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An essay about characteristics of mercantilism
An essay about characteristics of mercantilism
Theories of mercantilism
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The United States of America was a mere dream to many people living across seas in Britain, a place where they could find God, gold, and glory (Lybbert, 2010). Upon arrival of what seemed to be the dreamland, settlers quickly realized that it would not take long for the newly established governments to institute their individual forms of creating economic wealth. Whatever early colonial economy was there had come from trapping and trading furs. Also at this time, the fishing industry was the primary source of wealth in the Massachusetts area. Throughout all of the colonies, the people relied mostly on small farms and the efficiency of their work. Many households manufactured their own soaps, preserved food, candles, brewed beer and also processed …show more content…
Constitution, was put into place in 1787 and is still in effect to this day (Post, 2003). The U.S. Constitution served as an economic charter, because it established that all of British North America, which stretched from Maine to Georgia, was a unified in a "common" market. Mercantilism drove beliefs that there was a limited source of wealth in the world of raw materials, and that the goal of a mercantilist economy was to collect the greatest amount of silver and gold at the cost of other nations. The mercantilist economy was done through a balance of trade, by exporting manufactured goods and putting a limit on the number of imported items, the nation brought in hard currency. New England provided timber and ships and grain from the middle colonies fed England's booming population. The Southern Colonies provided tobacco, indigo and other popular crops. England was getting all of these raw materials without having to pay for them in hard currency. England would simply get them all through what was known as the triangular trade. British goods that were not available in the colonies were traded for slaves from the African coast, and those slaves were shipped to British North America and traded for the crops and other raw …show more content…
Economic success of the colonies revolved around trade. In the earlier days, people had to make or trade for everything they needed on a day to day basis. The Northern colonies developed various cottage industries that traded on a simple barter system. Which meant that people traded what they had for what they needed from other people, and that small scale trading system lead to the mercantilist economy of the colonies. As the colonies were economically growing, their overseas trade remained based in raw materials and agricultural products. (Post,
In the early eighteenth century consumer goods flooded American markets, the colonists needed to sell what they produced in order to purchase British goods that were beyond their ability to manufacture and therefore made them feel more a part of the British "empire of goods".
Southern colonies were hilly coast with grew cotton, tobacco, rice, sugar cans .also they had specific regions which gave way to religious freedoms.The founders of the Southern Colonies were, for the most part, out to make money. They brought their families, as did the New England colonists, and they kept their families together on the plantations.In the Southern Colonies and travel environment controlled social life. The Southern Colonies had a hard-and-fast three class system. Upper-class rich colony owners, middle-class small colony owners, lower class.The southern colonies were established early on after the settlement of Jamestown in 1607. At first, the south also relied on the forests and the water, but tobacco and cotton later emerged as cash crops. Initially, these crops were harvested by indentured servants, but with the growth of plantations, planters started to import slaves from Africa. In the South, there was a great divide between the rich and the poor. The Church of England was the dominant religion and the center of life for southerners. Laws were made by county governments and the economy centered around the large
In the South, however, the economy was predominantly agricultural. Cotton and tobacco plantations relied heavily on the free labor of slaves for their economic prosperity. They saw the urbanization and industrialization of the North, and the economic connection between the North a...
The use of labor came in two forms; indenture servitude and Slavery used on plantations in the south particularly in Virginia. The southern colonies such as Virginia were based on a plantation economy due to factors such as fertile soil and arable land that can be used to grow important crops, the plantations in the south demanded rigorous amounts of labor and required large amounts of time, the plantation owners had to employ laborers in order to grow crops and sell them to make a profit. Labor had become needed on the plantation system and in order to extract cheap labor slaves were brought to the south in order to work on the plantations. The shift from indentured servitude to slavery was an important time as well as the factors that contributed to that shift, this shift affected the future generations of African American descent. The history of colonial settlements involved altercations and many compromises, such as Bacons Rebellion, and slavery one of the most debated topics in the history of the United States of America. The different problems that occurred in the past has molded into what is the United States of America, the reflection in the past provides the vast amount of effort made by the settlers to make a place that was worth living on and worth exploring.
Geographically, North and South were very different places. The pastures of New England were similar to those found in England, suitable for a variety of uses. Hot Southern prairie lands were perfect for cotton growing, a lucrative business at this time. Following the invention of Eli Whitney's Cotton Gin, the South became increasingly dependent on this crop, and an entire society grew out of it. The society was one of wealthy planters, who led a life similar to the landed gentry of England, controlling politics and society of the day. In the fields laboured Negro slaves, usually only a handful per plantation, though larger farms were occasionally seen. In addition, there lived poor whites, tenant farmers or smallholders, who eked out a living from the land. This contrasted sharply with Northern society, where industrialisation flourished, creating wealthy entrepreneurs and employing cheap immigrant labour. Given the localised nature of media, and difficulties of transport two cultures grew up in the same nation, remarkably different and often suspicious of one another.
The three colonial regions blossomed quite differently in terms of economy. English colonists first settled in Jamestown, Virginia in 1607. Failing to find gold, however, people in the southern colonies grew tobacco and rice as marketable commodities. Since tobacco plantation was labor-intensive, a large number of the population was indentured servants and black slaves. Because of the high mortality rate and unbalanced sex ratio, headright system was created in order to attract more settlers. In New England, due to the poor soil condition, people mainly relied on fishing, and lumber. Also, the Navigation Acts stimulated shipbuilding industry. The Middle colonies were based on growing grains and trading with European nations as well as other colonies.
