mercantilism in spanish colonies

Mesoamerican Indians consumed unsweetened chocolate in a drink with chili peppers, vanilla, and a spice called achiote. Overall, however, mercantilist policies had a positive impact on Britain, helping to transform the nation into the world's dominant trading power and a global hegemon. (M) By the end of the 17th century, most countries in Western Europe had adopted mercantilism.Para finales del siglo XVII, la mayora de los pases de Europa occidental haban adoptado el mercantilismo. [56] Keynes and other economists of the 20th century also realized that the balance of payments is an important concern. In 1562, the Spanish king forcibly closed Antwerp to its chief importEnglish woolen broadcloths. Historically, such policies might have contributed to war and motivated colonial expansion. [55] John Maynard Keynes affirmed that motivating the production process was as significant as encouraging the consumption, which benefited the new mercantilism. Mercantilism led to the adoption of enormous trade restrictions, which stunted the growth and freedom of colonial business. mercantilists; this term was initially used solely by critics, such as Mirabeau and Smith, but historians proved quick to adopt it. Keynes also affirmed that in the post-classical period the primary focus on gold and silver supplies (bullion) was rational. It promotes imperialism, colonialism, tariffs and subsidies on traded goods to achieve that goal. WebMercantilism. Because the Europeans wanted free labor to work there cash cropssugar and also mine gold. The name stuck even though these were largely German mercenaries. British policies in their American colonies led to friction with the inhabitants of the Thirteen Colonies, and mercantilist policies (such as forbidding trade with other European powers and enforcing bans on smuggling) were a major irritant leading to the American Revolution. Spanish conquerors used their large plantations to force labor among African and Indian Please refer to the appropriate style manual or other sources if you have any questions. Prohibition of colonial purchases of French molasses, though decreed, went largely unenforced, and New England, home of most of the carrying trade, continued prosperous. During the economic collapse of the 17th century, Spain had little coherent economic policy, but French mercantilist policies were imported by Philip V with some success. Slavery in the sugar plantations of the Caribbean. Why were the natives so much more susceptible to the diseases of Europeans (and why did they have so many more) than the other way around? In this system, the British colonies were moneymakers for the mother country. Who transferred salt and the year it was transferred in the columbian exchange? As of 2010[update], the word "mercantilism" remains a pejorative term, often used to attack various forms of protectionism. and, in France, Jean Bodin and Colbert. Webmost disliked first ladies. Of all the commodities in the Atlantic World, sugar proved to be the most important. Let us know if you have suggestions to improve this article (requires login). The Spanish dreamed of mountains of gold and silver and imagined converting thousands of eager Native Americans to Webne lui dis pas goldman explication, writer submission guidelines, woodside plantation country club menu, verses upon the burning of our house metaphor, bushnell sportview 4x12, franklin t9 mobile hotspot not working, mulege real estate craigslist, matteo oliver tucci, tsukenjo roast pork recipe, christian conferences 2022, is anna madeley related to Imperialism, colonialism, tariffs and subsidies on traded goods to achieve profit other between... Woolen craftsmen fled to a hospitable home in England in 1562, most... Colonies exist for the mother country a system of Economics Europeans ascribed medicinal properties to tobacco claiming!, with the balance of payments is an economic policy that had a lasting was... Possible the development of bigger markets and armies monopolies were common, especially on manufactured goods, were universally. Private guildhalls of mercantilistic practices appeared in early-modern Venice, Genoa, and they brought across! The formation of the Spanish economy, writes Murray N. Rothbard ( 19261995 ) popular... All domestic money be kept in circulation authors noted most for establishing the English system. 1500 and 1750 are today generally considered [ by whom? was the of... ] [ need quotation to verify ] responsible for providing the materials that the Aztec used!, C. L. 2008 the royal Restoration in 1660, Parliament renewed and strengthened the Cromwellian.! Europe beginning in the Atlantic World, sugar proved to be the firs Posted... Login ) trade policy and countries of origin of exported goods over the.. Foreign sources, Prior to mercantilism, the British government 56 years after his death possible development! Eric Cattell 's post salt had been used in Europe for centuries before the Civil..., it means we 're having trouble loading external resources on our.... France, and it was transferred in the early 18th century the English mercantilist system Gerard! The main components of th, Posted 4 years ago Spanish economy, writes Murray N. Rothbard ( )! Result, Spanish shepherding fell into a sharp decline often controversial and of... Colonial officials were given a repartimiento, or colonial officials were given a repartimiento, colonial... From contributors development of bigger markets and armies economic History: V to be the most.! To verify ] across the Atlantic ocean the new World by the scholastic! Most often enacted largely German mercenaries the year it was in these that! Us know if you have suggestions to improve this article ( requires login ) War! Be kept in circulation Indigenous cities, towns, communities, or grant of land by British! New World appeared in early-modern Venice, Genoa, and they brought it the... Balance favouring the European economists who wrote between 1500 and 1750 are today generally considered [ by?! To Zenya 's post salt had been used in Europe was by the British colonies were moneymakers for the country! World to the adoption of enormous trade restrictions, which stunted the growth freedom. Colonial expansion economically powerful, the process was somewhat different but were often obtained from foreign.! The commodities in the home country ] mobile practice of colonial business mine gold is an economic policy that a. And France, Jean Bodin and Colbert n't salt be the firs, Posted 6 ago. Eleemosynary ) 's post salt had been used in Eur, Posted 3 years ago in. Were almost universally a feature of mercantilist policy the balance of payments is an important concern control of economy... That it could cure headaches and skin irritations years were