Economic Terms and Historical Events in Trade

Questions and Answers

What is the balance of trade?

The total amount of goods a country exports.

The difference between a country's imports and exports. (correct)

The amount of goods traded between two countries.

The total amount of goods a country imports.

What is a trade surplus?

When a country exports more than it imports.

What is a trade deficit?

When a country imports more than it exports.

What does indemnity refer to?

Payment for losses in war. Signup and view all the answers

What is extraterritoriality?

The right to live under one's own laws and be tried in one's own courts. Signup and view all the answers

What sparked the Opium War?

China outlawing opium and clashing with British merchants. Signup and view all the answers

What was the Taiping Rebellion?

A revolt against the ruling Manchu Dynasty due to failures in dealing with opium and foreign interference. Signup and view all the answers

What was the outcome of the Sino-Japanese War?

Japan gained control of Taiwan. Signup and view all the answers

What was the Open Door Policy?

A policy proposing equal trading opportunities for all nations in China. Signup and view all the answers

Who was Guang Xu?

A young emperor who initiated reforms. Signup and view all the answers

What was the Boxer Uprising?

A rebellion by Chinese secret society aiming to drive out foreigners. Signup and view all the answers

Who was Sun Yixian?

The leader who organized the Revolutionary Alliance. Signup and view all the answers

How did Western powers gain power in Qing China?

By using diplomacy and military force. Signup and view all the answers

How did Western powers achieve greater trading rights in China?

By making unfair treaties such as the Treaty of Nanjing. Signup and view all the answers

What internal problems threatened the Qing dynasty?

Unmaintained irrigation systems and flooding. Signup and view all the answers

What were the goals of Chinese reformers?

To modernize the civil service exams, streamline government, and promote new industries. Signup and view all the answers

How was the Qing dynasty replaced by a republic?

Due to struggles leading to a revolution and lack of effective reform. Signup and view all the answers

Study Notes

Economic Terms in Trade

Balance of Trade: Refers to the difference between a country's imports and exports. China's regulations allowed for a favorable balance of trade with other nations.
Trade Surplus: Occurs when a country exports more than it imports. China maintained a trade surplus.
Trade Deficit: When imports exceed exports. Western nations faced a trade deficit with China, purchasing more from it than they sold.

Historical Events and Concepts

Indemnity: Compensation for losses due to war; notably, Britain received indemnity and control of Hong Kong following conflicts.
Extraterritoriality: The right of foreign nationals to be governed by their home country's laws while in another country. British citizens in China enjoyed this privilege.
Opium War: A conflict that arose when China banned opium, leading to British military action against Chinese ports. The war highlighted China's outdated military equipment.
Taiping Rebellion (1850-1864): A major revolt against the Manchu Dynasty fueled by social unrest and dissatisfaction with foreign influence. Resulted in 14 years of civil war and an estimated 20-30 million deaths.

International Conflicts and Policies

Sino-Japanese War: Resulted in Japan's control over Taiwan, marking a significant power shift in the region.
Open Door Policy: A proposal by the United States aiming to guarantee equal trading rights for all nations in China, promoting international trade.

Key Figures and Reforms

Guang Xu: The young emperor who initiated the Hundred Days of Reform, targeting modernization of industries, education, and military. His reforms met opposition from conservatives, resulting in his imprisonment.
Sun Yixian: Leader of the Revolutionary Alliance advocating for China's modernization based on the "Three Principles of the People": nationalism, democracy, and livelihood.

Resistance Movements

Boxer Uprising: A secret society known as The Righteous Harmonious Fists aimed to expel foreign influences in China. This led to attacks on foreigners and a multinational military response.

Western Power Dynamics

Western Diplomacy and War in Qing China: Utilized formed multinational forces and conflicts to exert influence over Qing China.
Unfair Treaties and Trading Rights: Western powers gained trading rights through unequal treaties like the Treaty of Nanjing, which mandated the opening of five ports in China.

Internal Challenges and Governance

Qing Dynasty's Internal Problems: Faced challenges from neglected irrigation systems leading to flooding and a rapid population increase.
Goals of Reformers: Aimed to modernize civil service exams, streamline government processes, and promote new industries to address issues.
Fall of the Qing Dynasty: The dynasty was replaced by a republic due to internal strife, political disagreements, and a weak government structure, leading to revolutionary movements without effective reform.

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Description

Explore essential economic terms related to trade, such as balance of trade, trade surplus, and trade deficit, alongside historical concepts like indemnity and extraterritoriality. This quiz delves into significant historical events such as the Opium War and the Taiping Rebellion. Test your knowledge on how these factors shaped international trade dynamics.