9-25-08_Lecture_Notes - Economics 323 Reading Tuesday...

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Economics 323 (9/25/08) Reading Tuesday: Vickers/Ball/Walton Wednesday: OH 1:30-3:30 Thursday: EXAM PRELIM THURSDAY OCTOBER 2, 2008 Staples theory- not dependent on technological change - Growth within the staples sector - Growth spread through other sectors through linkages or inducements to invest 3 phases for the development of the chesapeake: - Virginia comp - First long cycle - Second cycle Virginia comp is a joint-stock company chartered by the crown in 1606 - contract out colonization- private enterprise VC wanted to develop valuable exportables Initial settlers were to work collectively as members of the company Company governed by a council in England- on ground there is a council in VA Virginians ventured for the first ten years or so New disease environment – subject to a period of seasoning on arrival Ignorance- many don’t know about farming Fundamental problem- not enough food in the VA colony Company never intended to provide sustained subsistence Indians proved food with exchange Problem of labor discipline- people went over as a collective and not as private entrepreneurs Too many people were very casual about food 1609-1610 surviving population dwindles severely and people try to abandon colony new regime introduction- almost military- work gangs regular working hours- relations
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This note was uploaded on 02/01/2009 for the course ECON 3230 taught by Professor Tomlyons during the Fall '08 term at Cornell.

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9-25-08_Lecture_Notes - Economics 323 Reading Tuesday...

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