Mercantilism In The Colonies Flashcards

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1
Q

Navigation Acts

A
  • 1651 Parliament restricts colonial trade
  • all trade on British colonial built ships: boom in the industry: creation of more jobs
  • enumerated (valuable and limits on colonial manufacture): tobacco, sugar, lumber, rice
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2
Q

Salutary Neglect

A
  • evasion of Navigation Acts
  • England loosens reigns for continued economic loyalty
  • strengthens the acts with admiralty courts and advisory board
  • as long as colonists do their jobs…no hassle
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3
Q

Seeds of Government

A
  • governor elected by King
  • local assembly by colonists
  • colonial assembly pays governor!
  • however during this time colonists thought of themselves as British
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4
Q

Benefits of Mercantilism for Colonies

A
  • no inflation (no gold and silver)
  • goods sold cheaply than it takes to make because of shortage of labor
  • protection from empire
  • 90% farmers so they were self sufficient
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5
Q

Drawbacks of Mercantilism

A
  • unfavorable balance of trade
  • violate rights (produce for mother country before for oneself)
  • only one market/price
  • dependency on mother country (cannot establish industries)
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6
Q

Mercantilism

A
  • self-sufficiency
  • competition for gold and silver
  • gov’t controls trade of the colonies in order to increase its wealth and power
  • value of exports > value of imports
  • favorable balance of trade for mother country
  • receives raw materials from colonies; sells them finished goods
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