Question
Globally, what happened to economic systems after 1450?(1 point)
Responses
Mercantilism was replaced by capitalism 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.
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.
Capitalism was replaced by mercantilism as the world’s most common economic system.
Highland Clearances were replaced by mercantilism as the world’s most common economic system.
1 answer
The correct response is:
Mercantilism was replaced by capitalism as the world’s most common economic system.
After 1450, there was a significant transition in economic thought and practice, moving from mercantilist policies, which focused on state control and accumulation of wealth through trade and colonial expansion, towards capitalist systems that emphasized private ownership, free markets, and individual entrepreneurship.
