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Compare and contrast british and spanish colonies economy in america
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To what extent was the economic system of Colonial Latin America superior to that of British North America?
Introduction
To what extent was the economic system of Colonial Latin America superior to that of British North America? This essay will demonstrate how the economic system of Colonial Latin America was slightly superior to that of British North America during the 18th century, due to several factors. In particular, the abundance of natural resources and the amount of political organization proved to be major influences.
Narrative
The economy of Spanish America was strengthened by the export of goods to European markets. However, this was not the only source of wealth to the Spanish Empire. In 1545, in Peru, the mines of Potosi were discovered, containing an immense wealth of silver (Gale 2). A cheap labor system, known as the encomienda, helped to retain these profits. During the initiation of the silver trade, Spain had a favorable trade balance, due to the exchange of silver for manufactured goods. Over time, this had become lesser profitable, resulting in insignificant monetary gains.
However, the economic structure was not alone in driving the economy. Spain’s political structure, created by the Council of the Indies, created viceroyalties (or jurisdictions of the Spanish Empire), which were dependent on the local audiencias, corrigidores, and cabildos (Gale 2) The main role of the viceroy was to carry out the instructions of the Hapsburg monarchy. This monarchy led to the weakening of the Spanish Empire, due to corruption. By the 1700s, the Bourbons had replaced the Hapsburgs, creating reforms that would increase the amount of trade. In particular, more ports were opened inside the colonies, allowing for faster e...
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...ss of natural resources, and war debts. Therefore, the Spanish Empire was only slightly superior to the British Empire. This gives a possible answer to how much stronger it was to the British Empire, using facts and analysis.
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One facet of this unique system involved the numerous economic differences between England and the colonies. The English government subscribed to the economic theory of mercantilism, which demanded that the individual subordinate his economic activity to the interests of the state (Text, 49). In order to promote mercantilism in all her colonies, Great Britain passed the Navigation Acts in 1651, which controlled the output of British holdings by subsidizing. Under the Navigation Acts, each holding was assigned a product, and the Crown dictated the quantity to be produced. The West Indies, for example, were assigned sugar production and any other colony exporting sugar would face stiff penalties (Text, 50). This was done in order to ensure the economic prosperity of King Charles II, but it also served to restrict economic freedom. The geographical layout of the American colonies made mercantilism impractical there. The cit...
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Two conflicts during this time are seen as significant towards this battle between the interests of the Natives in the Americas. One of which was between two men: Bartolomé Las Casas and Juan Ginés de Sepúlveda. Las Casas defends t...
Economic concerns of the British caused the colonization of British North America. Such economic concerns included the opportunity to acquire gold, silver, a North American waterway that would lead directly to China and the Indies, and the prospect of countering Spain's dominance in North America (Boorstin et al. 34). In addition to these economic reasons for colonization, the English were also seeking to obtain the essential "raw materials" in America that they had been previously buying from other European countries for exorbitant amounts of money and gold (Boorstin et al. 34). Great Britain also sought to solve other economic problems through American colonization. For example, England needed to replenish some of its diminishing materials and assets, generate another "market" to export its cargo and merchandise, maintain its powerful navy and "merchant marine" through business with new American colonies, and to provide a new place for the unemployed to settle rather than escalating populace/crime and the economic burden in its own cities (Boorstin et al. 34).
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, ...
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Scholars have debated not only the nature of Iberian colonialism, but also the impact that independence had on the people of Latin America. Historian Jaime E. Rodriguez said that, “The emancipation of [Latin America] did not merely consist of separation from the mother country, as in the case of the United States. It also destroyed a vast and responsive social, political, and economic system that functioned well despite many imperfections.” I believe that when independence emerged in Latin America, it was a positive force. However, as time progressed, it indeed does cause conflict.
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