silver mines and favourable balance of trade. As all the countries did not possess mines of gold and silver‚ they could built up rich stocks of these metals by exporting maximum of their manufactured articles and import¬ing minimum of commodities from other countries. Highlighting the im¬portance of foreign trade Thomas Mun wrote: "The ordinary means....to increase our wealth and treasure is by Forign Trade....This ought to be encouraged‚ for upon it hangs the great revenue of the king‚ the honour
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Feudalism and Manorialism Feudalism and manorialism were very linked. They go together step by step in the Middle Ages. Feudalism concerned the rights‚ power‚ and lifestyle of the military elite: manorialism involved the service and obligations of the peasant classes. Word feudalism was invented in the 17 century by Montesquieu and popularized it in The Spirit of the Laws (1748). In the late eighteenth century people said that feudalism is the privileges of the aristocratic nobility‚ privileges
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of Europe in the early modern period‚ and most states embraced it to a certain degree. Mercantilism was centered in England and France‚ and it was in these states that mercantilist polices were most often enacted. Mercantilism arose in France in the early 16th century‚ soon after the monarchy had become the dominant force in French politics. In 1539‚ an important decree banned the importation of woolen goods from Spain and some parts of Flanders. The next year‚ a number of restrictions were imposed
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group of people called the Vikings sailed down from their homes in Denmark‚ Norway‚ and Sweden and started terrorizing Europe. During their 300-year time‚ they did many things‚ but one of the most important was helping develop Feudalism. The Viking raids helped shift power to lords and nobles and away from kings. The Vikings attacked the outer edge of a kingdom because the king and his army usually lived in the middle‚ two to three weeks away from the outside. Because of the amount of time it takes
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Definition Mercantilism was the prevailing thought‚ in terms of international trade theory‚ during the Pre-industrial Revolution period. Mercantilism is an economic theory that holds that the prosperity of a nation is dependent upon its supply of capital‚ and that the global volume of international trade is “unchangeable.” Economic assets or capital‚ are represented by bullion (gold‚ silver and trade value) held by the state‚ which is best increased through a positive balance of trade with other
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Mercantilism and Protectionism Today Introduciton Mercantilism as one of the first and oldest economic theories‚ since political economy arose as a science‚ does not belong just to the past. Mercantilism and protectionism as its policy is very present and actively used even today. Actually‚ it has never disappeared. The mercantilists preached that countries should always strive to have a trade surplus and avoid trade deficits at all cost. That is partly because they viewed the flow of gold as central
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Feudalism is present in Nigeria Feudalism has been around since the medieval life. The feudal system was a way of government based on responsibilities between the king or lord and vassal. The king would give large estates to his relatives‚ and these estates would range from his large assets to just a small piece of land; for example‚ farms‚ barns‚ animals and houses. And in return‚ what so ever the king asks the relatives to do they have to respond to it as the king commands. In my understanding
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American might drive to work in a car designed in Germany that was assembled in Mexico by DaimlerChrysler from components made in the U.S. and Japan that were fabricated from Korean steel and Malaysian rubber. A company does not have to be the size of these multinational giants to facilitate‚ and benefit from‚ the globalization of markets. 42. Define globalization and discuss it has changed the business environment?
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Unlike in today’s world we can trade anywhere in the world. Mercantilism is the belief in the benefits of profitable trading. Mercantilism was a very popular in the 17th and 18th century. The English thought that mercantilism was a way for a nation or a person would be rich on at the expense of another. Also that nation’s only way of surviving was to sell everything they had to other countries. Tobacco became very popular all over the world. The British made their own tobacco and it was very bad
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The first part of European Feudalism showed up in France and Germany in the nineth and tenth centuries. This disrupted the great military force organized by the Normans. Elements of the Roman regime were transferred to European feudalism. Roman villas and their lands were granted to military leaders on a temporary basis as a reward for their loyalty to Rome and the emperor. It was also traditional for Romans to surround themselves with loyal soldiers who provided a substantial fighting force and
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