Imperialism: one country's domination over another country's economic, political, and culture institutions.
Historical globalization: began in 1492, when Christopher Columbus made his first voyage to the Caribbean, and ended after WW II, when the US and the Soviet Union emerged as superpowers.
Mercantilism: a policy followed by European imperial powers from the 16th to the 19th century.
In colonies, trade was strictly controlled to benefit the economy of the imperial power.
Capitalism: an economic system that advocates free trade, competition, and choice as a means of achieving prosperity.
Grand exchange: a trading process that began when Christopher Columbus brought seeds, fruit trees, and livestock to Americas, where they were cultivated and became staples.
In return, native North American species were exported to Europe. This exchange expanded to include different countries and products around the world.
Industrial Revolution: the period between about 1750 and 1850, when work became mechanized and began to occur in factories.
The industrial Revolution brought about dramatic economic, social, and cultureal change.
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