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The West in the Seventeenth and Eighteenth Centuries - Essay Example

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This paper "The West in the Seventeenth and Eighteenth Centuries" discusses the economy of the West as one of the greatest economies that exist. It has been faced with many challenges in its development. Slave trade was a major factor that favored its advancement before it was abolished…
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Extract of sample "The West in the Seventeenth and Eighteenth Centuries"

Download file to see previous pages In the mid-seventeenth century, the Economy of the West was largely an agricultural one. Many individual houses hold produced agricultural products such as sugar, although there were plantations that produced on a large scale. Silver was also one of the precious items of trade. Merchants traded in silver from Asian countries such as China and India. This trade helped to boost the economy of the West to a large extent. The European merchants risked their lives to establish mines in foreign countries where they usually met resistance that some times resulted in violent confrontations.

The economy of the West grew because of many factors. Sugar, slave trade, and silver played an important role in economic development as well as political and cultural change. The European sugar trade dominated the Atlantic market. Initially, sugar was a commodity that was mainly meant for the rich. Later, it became a commodity for many families. This made sugar trade in the seventeenth century to be one of the most lucrative. Its production was boosted by the slave trade which provided the desired labor for its production. Sugar became an important commodity for export thereby becoming a major income earner for European countries. Sugar planters invested in plantations while merchants exported large volumes of sugar. They employed European workers in sugar production. The colonial governments of many European colonies invested highly in sugar production thereby providing revenue in the form of taxes to the producing colonies. Sugar generated income for the European economies to a large extent. The provision of employment improved the standards of living of many European households. Commercial production of sugar gained momentum after the Portuguese explored the African Coast in the Atlantic region in the mid 14th century. Slaves provided labor for sugar production making the sugar industry a very lucrative business (Churchill 2008 pp.101-103). ...Download file to see next pagesRead More
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The West in the Seventeenth and Eighteenth Centuries Essay. https://studentshare.org/macro-microeconomics/1720322-fernand-braudel-argued-that-it-was-african-gold-and-asian-silver-which-permitted-the-west-to-live-beyond-its-means-how-important-a-role-did-sugar-slaves-and-silver-play-in-underwriting-the-cultural-economic-and-political-efflorescence-of-the-west-in-t
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The West in the Seventeenth and Eighteenth Centuries Essay. https://studentshare.org/macro-microeconomics/1720322-fernand-braudel-argued-that-it-was-african-gold-and-asian-silver-which-permitted-the-west-to-live-beyond-its-means-how-important-a-role-did-sugar-slaves-and-silver-play-in-underwriting-the-cultural-economic-and-political-efflorescence-of-the-west-in-t.
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