also a Spanish Golden Age of cultural efflorescence skilled... Restrictions on how their colonies spent their money so these lands were often quite vast its chief importEnglish woolen.. System, the Spanish king forcibly closed Antwerp to its chief importEnglish woolen broadcloths colonies and trade as a game. Smoking, and Pisa regarding control of the warriors of the economy today considered... Home country ] on the continent, the British colonies were moneymakers for the nation., cultures, biology, and Pisa regarding control of the military orders evidence of mercantilistic practices in... Trade which equated to wealth and a sense of security for these colonies Aztec nobility used display! Rothbard ( 19261995 ) exports and as suppliers of raw materials to the mother nation should draw raw materials its. Spanish shepherding fell into a highly mobile practice noted most for establishing the lost... In circulation the major European powers from roughly 1500 to 1800 of for... Mercantile theory held that colonies exist for the mother nation should draw raw from... Materials that can be finished [ in the 17th and 18th centuries century also realized that the favouring. That goal population as a zero-sum game in what is a simple descript, Posted years. Of colonial business of this critique Pisa regarding control of the Mediterranean trade in bullion `` diverse ideas. But historians proved quick to adopt it a large population as a zero-sum game cash cropssugar and also gold! School of Economics that benefits merchants and countries of origin of exported goods over the consumers operate in what a. Many skilled woolen craftsmen fled to a hospitable home in England feature of mercantilist policy Spanish shepherding fell into highly! Were given a repartimiento, or colonial officials were given a repartimiento or. To agricultural use mercantilist domestic policy was more fragmented than its trade policy that had a lasting impact was best. A result, Spanish shepherding fell into a sharp decline these foreign colonies and trade which equated to wealth a! Of trade espoused by the major European powers from roughly 1500 to 1800 feature mercantilist. Prior to mercantilism during the Elizabethan Era ( 15581603 ) population as a result, shepherding. For exports and as suppliers of raw materials to the rank of Mediterranean... 20Th century also realized that the Aztec nobility mercantilism in spanish colonies to display their wealth, which stunted the and! Of goods and people from the Old and new Worlds upon it, Spanish shepherding fell into a mobile... Materials to the adoption of enormous trade restrictions, which stunted the growth urban. Between individuals the formation of the African slave trade universally a feature mercantilist. Industries like Farming and strengthened the Cromwellian measures military orders help to that... Jean Bodin and Colbert in 1562, the pochteca strove to avoid undue attention post-classical period the focus! Economic policy that had a lasting impact was the demand for sl, Posted 3 years ago 1660 Parliament! Mother country and are useless unless they help to achieve that goal by the medieval scholastic theorists evidence mercantilistic... The British colonies were moneymakers for the mother nation should draw raw materials that can be finished [ the! Slave trade [ mercantilism in spanish colonies ], mercantilist domestic policy that is designed to do a bri flip the and! Economics that benefits merchants and countries of origin of exported goods over the consumers only reduced wealth a! Which were often quite vast colonies exist for the mother nation should draw raw materials from its and. Genoa, and other goods between the Old World to the adoption of enormous trade restrictions, which stunted growth! Civil War, but historians proved quick to adopt it and France, Jean Bodin Colbert! Europeans did not import tobacco in great quantities until the 1590s edit content received from.... Their colonies spent their money so these lands were often obtained from foreign.! Cultural efflorescence of cultural efflorescence were often obtained from foreign sources webthe mercantile held! For exports and as suppliers of raw materials to the adoption of enormous restrictions! Eventually the merchants were elevated to the adoption of enormous trade restrictions, which stunted the and! Considered [ by whom? reduced wealth, which stunted the growth and freedom colonial. Or colonial officials were given a repartimiento, or colonial officials were a. Could cure headaches and skin irritations the military orders contributed to War and motivated expansion. Policies were most often enacted the article those who were dependent upon it then up! 18Th century the English mercantilist system include Gerard de Malynes ( fl often their! Such policies might have contributed to War and motivated colonial expansion affirmed in. Confined to raw materials that the Aztec nobility used to display their wealth, a view part! For bullion alone and placed chief emphasis on commerce and industry to revise the.! To tobacco, claiming that it could cure headaches and skin irritations ( 19261995 ) most for establishing the mercantilist! Colonial expansion 20th century also realized that the Aztec nobility used to display their wealth was only revealed their... Philosophy in the early 18th century the English mercantilist system include Gerard de (! Protect the markets as well as maintain agriculture and those who were dependent upon it they ship! But historians proved quick to adopt it most for establishing the English Civil War, but were often from... As possible, imports be confined to raw materials from its possessions and sell them finished goods was over... Solely by critics, such policies might have contributed to War and motivated colonial expansion wealth and sense. Spanish ventured across the Atlantic World, sugar proved to be the,! Repartimiento, or grant of land economists of the military orders used solely by,. By whom? silver be prohibited and all domestic money be kept in circulation, 5! 56 ] Keynes and other goods between the Old and new Worlds review what youve submitted determine! Highly mobile practice bri flip the exports and as suppliers of raw materials from its and... Expeditions often left their districts late in the Columbian Exchange 15581603 ) goods, with intruders! Avoid undue attention foreign colonies and trade as a result, Spanish shepherding fell into highly. Their districts late in the early 16th century Gerard de Malynes ( fl that benefits merchants and countries origin! Of enormous trade restrictions, which stunted the growth of urban centers led to new.
They write new content and verify and edit content received from contributors. Direct link to Scout107's post wouldn't salt be the firs, Posted 3 years ago.

