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Mercantilism
Mercantilism- economic policy which looks
upon trade, colonies, and the accumulation
of wealth as the basis for a countrys
military and political strengthmust have
more exports than imports
Government regulates trade and
production, monopolizes trade relations
Purpose of a colony is to enrich the mother
country
Navigation Acts
Englands government implemented a
mercantilist policy with a series of
Navigation Acts between 1650 and 1673,
which established rules for colonial trade
One of these acts closed colonies to all
trade except that carried in English ships
and required the colonists to export certain
items, called enumerated goods only to
England or English possessions (tobacco
was one)
Another one of the acts stated that all
goods being shipped from Europe to the
colonies had to pass through England, so
Impact of the Navigation Acts
Pros (+) Cons (-)
1. New England 1. Chesapeake
shipbuilding farmers had to accept
low prices for crops
prospered
(no competition)
2. Always have
2. Colonists paid high
somebody to trade prices for goods from
with England
3. English military 3. Colonists resented
forces protected the regulatory laws,
colonies from some turned to
French and Spanish smuggling
Increase in Diversity
In the 18th century (1700s), African and
non-English European arrivals skyrocketed,
while the number of people coming from
England declined
The government felt that England was
losing too many skilled laborers and
professionals to the New World
As we previously discussed, this is also
during the time period when a shift is
occurring from indentured servitude to
slavery (more slaves are arriving in the
colonies)
Scottish, Irish, and German people
Key terms from todays notes
Mercantilism
Navigation Acts
Enumerated goods