. Gradually. The system gave rise to a high productivity which in turn augmented the
. based on both military service and landholding. Above the knight were classes that varied in different countries—counts. and other nobles. renewal of the fief by the heir of the deceased became customary. The obligation of the overlord in the feudal contract was always the protection of the vassal. could be granted as fiefs. earls. and little by little the fief became hereditary.
Later better methods of using animals to till the land were improved. however Robert Young suggests that imperialism is the concept while colonialism is the practice. methods of maintaining soil fertility simply eluded them. colonialism is established and capitalism is expanded. Colonialism Colonialism and imperalism Governor-General Félix Éboué welcomes Charles de Gaulle to Chad. on the other hand a capitalist economy naturally enforces an empire. However. Through an empire. A colony is part of an empire and so colonialism is closely related to imperialism. Assumptions are that colonialism and imperialism are interchangeable. Colonialism is based on an imperial outlook.growth of the population. Productivity was very low in comparison to current farming technology. Marx thought that working within the global capitalist system. enforcing exploitation and social change. colonialism is closely
. In the next section Marxists make a case for this mutually reinforcing relationship. Marxist view of colonialism Marxism views colonialism as a form of capitalism. thereby creating a consequential relationship.
 Colonies are constructed into modes of production.associated with uneven development. Sunga explains: "Vladimir Lenin advocated forcefully the principle of self-determination of peoples in his "Theses on the Socialist Revolution and the Right of Nations to Self-Determination" as an integral plank in the programme of socialist internationalism" and he quotes Lenin who contended that "The right of nations to selfdetermination implies exclusively the right to independence in the political sense. this demand for political democracy implies complete freedom to agitate for secession and for a referendum on secession by the seceding nation. dependency and systematic exploitation producing distorted economies.” According to some Marxist historians. Specifically. the right to free political separation from the oppressor nation. sociopsychological disorientation. massive poverty and neocolonial dependency. It is an “instrument of wholesale destruction." Empire
. in all of the colonial countries ruled by Western European countries “the natives were robbed of more than half their natural span of life by undernourishment”. The search for raw materials and the current search for new investment opportunities is a result of intercapitalist rivalry for capital accumulation. as imperialism was distinguished by monopoly capitalism via colonialism and as Lyal S. Lenin regarded colonialism as the root cause of imperialism.
the British empire. the Byzantine Empire kept its heritage alive for nearly a millennium. the Napoleonic empire. evoking charges of political and cultural oppression. The Roman model made its mark on European historiography as well. the Carolingian 11 empire. a positive model for the Europeans who sought to emulate its achievements. acquiring a prominent place in literature that sought to discern the patterns of history and distill its lessons. but later evolved to refer to the authority that the ancient Romans established over much of Europe and the Near East. The Roman Empire became the archetype of what an empire should look like and how it should behave. Hitler’s Third Reich. and various other expansionist European states consciously evoked the Roman empire in their iconography and ideological claims to legitimacy.Etymology and Uses The term empire derives from the Latin imperium. In the west. Empire also carries negative connotations. In the east. Edward Gibbon’s Decline and Fall of the Roman Empire (1776–1788) is arguably the most influential work of history ever written. This use of the term
. Its etymology indicates the main source and standard for its usage. which originally meant the sovereignty held by a magistrate.
the Ming. the main exceptions being the West African states of Ghana. the only polities in the Americas commonly characterized as empires are those that fell to Spanish conquerors. Similarly. whose indirect association with medieval Europe gave them mythic reputations. indigenous polities rarely receive the appellation empire.has its origins in the classical Mediterranean world as well. The same connotations are attached in Western historiography to its successors. The same is true for its successor states—the Tang. the Sasinid and Safavid empires. notably the Ottoman and Mugal empires. Mali. as well as to neighboring states that came in collision with Europe. In sub-Saharan Africa. and Songhai. Some historians have shown similar reservations about using the term empire in reference to the Abbasids and Umayyads. While the closest counterpart to the Roman Empire was in many respects the contemporaneous Han polity of China. and others.
. who consolidated political authority across much of the Near East and North Africa under the banner of Islam. it is more often called a dynasty than an empire. the Song. though its principle source is probably the Achaemenid Empire of Persia. which threatened the independence of the Greeks. The term is used less consistently in other geographical and historical contexts. the Qing.
the Aztecs and the Incas. Portugal. The ambivalence and inconsistency that have characterized the use of empire serve as a reminder that words and their meanings are no less embedded in the particularities of history than other aspects of human experience.
Western Europe as the Principal Actor Wallerstein posited that the world system began in the 1400s as the result of the peculiar historical circumstances of Europe’s late medieval period. even though archeologists have determined the earlier existence of other large states in the same locations and in other parts in the western hemisphere. England and France evolved into core states that dominated commercially. became highly centralized and thus were able to expand and compete for colonies on a worldwide scale. Through mercantilism (which for Wallerstein is a type of capitalism). including Spain. some of the small states that emerged from feudalism during this period. France. and England. In addition to commercial dynamism.
. they protected their own 22 workers in a free-wage system and created a colonial system in which the colonies provided raw materials in return for manufactured goods.
In the sixteenth century the eastern European aristocracy cultivated grains to export westward and so gain access to western European goods. the peripheral regions had to coerce labor to keep costs down. Eastern Europe. Up until the nineteenth century. In turn. with little manufacturing and sharecropping becoming dominant. a number of regions.
. which supplied indigenous labor to silver mines. Russia. they forced free peasants into serfdom to work on their estates. The colonial elites aided in this endeavor by helping to repress workers through systems such as. Under the mita. To pay for the manufactured goods (always more expensive than raw materials because of the value added through manufacturing).whereas the Iberian countries declined into a semiperipheral status. trade patterns favored the western European core regions. for example. to do so. became peripheral after the recession of the fourteenth and fifteen centuries resulted in a manorial reaction and a second serfdom for the peasantry there. in the Spanish Andes. and China. including most of Africa. the colonial regions became peripheral. colonial officials obligated the chiefs of Andean Indian villagers in a swath from Cuzco to Potosí to send a seventh of all adult males to the mines and spend a year working in the mine shafts. the mita. The western European core was able to take advantage of other regions without dominating them militarily.
the environment. These regions developed their own.remained largely unaffected by western European penetration. or gender relations in developing countries. though Russia and later China became external after their Communist revolutions. such as the dynamics of frontier regions in the Americas. WST has been used to explain a number of other phenomena. During the period of imperialism in the nineteenth century. WST has also proven fruitful in disciplines beyond historical sociology and history. noncapitalist systems that at times also relied on coercive labor practices. however.
. such as geography (looking at product flows in regional perspective) and archaeology (in which the types of trade goods found from different 23 regions provide a kind of economic hierarchy and make possible suppositions about social systems beyond the region being excavated). even these regions were pulled into the world economic system.