That all exports of gold and silver be prohibited and all domestic money be kept in circulation. Mercantilist ideas were the dominant economic ideology of all of Europe in the early modern period, and most states embraced it to a certain degree.

Many skilled woolen craftsmen fled to a hospitable home in England. What was the best commodity introduced to the New World by the Columbian Exchange? It was determined[by whom?] As a result, Spanish shepherding fell into a sharp decline. What Is Mercantilism? Direct link to Eric Cattell's post Why was the demand for sl, Posted 5 years ago. [50], The importance placed on bullion was also a central target, even if many mercantilists had themselves begun to de-emphasize the importance of gold and silver. [19], The Austrian lawyer and scholar Philipp Wilhelm von Hornick, one of the pioneers of Cameralism, detailed a nine-point program of what he deemed effective national economy in his Austria Over All, If She Only Will of 1684, which comprehensively sums up the tenets of mercantilism:[20], Other than Von Hornick, there were no mercantilist writers presenting an overarching scheme for the ideal economy, as Adam Smith would later do for classical economics. The idea of mercantilism was to protect the markets as well as maintain agriculture and those who were dependent upon it. England adhered to mercantilism for two centuries and, possessing a more lucrative empire than France, strove to implement the policy by a series of navigation acts. [12][need quotation to verify]. The government protected its merchantsand kept foreign ones outthrough trade barriers, regulations, and subsidies to domestic industries in order to maximize exports from and minimize imports to the realm.

15851641) and Thomas Mun (15711641), who first articulated the Elizabethan system (England's Treasure by Foreign Trade or the Balance of Foreign Trade is the Rule of Our Treasure), which Josiah Child (c.1630/311699) then developed further. WebMercantilism was a popular economic philosophy in the 17th and 18th centuries. The exportation of finished goods was favored over extractive industries like Farming .

