Final Exam Study Guide

In this the king worked closely with parliament two

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Unformatted text preview: the main burdens from came from the Navigation Acts and fell on the shoulders of exporters of enumerated goods, as they had to pay higher shipping costs to transport their goods. The enumerated goods policy said that any export from the colonies had to go through England first before it could go anywhere else in the world. o The cost of colonial imports was higher because the Navigation Acts required that all imports going to the colonies went through England first and this raised the transportation costs in turn increasing the price of the imports. The colonists could often times get imports for lower prices that were higher quality from places other than England but because the higher transportation costs made that more expensive they just imported British goods. Benefits of being members of British Empire o Defense against Native Americans and Spanish – access to powerful British Navy o After the revolution insurance rates were almost 50% higher o Monopoly on tobacco trade o Bounties on indigo and other products o Without bounties the colonists could not produce indigo and the market completely fell apart after the revolution o Bounties led to a 28% increase in price level at naval stores in New England How did Thomas estimate the benefits and costs of being a member in the British Empire? The way that Thomas estimated the benefits and costs of being in the British Empire was he counterfactual approach. This means he compared the economic burdens and benefits that came from being in the British Empire and the Navigation Acts to an alternative, which in this case were the burdens and benefits that would come from not being in the British Empire and not having any Navigation Acts. By taking a counterfactual approach Thomas did things like comparing the price of tobacco in Virginia with and without the Navigation Acts. Should the colonists have revolted against the British for economic gain? According to Thomas, the colonists should not have revolted against the British for economic gain for multiple reasons. 1. Average income per person before the revolution was $100 per year which was not low enough to make case for revolution 2. Lost indigo industry without bounties from British 3. Insurance rates went up 50% without British protection 4. Naval stores in New England had an increase in price level of about 28% with the British bounties and they lost this because of the revolution Bailyn’s Argument Basic concepts o The colonists believe that the British political system and constitution was corrupted and was taking away their basic freedoms and liberties and that slavery and tyranny would break out o The colonists claimed they were revolting in order to save the British Constitution because most of the colonists were in fact British Why did...
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This note was uploaded on 01/25/2013 for the course ECON 311 taught by Professor Staff during the Fall '08 term at Maryland.

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