Which of the following correctly analyzes the ways in which new systems of trade impacted the global economy?(1 point)

Question

Responses which answer is correct and why

West African trading empires gained power as new resources became available.
West African trading empires gained power as new resources became available.

Chinese dynasties in Asia lost wealth from global trade.
Chinese dynasties in Asia lost wealth from global trade.

New economic ideas like mercantilism and capitalism enriched European economies.
New economic ideas like mercantilism and capitalism enriched European economies.

Silver mines contributed to the wealth of South American economies.

Answer 1

The correct response is: New economic ideas like mercantilism and capitalism enriched European economies.

Why this answer is correct:

1. Mercantilism and Capitalism: During the period of expanding global trade, European economies adopted new economic theories such as mercantilism, which emphasized the accumulation of wealth through trade and the exploitation of colonies, and capitalism, which focused on private ownership and investment. These ideas facilitated economic growth and the development of powerful trading nations in Europe.

2. Global Trade Networks: The rise of global trade networks allowed for the exchange of goods, resources, and wealth on an unprecedented scale, primarily benefiting European powers who dominated these networks. This shift contributed to the economic enrichment of European nations at the expense of other regions.

3. Historical Context: The Age of Exploration and the subsequent establishment of trade routes had a profound impact on global economies. Resources from colonies (including precious metals, spices, and other goods) directly increased wealth in Europe, illustrating the relationship between new trade systems and European economic power.

The other responses, while they have elements of truth, do not directly encapsulate the broader impact of new international trade systems on the global economy as effectively as the selected answer does.