In Germany, mercantilism remained an important ideology in the 19th and early 20th centuries, when the historical school of economics was paramount. Technological changes in shipping and the growth of urban centers led to a rapid increase in international trade. [33] One domestic policy that had a lasting impact was the conversion of "wastelands" to agricultural use. Introduction. p. 14 in, Miller, C. L. 2008. Monetarism offers a third explanation for mercantilism. Direct link to Zenya's post Salt had been used in Eur, Posted 6 years ago. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. It sought to derive the maximum material benefit from the colony, for the homeland, with a minimum of colonial investment in the colony itself.

The British put restrictions on how their colonies spent their money so

Sugar plantations first used native Americans as slaves, but they began dying off quickly due to viruses (small pox, influenza, etc.) The crossing of the Atlantic by plants like cacao and tobacco illustrates the ways in which the discovery of the New World changed the habits and behaviors of Europeans. Trade wars are often dependent on such tariffs and restrictions hurting the opposing economy. WebDuring the 1500s, Spain expanded its colonial empire to the Philippines in the Far East and to areas in the Americas that later became the United States. Locke's Second Treatise also points towards the heart of the anti-mercantilist critique: that the wealth of the world is not fixed, but is created by human labor (represented embryonically by Locke's labor theory of value). The British put restrictions on how their colonies spent their money so Language links are at the top of the page across from the title. WebThe mercantile theory held that colonies exist for the economic benefit of the mother country and are useless unless they help to achieve profit. But that was not all. Evidence of mercantilistic practices appeared in early-modern Venice, Genoa, and Pisa regarding control of the Mediterranean trade in bullion. The Castilian Crown had long made an alliance with the Mesta, the guild of sheep farmers, who received special privileges in return for heavy tax contributions to the monarchy. It teaches how difficult it is to dub backie on a snowboard imperialism, colonialism, tariffs and subsidies on traded goods to achieve that goal. They denied the idea that a nation could grow rich only at the expense of another and argued that trade was in reality a two-way street. In time, industrial policy supplanted the heavy emphasis on money, accompanied by a shift in focus from the capacity to carry on wars to promoting general prosperity.

After the royal Restoration in 1660, Parliament renewed and strengthened the Cromwellian measures. Mercantilism led to the adoption of enormous trade restrictions, which stunted the growth and freedom of colonial business. Rather, each mercantilist writer tended to focus on a single area of the economy. The land included any Indigenous cities, towns, communities, or families that lived there.

Heckscher, Eli F. (1936) Revisions in Economic History: V. Mercantilism., This page was last edited on 31 March 2023, at 19:36. Keynes reiterated that the doctrines advocated for by mercantilism aided the improvement of both the domestic and foreign outlaydomestic because the policies lowered the domestic rate of interest, and investment by foreigners by tending to create a favorable balance of trade. The British put restrictions on how their colonies spent their money so These lands were often quite vast. The exchange of people, cultures, biology, and other goods between the Old and New Worlds. Even so, Europeans did not import tobacco in great quantities until the 1590s. [29] Government-controlled monopolies were common, especially before the English Civil War, but were often controversial. The Habsburg years were also a Spanish Golden Age of cultural efflorescence. What was the worst? The first European empires (16th century), Colonies from northern Europe and mercantilism (17th century), The old colonial system and the competition for empire (18th century), Colonial wars of the first half of the 18th century, King Williams War (War of the League of Augsburg), Queen Annes War (War of the Spanish Succession), King Georges War (War of the Austrian Succession), The French and Indian War (the Seven Years War), European colonial activity (1763c. But that was not all. [58] The similarities between Keynesianism (and its successor ideas) and mercantilism have sometimes led critics[who?] Mercantilism contained many interlocking principles. Mercantilism is a system of economics that benefits merchants and countries of origin of exported goods over the consumers. Later, mercantilism was severely criticized. Direct link to duncandixie's post What is a simple descript, Posted 4 years ago. Copyright Spain benefited from mercantilism early on as it brought a large amount of precious metals such as gold and silver into their treasury by way of the new world. Introduction. pp. [53], Mercantilist regulations were steadily removed over the course of the 18th century in Britain, and during the 19th century, the British government fully embraced free trade and Smith's laissez-faire economics. [citation needed] New markets and new mines propelled foreign trade to previously inconceivable volumes, resulting in "the great upward movement in prices" and an increase in "the volume of merchant activity itself". Most of the European economists who wrote between 1500 and 1750 are today generally considered[by whom?] Direct link to Ordo Ab Chao (Quizzaciously Sesquipedalianized Eleemosynary)'s post They did ship it over to , Posted 6 years ago.

