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C O U R S E 
A History of the World since 1300
Jeremy Adelman, Princeton University
C O U R S E   L E C T U R E 
Francis Drake and Mercantilist Wars
Notes taken on December 20, 2013 by Edward Tanguay
the concentration of power and wealth led to internal sources of disequilibrium
economics on a global scale was nothing new, but mercantalism added a source of financial and dependency disequilibrium
affects not just the relationships between states and merchants but between states and states
a monopoly is that one person gets a right to trade and another party doesn't and the state is going to defend that right
other people began to want those rights and they became contested privileges
you might describe these state sponsored monopolies as "protection rackets"
the merchants will pay the state the right to enjoy exclusive privileges
but it's hard to protect the protection racket
rivals began to contest one another over these privileges
16th century: proxy wars
Sir Francis Drake (1540-1596)
hero to the British, a pirate to the Spaniards
made his money not by plundering the American colonies, but by plundering the wealth from the Spaniards who were plundering the American colonies
carried out the second circumnavigation of the world, from 1577 to 1580
the war between England and Spain was he legendary backdrop for the pirates of the Caribbean
18th century: mercantilist warfare
fought against each other for the control of territory and sea lanes
three theaters
1. North America
2. Caribbean
the cockpit of empires: if you could control the Caribbean, you could control Europe's empire
3. South Asia
culminated in the Seven Years War
the first world war
wars were not inexpensive, so states had to borrow money from merchants through bonds, merchants had an interest in this as to have the state
the racheting up of the power relationships which adds to the disequilibrium