8.12(D)^ analyze the causes and effects of economic differences among different regions of the United States at selected times in U.S. history
Colonial Economy
Life in colonial America was based largely on agriculture. Most colonists farmed or made their livings from related activities such as milling flour. Geography played an important role in the colonies' economic development. Colonists learned to adapt to the climate and terrain of the region where they lived.
New England - Subsistence Farming - producing enough to meet the needs of their families, with little left over to sell or trade
Middle - Grew lots of cash crops (crops that could be sold easily in markets in the colonies and overseas" such as grain, wheat, and barley. Hence the nickname "Breadbasket colonies"
Southern - Another region heavily involved in cash crops such as cotton, tobacco, and indigo. Most settlers made their living from farming and a few had large plantations which had slaves to farms the crops.
Middle - Grew lots of cash crops (crops that could be sold easily in markets in the colonies and overseas" such as grain, wheat, and barley. Hence the nickname "Breadbasket colonies"
Southern - Another region heavily involved in cash crops such as cotton, tobacco, and indigo. Most settlers made their living from farming and a few had large plantations which had slaves to farms the crops.
8.4(A) analyze causes of the American Revolution, including the Proclamation of 1763, the Intolerable Acts, the Stamp Act, mercantilism, lack of representation in Parliament, and British economic policies following the French and Indian War
Mercantilism
Mercantilism became popular in Europe in the 1500s and was the primary reason behind Europe’s desire to colonize new lands.
The theory of mercantilism states that there is a certain amount of wealth and riches in the world and that it is in a nation’s best interest to accumulate it. Through wealth, a nation can achieve power. A country achieves wealth by producing and exporting more goods than it imports (having a favorable balance of trade). These manufactured goods must be sold at a profit for wealth to accumulate.
Profits are made when a country spends a small amount of money on raw materials needed to create a product and sells the manufactured goods for a high price. It is easy to see how a new colony in North America would be the perfect place for Europeans to find a steady supply of new raw materials. Here's an example. England would buy New England lumber for a very low price. They would take that lumber to England, build a ship, and then sell it back to the colonists for a high price.
Mercantilism was meant to serve the interests of the empire, not the colony. Colonies existed for the benefit of the mother country. Colonies could not sell their raw materials to anyone but the mother country England, and they were not allowed to manufacture anything to export.
Rules of Mercantilism
Between 1651 and 1673, the English Parliament passed four Navigation Acts meant to ensure the proper mercantilist trade balance. The acts declared the following:
- Only English or English colonial ships could carry cargo between imperial ports.
- Certain goods, including tobacco, rice, and furs, could not be shipped to foreign nations except through England or Scotland.
- The English Parliament would pay “bounties” to Americans who produced certain raw goods, while raising protectionist tariffs on the same goods produced in other nations.
- Americans could not compete with English manufacturers in large-scale manufacturing.
- The mother country (England) must have a favorable balance of trade.
8.12(B) explain reasons for the development of the plantation system, the transatlantic slave trade, and the spread of slavery