Glossary of –Ism Economic Terms

Grade 9 Social Studies

1. Mercantilism

An economic system based on obtaining natural resources and the exploitation of colonies

During this time, wealth was measured by how much silver and gold you had. If a country couldn’t mine it themselves, they would collect resources to trade or sell in exchange for silver/gold

This system explains why Europeans settled in Atlantic Canada; they wanted the resources to sell back in Europe because the resources here were in demand in Europe

Colonialism The policy of one nation ruling over another

nation/territory The act of subjugating the people of one

nation/territory to the authority of another power New France/British North America were colonies of

France/Britain Related Term – IMPERIALISM – the policy of

extending the rule of one country over other countries/territories (Crash Course) Economic Imperialism – control of a country’s economy

through foreign investment or exploitation by another country

Making Connections

How did a mercantilist economic system in Europe at the time of contact lead to the colonization of Atlantic Canada?

How is the settlement and colonization of Atlantic Canada an example of economic imperialism?

How are mercantilism and colonialism in the context of Atlantic Canada, examples of globalization?

Industrialism

The development of large industries as an important part of a country’s economy

A shift from an economy based on agriculture to one based on manufacturing Industrial Revolution – the change from an

agricultural to an industrial society that began in Britain in the mid 1700s and in Canada by the early 1900s (Crash Course) Caused the growth of cities and urban centres

Making Connections

How do you think industrialization and the Industrial Revolution impacted sustainability? Globalization?

How do you think industrialization impacted Atlantic Canada? Remember that our economy heavily relied on natural resources…

Capitalism

An economic system in which businesses are controlled by private interests whose objectives are to make profits Emergence of transnational and multinational

corporations Atlantic Canada has a capitalist economic system Capitalism and Socialism Crash Course

Making Connections

How has capitalism impacted sustainability and globalization?

Protectionism

An economic policy in which imported foreign goods are taxed to encourage people to buy domestically produced goods Foreign = in another country Domestic = in your own country

Why would Canada want to adopt a policy of protectionism when we started to industrialize?

National Policy

In 1891, the plan in Canada to establish protective tariffs, build a transcontinental railway, and open the west to settlement Tariffs – taxes that are placed on imported goods;

imposed on imported products to encourage consumers to buy domestic products

How is the National Policy an example of protectionism?