Work through the following information and questions. You may work…

QuestionAnswered step-by-stepWork through the following information and questions. You may work…Work through the following information and questions. You may work independently or with ONE other partner. Be sure to look over the rubric for how your answers and responses will be assessed and marked.  Point Form is A-OK, but be specific and detailed in your responses.  Feel free to use your class notes, your textbook (pg. 129 – 134), and online research using your phone to help you, if you like.  What is mercantilism? How did this economic system work? Visually represent the idea of mercantilism with an image that makes sense to you. (You may need to include a few notes to help explain your thinking. )  Who benefitted from mercantilism? Who did not benefit from mercantilism? Why?- – – – – – – – – How did mercantilism lead to the creation of monopolies? How did mercantilism contribute to historical globalization?Mercantilism contributed to historical economic globalization by: Mercantilism contributed to historical social globalization by: Why was mercantilism a Eurocentric economic system?  Capitalism – Think back to our role play demonstration Your initial impressions:Statement Agree or Disagree Why?People are mostly motivated by profit.     Competition is the most effective way to see who is worthy of rewards.     People should be responsible for their own money, safety, health, and well-being.     People should have a right to earn their own money, and spend it on whatever they want.     Only the strong survive. If you are in trouble, you aren’t competing hard enough, or in the right way.     Governments shouldn’t get to decide what goods are made and sold     Early capitalists would have agreed with those statements. Mercantilism was an economic system designed to increase monarchs’ wealth. Under mercantilism, many business people grew wealthy enough to go into business for themselves. Capitalism was designed to increase business people’s wealth. People in the 18th Century wanted the freedom from controlling governments and monopolies, and to be able to use and make their own money without the monarch or government interfering.  Capitalism: an economic system based on free-markets (supply and demand), private ownership of business and industry, and  Adam Smith was a Scottish philosopher and economist. He believed that individualism and competition should be encouraged, as those values would help create more wealth. Adam Smith and other early capitalists like Thomas Malthus and John Stuart Mill believed in four key ideas: 1. People are motivated to work by their desire (want) for profit. 2. People will compete in their own self-interest (compete to benefit themselves). 3. Individuals have the rights to own their own property (land, things, ideas,) and gain wealth by using that property however they think is best.  4. Most of the production, distribution, and ownership of a country’s goods should be in the hands of individuals and companies that have nothing to do with the government (private).   Key idea of capitalism What do you think:  How would this idea help make capitalism work?   1.     2.     3.     4.  Who might benefit  from early capitalism? Who might not benefit from early capitalism? Why?  – – – – – – – – –    What do you think: Is capitalism as Eurocentric as Mercantilism? Why, or why not? We will be taking a closer look at capitalism and how it led to further historical globalization as the week goes on… Before we do,  Visually represent your idea of capitalism so far with an image that makes sense to you. (You may need to include a few notes to help explain your thinking. )      Social SciencePolitical ScienceSOCIAL 20-1Share Question

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