Contextualization

In the period between the 16th and 18th centuries, a significant economic theory known as Mercantilism emerged. This theory shaped the relationships between European nations and their colonies. It impacted the world's economic system, enabling countries to accumulate an impressive amount of wealth. Mercantilism emphasized the importance of trade, colonization, and the establishment of colonies to secure resources and markets. This theory propelled the age of exploration and colonization, ultimately paving the way for globalization.

Mercantilism propagated the idea that the world's wealth was static and nations could only enrich themselves at the expense of others. It proposed that a nation's economic health was dependent on selling more than it bought from foreign nations. Hence, countries focused on manufacturing goods for export while limiting imports through tariffs and other trade barriers. This is the reason, countries during this period explored and established colonies for securing raw materials and markets.

The effects of Mercantilism are still present in today's world, especially in the way modern nations conduct international trade. Many elements of protectionism, such as import tariffs and quotas, that evolved from mercantilism are still in effect today. Understanding this era provides us with insight on how economic systems have evolved and how historical economic principles impact present-day economic policies.

The study of Mercantilism provides students with a unique perspective on how economics shaped history and continues to play a role in modern-day international relations. It also sheds light on the implications of economic policies on a country's citizenry and the global community. As we delve into this journey, we investigate not only the economic but also the socio-political scenarios of that time.

You will delve into this captivating era using the following resources:

1. Mercantilism: Meaning, Causes, Effects, Criticisms, and More
2. Mercantilism and the Slave Trade
3. Making Cents of Currency's Colonial Roots
4. The Economy of British America, 1607-1789 by John J. McCusker, Russell R. Menard.
5. Mercantilism: A Lesson for Our Times? by Dr. Econ

These sources will equip you with a rich understanding of the topic, enabling you to participate in well-informed debates and discussions related to this historical era.

Practical Activity

Activity Title: Mercantilism in Motion

Objective of the Project:

The purpose of this project is to gain a deeper understanding of the mercantile system and its implications by creating a simulated trade environment. The students will role-play as different European nations and their colonies and use their gathered knowledge on Mercantilism to strategize, negotiate and make decisions.

Detailed Description of the Project:

For the simulation, students will be divided into teams, each representing a European nation and its colonies during the mercantile era (16th to 18th centuries). The teams will engage in a simulation game where they will:

1. Negotiate trade deals.
2. Make decisions about imports and exports.
3. Strategize on how to gain the most wealth through trade and colonization.
4. React to unexpected "historical events" affecting their trade and economy.

Necessary Materials:

1. A large map of the world during the 16th to 18th centuries.
2. Notebooks and pens for each group.
3. Small tokens to represent resources.
4. Index cards to represent historical events.
5. Access to the internet/library for research.

Detailed Step-by-step Description of the Activity:

Step 1: Research (2 hours) Students will first conduct research on their designated countries. They should compile information regarding the country's colonies, the resources available in those colonies, and the trade policies of that era. They should also research how these countries interacted with other countries economically, the major historical events that occurred during this time in their nation, and how those events affected their trade.

Step 2: Strategy Development (2 hours) Each team should develop a strategy regarding their import/export policies-based on their research. They should also consider how to build wealth through trade and colonization while managing relationships with other nations.

Step 3: Simulation (3 hours) The game will start with each team having a set amount of resources. Teams will engage in trade, negotiate, handle historical events, and adjust their strategies accordingly.

Step 4: Review and Reflection (1 hour) At the end of the game, teams will review their strategies, actions, and their consequences. They will reflect on what worked, what didn't, and what they would do differently.

Delivery: Project Report

Each team will submit a detailed report of their journey through the Mercantilism era. The report should be organized into four main sections:

1. Introduction: Here, provide a brief overview of Mercantilism, its relevance and real-world application, and the objective of this project.
2. Development: In this section, detail the theory behind Mercantilism and how it influenced your decisions during the simulation. Explain your initial strategy, the different events that unfolded, and how your team responded to those events. Discuss the outcomes of your decisions and any adjustments you had to make along the way.
3. Conclusions: Revisit the main points from your experience. Discuss the lessons learned, what you might do differently if given another opportunity, and how your understanding of Mercantilism has changed as a result of this project.
4. Bibliography: List the sources that you used to research your country and to develop your understanding of Mercantilism.

After completing this project, students should have a deeper understanding of Mercantilism, how it shaped the world's economies, and its lasting repercussions. They should also have developed skills in team collaboration, strategic decision making, negotiation, and reflection.