Globally, what happened to economic systems after 1450?(1 point)
Responses
Indentured servitude was replaced by capitalism as the world’s most common economic system.
Mercantilism was replaced by capitalism as the world’s most common economic system.
Highland Clearances were replaced by mercantilism as the world’s most common economic system.
Capitalism was replaced by feudalism as the world’s most common economic system.
Mercantilism was replaced by capitalism as the world’s most common economic system.
Mercantilism was replaced by capitalism as the world's most common economic system after 1450.
To determine what happened to economic systems after 1450, we need to analyze the options given and identify the correct answer.
Option 1: Indentured servitude was replaced by capitalism as the world’s most common economic system.
Indentured servitude refers to a labor system in which individuals worked under a contractual agreement for a specific period of time. While indentured servitude was widely practiced during the 17th and early 18th centuries, it was not directly replaced by capitalism. Therefore, this option is incorrect.
Option 2: Mercantilism was replaced by capitalism as the world’s most common economic system.
Mercantilism was an economic system that dominated Europe from the 16th to the 18th centuries. It focused on government regulation and maintaining a favorable balance of trade. Capitalism, on the other hand, is an economic system based on private ownership and free market competition. After 1450, there was indeed a transition from mercantilism to capitalism, as the latter gained prominence during the Industrial Revolution. Thus, this option is correct.
Option 3: Highland Clearances were replaced by mercantilism as the world’s most common economic system.
The Highland Clearances were a series of evictions and forced migrations that took place in the Scottish Highlands during the 18th and 19th centuries. These clearances were social and economic in nature, but they did not directly impact the global economic system. As such, this option is incorrect.
Option 4: Capitalism was replaced by feudalism as the world’s most common economic system.
Feudalism was a medieval socio-economic system based on land ownership and obligations between lords and vassals. After 1450, feudalism was declining in many parts of the world, giving way to mercantilism and eventually capitalism. Therefore, this option is incorrect.
In conclusion, the correct answer is: Mercantilism was replaced by capitalism as the world’s most common economic system.