9-18-08_Lecture_Notes - Economics 3230 (9/18/08) Reading...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 3230 (9/18/08) Reading For Tuesday: Menard Morgan For Thursday: Mancall Each of the colonies have separate governments that answer directly to london Have considerable leeway on internal matters Elected legislature- laws originate in the colonies and held to be valid by the empirical government Constraints on external relations for the colonies (nothing prior to 1650) but then the navigation acts Mercantilism Colonies should serve British interests- main mechanism are constraints on shipping and trade Navigation acts- only certain ships can carry the trade of Britain and the colony- English ships – where the imports of colonies can come from- most goods must come through Britain on the way to the colonies- where can exports go from the colonies- what sorts of payments are involved from moving goods (duties and bonds) Navigation acts hurt French and Holland Manufacturing should be done in the home country- colonists should only produce raw material – british to add value Money in the Colonies Colonists complain of a shortage of money Claimed british monetary policy because Britain did not allow export of british money to the colonies and did not allow minting of coinage in the colonies- making coins was the right of the king and the british imposed restrictions on paper money in the colonies Colonists needed an expanding monetary supply First colonists import gold and silver from other countries- used Spanish dollars Used commodity money (tobacco at one point was legal tender) physical and warehouse
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/01/2009 for the course ECON 3230 taught by Professor Tomlyons during the Fall '08 term at Cornell University (Engineering School).

Page1 / 4

9-18-08_Lecture_Notes - Economics 3230 (9/18/08) Reading...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online