GEOG 216 Lecture Notes - Lecture 9: Free Trade, Import Substitution Industrialization, Atlantic Slave Trade
7 Feb 2018
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Tenants of mercantile trade were challenged politically and theoretically countries turned very quickly to open trade: trade benefits both countries, it is not a zero-sum game, repealing of legislation that had put up trade barriers. Intimately linked to trade: railroads, canals, steamships, trade goods that were previously not tradable, gold standard, gold was stable so it enabled investment, commerce around the world. Import substitution: you produce domestically (paisley scarves) what might be produced internationally (cashmere scarves) Infant industries that have been protected domestically by trade barriers have grown up import substitution: driver of economic development, example, atlantic trade triangle (on a personal note, please do not call it the. It needs to be referred to as the slave trade or else we are practicing historical erasure: colonialism, discovery-conquest-colonization, two major waves of colonialism, 16th 19th century, competitive colonialism, dutch, english, french are scrambling for territory.
