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November 5 - -Colonies turned to slave labor because not...

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The Dawn of the Industrial Revolution -Completely changed humanity -Nothing was the same as it was before - Poor Transportation -A constraint that limits economic growth -Overland Transport is slow and expensive -Preferred transportation method is water -Poor Communications -Difficult to spread information over long distances -Two forms of communication -word of mouth (not very good) -printed materials (better but could get lost, information could become outdated) Poor Energy Sources -Water is a good energy source -Far away from nearest town -Don’t have ability to get it where it needs to be Scarce Labor Supply -1/5 of population of England -In England, land was expensive while labor was cheap, compared to America-opposite
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Unformatted text preview: -Colonies turned to slave labor because not enough people would work at lower wages Jeffersonian Ideal- To be truly free, you must be self-sufficient-Very few will work for even decent wages-People do not want t o work for somebody else Lack of capital and legal problems-Not enough money to invest-Any extra money is used to buy land-America inherited the English common law-Interest rates were high-Inherited English concepts 1) If money was borrowed but unable to pay it back, considered theft-jail 2) Unlimited liability-Not a corporation (responsible for losses)...
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