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Topic 5.7

AP World

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29 views1 page

Topic 5.7

AP World

Uploaded by

ekul2008
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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AP World His or Topic 5.

7
Economic De elopmen s and Inno a ions
Par 1: Ar icle Anal sis- Read the e cerpt from Adam Smith s The Wealth of Nations and complete the follo ing
The importation of gold and silver is not the principal, much less the sole benefit which a nation derives from its
foreign trade. Between whatever places foreign trade is carried on, they all derive two distinct benefits from it. It
carries out that surplus part of the produce of their land and labor for which there is no demand among them, and
brings back in return for it something else for which there is a demand.
Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to,
only so far as it may be necessary for promoting that of the consumer. [I]n the mercantile system, the interest of
the consumer is almost constantly sacrificed to that of the producer; and it seems to consider production, and not
consumption, as the ultimate end and object of all industry and commerce
1. What economic change is being advocated by Adam Smith? Use evidence from the excerpt to support your
answer.
The economic change being advocated by Adam Smith is the mercantile system, which
tells traders that they should put the consumer before themselves.
2. How did the ideas of Adam Smith contribute to the creation of large-scale transnational businesses?
Adam Smiths' idea of the mercantile system, essentially taught traders how
to trade for the most profit. This changed the entire trading business
throughout the world.
Par 2: Image Anal sis- Use the Hong Kong and Shanghai Bank Note to complete the follo ing.
3. Identify two ways that the bank note reflects the global nature of trade and banking practices in the late 1800s.
The bank note shows just how much trading grew. Trading had grown so large that countries made their
own currencies for trading. The bank note also shows the need for a way to keep track of all the money
collected from trading. This is tracked by bankers, people who were in charge of handling the money.
4. Explain the historical context of the phrase Principal and Interest free from Chinese Taxes and Imposts printed
on the banknote.

Par 3: Video Anal sis- Watch the short ideo about Adam Smith s in isible hand and complete the follo ing.
5. According to the video, how does Adam Smith s invisible hand lead to an increase in the availability, affordability,
and variety of consumer goods.

6. Explain how Smith s ideas were different from the economic policies used by most Western European countries
prior to 1750.

Par 4: Essa Prac ice- Use the prompt to complete the follo ing: To what extent did the shift in economic systems
used by societies change between 1750 to 1900.
7. Write a thesis statement that responds to the prompt and establishes a line of reasoning.

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