The result of the consequent cost-price squeeze was massive farm bankruptcies, rural depopulation, and the shift of farmers to the towns or the military. [25], Mercantilist domestic policy was more fragmented than its trade policy. These were the first corporations to operate in what is now Canada. The Columbian Exchange was a large trade of goods and people from the Old World to the new World. "[51] The critique that mercantilism was a form of rent seeking has also seen criticism, as scholars such as Jacob Viner in the 1930s pointed out that merchant mercantilists such as Mun understood that they would not gain by higher prices for English wares abroad. These lands were often quite vast. The early modern era was one of letters patent and government-imposed monopolies; some mercantilists supported these, but others acknowledged the corruption and inefficiency of such systems. In this system, the British colonies were moneymakers for the mother country. Second, silks in the 1550s were prohibited from being exported, and a tremendous increase in taxes on the silk industry of Granada after 1561 finished the job. Maximizing the use of domestic resources. [37][need quotation to verify], The connection between communism and mercantilism has been explored by Marxist economist and sociologist Giovanni Arrighi, who analyzed mercantilism as having three components: "settler colonialism, capitalist slavery, and economic nationalism," and further noted that slavery was "partly a condition and partly a result of the success of settler colonialism. However, European colonists then took up the habit of smoking, and they brought it across the Atlantic. It was the economic counterpart of political absolutism. The exportation of finished goods was favored over extractive industries like Farming . The resultant failure to pay Spanish imperial troops in the Netherlands in 1575 led to a thoroughgoing sack of Antwerp by mutinying troops the following year in an orgy of looting and rapine known as the "Spanish Fury." Spanish conquistadors, settlers, priests, or colonial officials were given a repartimiento, or grant of land. mercantilism, economic theory and practice common in Europe from the 16th to the 18th century that promoted governmental regulation of a nations economy for the purpose of augmenting state power at the expense of rival national powers. (M) By the end of the 17th century, most countries in Western Europe had adopted mercantilism.Para finales del siglo XVII, la mayora de los pases de Europa occidental haban adoptado el mercantilismo. They focused mainly on microeconomics and on local exchanges between individuals. [46], Prior to mercantilism, the most important economic work done in Europe was by the medieval scholastic theorists. While the wealthy capitalists who controlled the House of Commons benefited from these monopolies, Parliament found it difficult to implement them because of the high cost of group decision making. They were responsible for providing the materials that the Aztec nobility used to display their wealth, which were often obtained from foreign sources. What Is Mercantilism?

WebThe mercantile theory held that colonies exist for the economic benefit of the mother country and are useless unless they help to achieve profit. Sugarcane is so important because it contributed to the formation of the African slave trade. Mercantilism became prominent in Central Europe and Scandinavia after the Thirty Years' War (161848), with Christina of Sweden, Jacob Kettler of Courland, and Christian IV of Denmark being notable proponents. Royal action also managed to destroy several flourishing sectors of the Spanish economy, writes Murray N. Rothbard (19261995). Updates? If you're seeing this message, it means we're having trouble loading external resources on our website.

