Globally what happened to economic systems after 1450?
After 1450, there were several significant developments in economic systems globally:
1. The rise of capitalism: The period after 1450 saw the emergence of capitalism as the dominant economic system in many parts of the world. This was characterized by private ownership of the means of production, competitive markets, and the pursuit of profit.
2. Exploration and colonization: The age of exploration and colonization that followed 1450 had a significant impact on global economic systems. European nations established colonies in the Americas, Africa, and Asia, which led to the exploitation of resources, the development of trade networks, and the growth of global commerce.
3. Mercantilism: The economic theory of mercantilism became dominant in many European countries after 1450. Mercantilist policies aimed to increase a nation's wealth by maximizing exports and minimizing imports through protectionist measures such as tariffs and subsidies.
4. Industrial Revolution: The Industrial Revolution, which began in the late 18th century, transformed economic systems globally by introducing mechanized production methods, urbanization, and the growth of industrial capitalism.
5. Globalization: The period after 1450 saw an increase in global trade, leading to the interconnectedness of economies around the world. The exchange of goods, ideas, and technologies across borders had a significant impact on economic systems and contributed to the development of a global economy.