In the years leading up to the American Revolution, important economic changes took place within the colonies as their economies transitioned from the previous subsistence farming and subsistence living type of economies into true consumer economies. (Devore, Lecture #3.) This shift toward a true consumerism society in the colonies, also known as Anglicizing the colonies, began to make the colonies more uniform and began to bring the colonies together into more of a cohesive unit. (Devore, ...
Railroads opened new areas as settlement and stimulated the mining and manufacture. At the same time, the telegraph appeared. It brought uniform price of the country. Because of these improvements, many people migrated to west. The market revolution and westward expansion heightened the nation’s sectional divisions. The most dynamic feature of the American economy in the beginning of the nineteenth century was the rise of the Cotton Kingdom. But the increasing demand of cotton lead to larger number of slaves. For white people, westward expansion was a chance to get more freedom, but for black people, it means that they would have less freedom and their families will be broken. In the north, Market Revolution turned it to commercial system. Farmers focus on producing crops and livestocks. In some industries, the factory superseded traditional craft production. Both men and women could earn money by taking jobs from factories. Market Revolution changed the time concept of Americans. In cities, time of work and relax is divided clearly. Early New England textile mills largely relied on female and child labor.
Industrialization was a big part of the economy in the North. Workers made most goods one item at a time. During the first phase of industrialization employes divided jobs so that each person would specialize in a certain job. In the second phase entrepreneurs built factories to bring specialized workers to work together to make goods all under one roof. During the third and final phase workers used machines to complete tasks. Goods were finished much faster by machine than by hand. They were able to mass produce. Factories made at least two thirds of the country's manufactured goods. Things developed slower in the South. Agriculture, especially the production of cotton, produced great profits. Building new industry meant planters would have to begin selling their slaves. So instead they chose to invest in agriculture and enslaved Africans. The market for manufactured goods was extremely small. Some southerners did not want industry.
Slavery allowed the American economy to flourish for over 300 years. It allowed many Southern states to grow at a furious pace without significantly diversifying their economy. The South relied on the harvesting of cash crops such as tobacco and cotton, which were very labor intensive. Without much cheap labor, slaves were relied on to harvest the crops; this provided enormous value to farmers and plantation owners in the region. However, the institution of slavery was challenged in the 18th century by decades of Enlightenment thought, newfound religious ideals, and larger abolitionist groups. After the American Revolution many states would ban the practice of slavery completely and only a few would maintain the “peculiar institution”.
The first key player in the American industrial revolution was Francis Cabot Lowell. In 1810, in Waltham, Massachusetts, Lowell was responsible for building the first American factory for converting raw cotton into finished cloth. Large factories were built along the river to house the new water driven power looms for weaving textiles. At the same time that more factories were built to keep up with the growing demands of the consumer, the numbers of immigrants to the United States grew (Kellogg). This new labor force could be employed with even less pay and provided with a much lower standard of housing. This in turn increased the profit margi...
During the late 1700’s, the United States was no longer a possession of Britain, instead it was a market for industrial goods and the world’s major source for tobacco, cotton, and other agricultural products. A labor revolution started to occur in the United States throughout the early 1800’s. There was a shift from an agricultural economy to an industrial market system. After the War of 1812, the domestic marketplace changed due to the strong pressure of social and economic forces. Major innovations in transportation allowed the movement of information, people, and merchandise. Textile mills and factories became an important base for jobs, especially for women. There was also widespread economic growth during this time period (Roark, 260). The market revolution brought about economic growth through new modes of transportation, an abundance of natural resources, factory production, and banking and legal practices.
With the economic system, the south had a very hard time producing their main source “cotton and tobacco”. “Cotton became commercially significant in the 1790’s after the invention of a new cotton gin by Eli Whitney. (PG 314)” Let alone, if they had a hard time producing goods, the gains would be extremely unprofitable. While in the North, “In 1837, John Deere patented a strong, smooth steel plow that sliced through prairie soil so cleanly that farmers called it the “singing plow.” (PG 281).” Deere’s company became the leading source to saving time and energy for farming as it breaks much more ground to plant more crops. As well as mechanical reapers, which then could harvest twelve acres a day can double the corn and wheat. The North was becoming more advanced by the second. Many moved in the cities where they would work in factories, which contributed to the nation’s economic growth because factory workers actually produced twice as much of labor as agricultural workers. Steam engines would be a source of energy and while coal was cutting prices in half actually created more factories, railroads for transportation, and ships which also gave a rise in agricultural productivity.
At the heart of Anglo-American trade lay the highly profitable commerce in cash crops, from tobacco in the Chesapeake colonies to rice and indigo in South Carolina, wheat from the middle colonies to cotton in the South; an extensive textile industry in the North, Insurance companies that insured slaves as property, to many wall street firms that got their start as middle men in the cotton trade, I think it would be logical to conclude that the foundation of American economy lay in the back breaking toil and sweat of Slave labor.
The Virginian Colony was founded in 1607 as the first permanent English colony. The founders name was John Smith. This colony was in the Southern region. Trade and profits were the reason this colony was founded. Many of our countries morals today come from the founding of the Virginia colony.