9-11-08_Lecture_Notes - Economics 323 (9/11/08)...

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Economics 323 (9/11/08) Government/Policy In England Structure Responsibilities In Colonies Policy ---- mercantilism Planting of colonies as a business venture Land, labor, and capital Getting land is quite easy – ask the king for a piece of land and he makes a grant for you- take a piece of land and you have English ownership, with minor payment to the king (fee-simple, free and common socage) Capital- planting a colony is expensive- shipping is expensive- early ventures were joint stock companies Labor- Spanish tried to use the native Americans- English sent over Englishmen. Some people paid their own way but most couldn’t afford to pay their own way. indentured servants- period of 4 years- sold to a colonizing company and then sold to settlers in the colonies. Advance to the cost of passage. (6 lbs to pay the fare). Redemptioners borrow the money with the expectation to pay when in america. Convicts are sold into servitude when they get there. Slavery isn’t common until late in the 1600s- first slaves in north
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9-11-08_Lecture_Notes - Economics 323 (9/11/08)...

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