1. Chapter 8 Foundations of historical globalization. REBECCA, EMILY, TONY, JAROD

2. Main Focus In chapter 8: To what extent did historical globalization change peoples lives?

3. Key terms  Eurocentric - The belief that European concerns cultures and values are superior to those of others.  International trade- The exchange or raw materials, goods and services among distant groups of people.  Historical fiction- Stories set in a specific time and place in history sometimes using historical characters.  Mercantilism - A Eurocentric economic policy whereby European monarchs increase their wealth through international trade.  Monopoly- The exclusive possession or control of the supply or trade in a commodity or service.  HBC - Hudson's Bay Company.  Capitalism - An economic system based on free markets, private ownership of business and industry, and the profit motive.  Free Market- An economy in which government does not interfere in business activities, supply and demand are not regulated, or are regulated with only minor restrictions.  Industrialization - The shift of a countries major economic activity from agriculture to manufacturing.  Entrepreneur - A person who sets up or finances a new business or industry to make a profit.  ILO - International labor organization.

4. Early global trade  Until a few centuries ago, transportation technologies consisted of boats powered by wind or human effort or beast of burden such as horses burrows and camels.  It took a lot of time of effort to even transport a small bag of oranges from Southern to Northern Europe.  Despite the long months of trade required to get items such as oranges, people still wanted things they could not grow or make in their own environment. 

5. The silk road  The silk road is a name given to the network of trading routes that lay between the Mediterranean and China.  The 3 routes of silk road run between mountain ranges, along the edges of deserts and up river valleys. Both European and Asian travelers travelled the routes.  They pass through bustling market towns hiked rough trails and rested at oasis inhabited by many varied peoples.

6. Early Capitalism  Many merchants have successfully built up their wealth.  Some business people went into money lending making money by charging interest.  Others financed large scale business enterprises in trade and manufacturing.  Partnerships in countries formed to spread the risk. All of these people were generating wealth not only to support themselves and their families but also to reinvest to generate even more wealth.  The business people wanted to use their money freely without government interference.

7. Competition and freedom  Individual initive and the desire for profit motivate people to work.  People compete in their own self interest  Individuals have the right to own private property to accumulate wealth through development and use of that property.  Most of the production, distribution, and ownership of the goods of a country should be in the hands of private individuals and companies.

8. How did industrialization change peoples lives?  Early international trade led to mercantilism designed to help monarchs get rich.  Mercantilism led to capitalism designed to help business people get rich.