02072008 - looked down upon 1760 Philadelphia – 20,000...

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Mercantilism 1) Gold 2) Favorable trade balance 4) Economic self-sufficiency (not have to buy from your rivals. Creditor nation) 5) Economic Regulation (Key precept. Don’t want free trade. Control what your people buy and from where) Navigation Acts – 1650s A) Shipping monopoly (Law that says English goods were to be carried in English ships) B) Enumerated commodities C) Customs duties (import taxes on anything non-English) D) Bounties: indigo, lumber, pitch, tar (all valuable and needed for British Empire. Got paid a bonus if you produced these) E) Anti-Manufacturing: Woolen Act of 1699; Hat Act of 1732; Iron Act of 1750 (Don’t wan the colonies making their own manufacturing goods but rather shipping materials to England and then buying them later. Crippled Ireland) Two periods of enforcement: 1680s and 1760s. Benign Neglect is the King and parliament not really paying too much attention to what’s going on. Not many custom officers around and they weren’t well paid and easily bribed. Smugglers weren’t really
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Unformatted text preview: looked down upon. 1760: Philadelphia – 20,000 people, 1 of 4 “cities” (95% of the population was rural and lived in a farm) Boston – 16,000 New York – 15,000 Charleston – 10,000 3 regions 1) cities 2) commercial farms 3) subsistence farms Industries: Ship building; rum distilling; fishing; iron Commercial farms 1) Connecticut River Valley (only really good place in New England that is good for farming) 2) Hudson River Valley 3) Delaware River Valley 4) Chesapeake Bay 5) Tidewater SC-GA Subsistence farms – New England; Piedmont; North Caroline Land bank currency Fiat currency (good system if not abused) Currency Acts – 1751, 1764 (Virginians were up to their eyeballs in debt) They printed up money to cover their debt and their debtors didn’t like it at all. They had parliaments ear so it banned printing of any currency without parliaments consent. Slavery: The Middle Passage...
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02072008 - looked down upon 1760 Philadelphia – 20,000...

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