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COLONIAL ECONOMIC SYSTEM

COLONIAL ECONOMIC SYSTEM COMMERCIAL SYSTEM “Colony” “any people or territory separated from but subject to a ruling power.” Colonial Commercial System Sugar Europe Latin America goods Sugar Port Spain Gold/Silver goods goods Native Agriculture Plantations Gold/Silver goods

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COLONIAL ECONOMIC SYSTEM

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  1. COLONIAL ECONOMIC SYSTEM COMMERCIAL SYSTEM J. Michael McGuire, Ph.D.

  2. “Colony” • “any people or territory separated from but subject to a ruling power.” J. Michael McGuire, Ph.D.

  3. Colonial Commercial System Sugar Europe Latin America goods Sugar Port Spain Gold/Silver goods goods Native Agriculture Plantations Gold/Silver goods FORCED LABOR MONOPSONY MONOPOLY INTERMEDIARY Drafted Labor Mining Hacienda Ranching J. Michael McGuire, Ph.D.

  4. CONTROL TRADE Casa de Contratación License & Supervise all ships, passengers, crews, and goods Collect taxes (import, export, convoy, sales) Charts School of navigation J. Michael McGuire, Ph.D.

  5. CONTROL TRADE Merchant Guild Cartel Reduce quantities and raise price Few Ports Obligatory Fleet System Enforce closed ports Protection J. Michael McGuire, Ph.D.

  6. WEAKNESSES Smuggling Piracy Weak Spanish Industry Intermediaries J. Michael McGuire, Ph.D.

  7. OUTCOMES / LEGACIES INFLATION MV = PQ LITTLE INVESTMENT CONSPICUOUS CONSUMPTION INEQUALITY J. Michael McGuire, Ph.D.

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