mercantilism

Question 1

what is mercantilism?

Answer 1

the belief that the colonies existed to provide raw materials, buy british goods and provide employment for its merchant navy all to benefit the mother country

Question 2

why did mercantilism occur?

Answer 2

it was believed that there is a fixed amount of wealth in the world and it needs to be held onto

Question 3

what are enumerated commodities?

Answer 3

listed items which were affected by the trade and navigation acts

spices, dyes, sugar and tobacco amongst many other things

Question 4

what was a sinecure?

Answer 4

an office without much if any work

no qualifications, subject to bribery, nominate people

customs

Question 5

what were the trade and navigation acts?

Answer 5

laws established to create an english monopoly of the colonial carry trade, the colonial market and certain colonial products

Question 6

policies which were part of the trade and navigation acts?

Answer 6

all cargoes to and from the colonies were to be carried in ships built and owned in england or the colonies and staffed by predominantly english crews

enumerated commodities could only be exported from the colonies to england, even if their ultimate destination was elsewhere

european goods bound for america had, with few exceptions, to be landed in england first and re shipped

Question 7

mercantilism is good

Answer 7

england made few attempts to restrict colonial manufacturing - only restricted shipping from one colony to another

england offered special payments to the producers of naval stores

bounties paid for tar, pitch, lumber and indigo - £120,000

new england fishing industries had no interference from england

trade triangle undisturbed

smuggling under british noses - didn’t care

hardly interfered in middle colonies - flour was not enumerated

protected by british navy

Question 8

mercantilism was bad

Answer 8

colonists bought more than they sold - trade balance unfavourable

restrictions on colonial imports, exports and manufacturing

navigation acts made the colonies dependent on the manufactured products from england

non english ships can’t trade with the colonies

enumerated products could only be sold to british merchants

staples act (1663) - no trade with europe, africa or asia

can’t ship to other colonies

molasses act (1733) - placed taxes on items

pennsylvania’s iron industry hurt in 1750, no export of iron ware

southern colonies never created industries which competed with england

south produced products for british consumption (56%)