P2 socsci term3

• Mercantilism


  Prominent economic policy from the 16th to 18th century that measured the wealth of a nation in terms of the quantity of precious metals, especially gold and silver, that it had in its possession
• Mercantilism


  Led European countries to a competition to find new territories and build military troops to defend their colonies
• Free trade


  Economic policy that replaced mercantilism where countries involved would benefit
• Galleon trade


  • Lasted for 200 years
  • Did not benefit Filipinos as it included products from China and Mexico only
  • Filipinos faced hardships in building the ships
  • Spain monopolized the trade contrary to early Filipino practices
• Abolition of the galleon trade


  Resulted in the Philippines opening to world trade completely in 1834
• Opening of the Philippines to world trade

  Revitalized the economy and led to the emergence of the middle class
• Middle class


  • Consisted of Spanish or Chinese mestizos who benefitted from the vibrant economy
  • Had the opportunity to send their children to study in Europe and learn liberal ideas
• Suez Canal opened, shortening the journey between Spain and the Philippines from 3 months to 1 month

  1869
• Arrival of liberal Spaniards in the Philippines

  • Filipinos could travel to Europe where they learned liberal ideas
• Entry of modern and liberal ideas
• Liberal leadership


  • In September 1868, a revolution in Spain dethroned Queen Isabel II, paving the way for the reign of liberals in Spain
  • The new government sent liberal Carlos Maria dela Torre to become governor-general of the Philippines in 1869
  • Under his leadership, he implemented liberal reforms such as lifting the strict censorship of newspapers and legalizing protests
• The liberal reforms were discontinued when de la Torre was replaced, but they fueled the desire of Filipinos for change