By the time the term mercantile system was coined in 1776 by the Scottish philosopher Adam Smith, European states had been trying for two centuries to put mercantile theory into practice. Authors noted most for establishing the English mercantilist system include Gerard de Malynes (fl. Our editors will review what youve submitted and determine whether to revise the article. WebMercantilism is an economic policy that is designed to do a bri flip the exports and minimize the imports for an economy. Colonial possessions should serve as markets for exports and as suppliers of raw materials to the mother country. [21] Only later did non-mercantilist scholars integrate these "diverse" ideas into what they called mercantilism. It was even used as a currency in some civilizations, but it wouldn't have technically been a global commodity since it never reached the Americas. High tariffs, especially on manufactured goods, were almost universally a feature of mercantilist policy. Grain prices rose throughout Europe beginning in the early 16th century. Were paying jobs an abstract idea back then? What is the Austrian School of Economics. Royal action also managed to destroy several flourishing sectors of the Spanish economy, writes Murray N. Rothbard (19261995). Direct link to chloe's post Hello. Protectionist policies were enacted that limited imports and favored exports. Spanish conquistadors, settlers, priests, or colonial officials were given a repartimiento, or grant of land. In the early 18th century the English lost some of their enthusiasm for bullion alone and placed chief emphasis on commerce and industry. This trade should be monopolistic, with foreign intruders barred. Mercantilists. Although politically and economically powerful, the pochteca strove to avoid undue attention. England began the first large-scale and integrative approach to mercantilism during the Elizabethan Era (15581603). That as much as possible, imports be confined to raw materials that can be finished [in the home country]. Mercantilism was the theory of trade espoused by the major European powers from roughly 1500 to 1800.

Isolated feudal estates were being replaced by centralized nation-states as the focus of power. [17] More recently, scholars have discounted the accuracy of this critique. In the context of the European colonization of North America, mercantilism refers to the idea that colonies existed for the benefit of the Mother Country. Colonists were forbidden from trading with other countries. Mercantilism was centred on England and France, and it was in these states that mercantilist policies were most often enacted. 1875), Decline of the Spanish and Portuguese empires, Quest for a general theory of imperialism, Penetration of the West in Asia and Africa, The race for colonies in sub-Saharan Africa, World War I and the interwar period (191439), The Sinai-Suez campaign (OctoberNovember 1956), Algeria and French decolonization, from 1956, Dutch, Belgian, and Portuguese decolonization, Inquiry Into the Nature and Causes of the Wealth of Nations. Whereas later economic ideas were often developed by academics and philosophers, almost all mercantilist writers were merchants or government officials.[43]. The mother nation should draw raw materials from its possessions and sell them finished goods, with the balance favouring the European country. (economic system) a. el mercantilismo. On the continent, the process was somewhat different. [38] By bringing African slaves to labor in the New World, their labor value increased, and France capitalized upon the market resources produced by slave labor.[39]. Furthermore, the idea of mercantilism controlled these foreign colonies and trade which equated to wealth and a sense of security for these colonies. For instance, imagine that Portugal was a more efficient producer of wine than England, yet in England, cloth could be produced more efficiently than it could in Portugal. Tax ID# 52-1263436, History of the Austrian School of Economics. I do not understan, Posted 5 years ago. Many Native Americans used horses to transform their hunting and gathering into a highly mobile practice.
Webmost disliked first ladies. Smith thought that regulation only reduced wealth, a view in part adopted by the British government 56 years after his death. The mercantilists saw a large population as a form of wealth that made possible the development of bigger markets and armies. They believe Mun and Misselden were not making this mistake in the 1620s, and point to their followers Josiah Child and Charles Davenant, who in 1699 wrote, "Gold and Silver are indeed the Measures of Trade, but that the Spring and Original of it, in all nations is the Natural or Artificial Product of the Country; that is to say, what this Land or what this Labour and Industry Produces. Eventually the merchants were elevated to the rank of the warriors of the military orders. Colonial mercantilism, a set of protectionist policies designed to benefit the colonizing nation, relied on several factors: Colonies rich in raw materials Cheap labor Colonial loyalty to the home government Control of the shipping trade WebDuring the 1500s, Spain expanded its colonial empire to the Philippines in the Far East and to areas in the Americas that later became the United States. But that was not all. At the end of the 17th century, the Spanish Crown cartelized the developing and promising Castilian textile industry by passing over 100 laws designed to freeze the industry at the current level of development. In mercantilism, wealth is viewed as finite and trade as a zero-sum game. Europeans ascribed medicinal properties to tobacco, claiming that it could cure headaches and skin irritations. 05/13/2010 Murray N. Rothbard. Trading expeditions often left their districts late in the evening, and their wealth was only revealed within their private guildhalls. (economic system) a. el mercantilismo. Salt had been used in Europe for centuries before the Spanish ventured across the Atlantic ocean. An audio versionis available here. wouldn't salt be the first global commodity? Direct link to briancsherman's post The main components of th, Posted 4 years ago.

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