Globally, what happened to the economic system after 1450?

Question

a) indentured servitude was replaced by capitalism as the worlds most common economic system
b) mercantilism was replaced by capitalism as the worlds most common economic system
c) Highland clearances were replaced by mercantilism as the worlds most common economic system
d) Capitalism was replaced by mercantilism as the worlds most common economic system

Answer 1

The correct answer is:

b) mercantilism was replaced by capitalism as the world's most common economic system.

After 1450, particularly during the Age of Exploration and the subsequent development of trade networks, mercantilism began to emerge as a dominant economic theory. However, over the following centuries, particularly with the rise of industrialization in the late 18th century, capitalism started to gain prominence and eventually replaced mercantilism as the predominant economic system in many parts of the world.