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These local systems of mutual aid and solidarity created various obligations and rights, and were originally created in order to adapt to the harsh environment of the Andes mountains. [1] In the absence of currency, foreign trade was rare and exceptional. The "mindalae" on the Ecuadorian coast were merchant corporations in charge of trade.
The introduction of free trade led to explosive growth throughout the empire; by the end of the century, Spain received ten times more imports. [clarification needed] Despite the overall growth of the colonies, Peru's economy stagnated in the period that lasted about 150 years after the Peruvian War of Independence. The regional socioeconomic ...
The Spanish conquest of the Inca Empire, also known as the Conquest of Peru, was one of the most important campaigns in the Spanish colonization of the Americas.After years of preliminary exploration and military skirmishes, 168 Spanish soldiers under conquistador Francisco Pizarro, along with his brothers in arms and their indigenous allies, captured the last Sapa Inca, Atahualpa, at the ...
The Inca referred to their empire as Tawantinsuyu, [13] "the suyu of four [parts]". In Quechua, tawa is four and -ntin is a suffix naming a group, so that a tawantin is a quartet, a group of four things taken together, in this case the four suyu ("regions" or "provinces") whose corners met at the capital.
The Price Revolution, sometimes known as the Spanish Price Revolution, was a series of economic events that occurred between the second half of the 16th century and the first half of the 17th century, and most specifically linked to the high rate of inflation that occurred during this period across Western Europe.
The first written traces of the Inca Empire are the chronicles recorded by various European authors (later there were mestizo and indigenous chroniclers who also compiled the history of the Incas); these authors compiled "Inca history" based on accounts collected throughout the empire.
However, in contrast to Mesoamerica's trade and markets, the economy of Inca empire functioned without markets or a medium of exchange (money). The Inca economy has been described in contradictory ways by scholars: as "feudal, slave, socialist (here one may choose between socialist paradise or socialist tyranny)". [6]
European political power, commerce, and culture in Asia gave rise to growing trade in commodities—a key development in the rise of today's modern world free market economy. In the 16th century, the Portuguese broke the (overland) monopoly of the Arabs and Italians in trade between Asia and Europe by the discovery of the sea route to India ...