Globally, what happened to economic systems after 1450?

Question

Highland Clearances were replaced by mercantilism as the world’s most common economic system.

Mercantilism was replaced by capitalism as the world’s most common economic system.

Indentured servitude was replaced by capitalism as the world’s most common economic system.

Capitalism was replaced by mercantilism as the world’s most common economic system.

Answer 1

After 1450, the most notable shift in global economic systems was the transition from mercantilism to capitalism. During the Age of Exploration and the rise of colonial empires, mercantilism became the dominant economic theory, characterized by government regulation of the economy to enhance national power, particularly through trade.

However, over time, particularly in the 18th and 19th centuries, capitalism began to emerge as the predominant economic system. This shift was marked by the rise of free markets, industrialization, and a focus on individual entrepreneurship.

Therefore, the most accurate statement from your options would be:

Mercantilism was replaced by capitalism as the world’s most common economic system.