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Lecture 3

Lecture 3 Note

5 Pages
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Department
History
Course Code
HIS201H5
Professor
Hanssen

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HIST201 Lecture 3
The History of the Middle East and the Emergence of Capitalism
It is important to understand the origins of today’s capitalism
Factors for its emergence
Reason why the economies are centralized in the west
Was the westernization of globalization inevitable?
Europes upsurge is a key factor in the history of capitalism
Until the 17th century, the Moguls, the Safavids, the Ottomans, and the Persians
were very stable entities
The discovery of gun powder in these empires acted almost as the invention of the
atomic bomb in the end of WW2
Gunpowder was not just used in the Middle East but also the absolute monarchist
empires in Europe ie. Spain; was known to use gunpowder as a weapon when
expelling the Muslims and Jews from the region
Islam spread to Spain, north Africa, etc. within 100 years of the death of prophet
Mohammad
This lead to a very Asiatic central Economy
Asian World Economy
Middle route of the Muslim Mediterranean
Shift from Asian to European World-Economy
Bubonic Plague 1340-50
Decimates Asian population along trade routes
Expansion of ottoman empire into Europe and transformation of ethos of conquest to
extractive-disruptive governance
www.notesolution.com
Recovery of Asian world economy through gunpowder empires: econ. Self-sufficiency,
regional security and fiscal protectionism (state monopolies on export goods)
Spanish Conquest of South America
1500s South American gold and silver floods into Europe through Spain
But creditors in Amsterdam, London and Hanse towns benefit
Population explosion and army expenditure in Europe and Middle East empires
This acts as the very uplift of Europe from backwater status to an emergent world
powerhouse
Spanish crown was first invented to the bankers, creditors, etc...
The excess capital created a lopsidedness in trade between Europe and the Middle
East
Tremendous amounts of buying power in the European hands following the bubonic
plague
Most of this money goes into investing in the European armies to equip the forces
with canons, firearms, etc...
Portuguese circum-navigation meant that trade between India, East Africa, and
Europe did not require the silk roads that ran through the middle east as the
primary passage
This meant loss of capital for the middle eastern regions that relied so heavily on the
trade routes
Triangular Trade and Atlantic Middle Passage started in London through to west
Africa where slaves were taken in exchange for pots, pans, guns, alcohol, horses etc...
Slaves were transported to the Americas and in exchange for sugar, cotton, rum,
tobacco, and coffee etc...
This meant that the most basic necessities alongside luxuries required in Europe
and its trade needs to India excluded the Middle East from the picture, meaning
Europe started to emerge as an independent force growing against the Middle
Eastern Empires
Mercantilism
www.notesolution.com

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Description
HIST201 Lecture 3 The History of the Middle East and the Emergence of Capitalism It is important to understand the origins of todays capitalism Factors for its emergence Reason why the economies are centralized in the west Was the westernization of globalization inevitable? Europes upsurge is a key factor in the history of capitalism th Until the 17 century, the Moguls, the Safavids, the Ottomans, and the Persians were very stable entities The discovery of gun powder in these empires acted almost as the invention of the atomic bomb in the end of WW2 Gunpowder was not just used in the Middle East but also the absolute monarchist empires in Europe ie. Spain; was known to use gunpowder as a weapon when expelling the Muslims and Jews from the region Islam spread to Spain, north Africa, etc. within 100 years of the death of prophet Mohammad This lead to a very Asiatic central Economy Asian World Economy Middle route of the Muslim Mediterranean Shift from Asian to European World-Economy Bubonic Plague 1340-50 Decimates Asian population along trade routes Expansion of ottoman empire into Europe and transformation of ethos of conquest to extractive-disruptive governance www.notesolution.com
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