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Introduction to Colonial Trading

Introduction to Colonial Trading. Influences of English Laws and Traditions on Colonial Economics. “Mercantilism”. Def: practice of creating and maintaining wealth by carefully controlling trade Used by England Colonies = 1/3 of English trade. Balance of Trade.

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Introduction to Colonial Trading

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  1. Introduction to Colonial Trading Influences of English Laws and Traditions on Colonial Economics

  2. “Mercantilism” • Def: practice of creating and maintaining wealth by carefully controlling trade • Used by England • Colonies = 1/3 of English trade

  3. Balance of Trade • England was trying to be self-sufficient by having a “balance of trade” • This occurs when a country has fewer imports(goods brought in from other countries) than exports(goods sold to other countries)

  4. Navigation Acts • Passed by English Parliament between 1650-1696 • Required colonies to do most of their trading with England • Placed duties(import taxes) on some trade products

  5. Navigation Acts English Benefits Colonial Drawbacks • Increases self-sufficiency • Steady market for goods (both colonial and English) • Favorable trade balance • Lacked free enterprise (economic competition with little government control) • Limited trade with other foreign nations • Unfavorable trade balance

  6. Colonial Trade FROM the Colonies INTO the Colonies • Timber • Fur • Tobacco • Cotton • Machines • Hardware • Furniture • Fabric

  7. Colonial Trade • 1733 – Molasses Act = duties on sugar, molasses and rum • Began to smuggle these into colonies • Unified British kingdom was trading around the world • Colonists were trading directly with England and its colonies in the West Indies

  8. Triangle Trade • Trade among 3 areas • Colonies – sell fish, grain, beef and horses t0 West Indies • West Indies – send sugar and molasses to Colonies • Some shipped to England

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