The Early Modern Period, c. 1450 to c. 1750: Content Summary 4.3: The Origins and Impacts of the Western European Empires in the North Atlantic

Internally, Spain was unable to manage the rising inflation related to its silver production.

Spain’s trade imbalance with England and the Netherlands depleted Spain of much of its silver.

In contrast, England, France, and the Netherlands increasingly centralized systems of government and taxation.

Each of these countries also established professional navies and armies to help create and make profitable trade routes and colonies, which were crucial sources of tax revenue.

By the early 17th century, the more financially secure states were challenging Spain’s dominance in the North Atlantic by covertly supporting raids on Spanish ships and establishing colonies in North America and the Caribbean.

By the early 17th century, the more financially secure states were challenging Spain’s dominance in the North Atlantic by covertly supporting raids on Spanish ships and establishing colonies in North America and the Caribbean.

In the 17th century, maritime empires, including France, England, and the Netherlands, enacted a series of policies that became known as mercantilism.

In the 17th century, maritime empires, including France, England, and the Netherlands, enacted a series of policies that became known as mercantilism.

In the 17th century, maritime empires, including France, England, and the Netherlands, enacted a series of policies that became known as mercantilism.

Mercantilist thinkers believed that wealth was a finite resource best measured in gold and silver bullion.

Mercantilist thinkers believed that wealth was a finite resource best measured in gold and silver bullion.

Accordingly, these states sought to increase exports while reducing imports in order to increase their gold and silver reserves.

Accordingly, these states sought to increase exports while reducing imports in order to increase their gold and silver reserves.

Mercantilist policies included raising protective tariffs and lowering or removing taxes on exports.

These states also created joint stock companies such as the Dutch East India and English East India companies.

These state-supported monopolies encouraged individuals to purchase fractional ownership of the company and related ventures.

Innovations related to the financial revolutions allowed the English and Dutch governments to finance military expansion.

The Netherlands was declining by the early 18th century, but the rivalry between the English and French empires continued, contributing to multiple conflicts throughout the 18th century.

Global consequences of the Atlantic economy

Silver supplies from Japan initially met all of China’s fiscal and commercial needs.

The increase in Spanish silver production in the 16th century led to greater European participation in global trade and expanding levels of global economic integration.