Final answer:
The 17th century saw a complex crisis in trade, characterized by the rise of European sovereigns, the dominance of mercantilism, and the onset of colonial unrest. These factors led to revenue for monarchs through monopolies, but also planted seeds of rebellion against Britain due to strict economic control and exploitation.
Step-by-step explanation:
Main Points of the 17th Century Crisis in Trade
The 17th century was marked by significant developments in trade and the assertion of sovereignty by European rulers. The period experienced a trade crisis exacerbated by differing interests and the exploitative economic policy of mercantilism.
European kings sought to assert supreme authority and needed vast resources, often secured by exploiting trade monopolies with East Asia. Trading companies, granted monopolies, became a crucial source of revenue for monarchs and also acted as financiers for their extravagant spending. England's more prudent monarchy contrasted the French kings' notorious loan defaults.
Under mercantilism, the British Empire expanded its control, seeking commercial dominance, particularly in the New World. This system of trade was established to benefit Britain by acquiring raw materials and ensuring colonies purchased finished goods. This arrangement initially prospered, increasing Britain's power over European rivals. However, the enforcement of this policy sparked unrest and sowed dissent amongst the colonies, contributing to their eventual desire for independence.
The global economy's expansion in the 18th century had diverse impacts, including a new balance of power in Europe and Britain's colonization of India. European empires faced varying reactions from colonized societies, with some regions experiencing cultural destruction and resource exploitation.