Lecture 5 - February 1 2011 Lecture 5 Colonial Economies I From Mercantilism to Imperial Dominion-fixed amount of wealth in the world gold and silver

Lecture 5 - February 1 2011 Lecture 5 Colonial Economies I...

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February 1, 2011Lecture 5: Colonial EconomiesI. From Mercantilism to Imperial Dominion-fixed amount of wealth in the world: gold and silverWhat is mercantilism?-total of world’s wealth remains fixed-what changes is a nation’s share in that wealth-government must control all economic activities-limit foreign imports-16thcentury: English crown use charters, etc. to stimulate trade-17thcentury: Navigation ActsMercantilism in practice-colonies to produce agricultural goods and raw materials-mother country doesn’t have to buy food from another country-use raw materials to make products and sell-England to produce finished goods-English/colonial merchants to control all trade-to and from has to be English (bypass Dutch)-mid 17thcentury: Dutch assert control

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