The Global Economy in the 18th C.

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The Global Economy in the 18th C.

Mercantilism

The Rise of the English Become a trading and colonial power Navigation Acts of 1651 & later Require that cargo be brought to England on English ships, or by country of origin Aims to weaken Dutch shipping Gave British Merchants trade monopoly with colonies Develops shipping industry and royal navy

The Rise of the English Act of Union 1707- Unites England and Scotland, creating Great Britain Act of Union 1801- Unites with Ireland

French Competition Rival the British Wars Wealth, resources, 4x population, allied with Spain Wars Of Spanish Succession Gives Brits all of Canada Of Austrian Succession Fight over access to India 7 Years War Treaty of Paris of 1763 forces France out of North America and India

Importance of Colonies Source of National Pride Provide Wealth from Cash Crops and Natural Resources Create markets for manufactured goods

British America Cheap land creates opportunity Slavery accounts for as much as 20% of pop. Plantation cash crops Southern colonies

The Slave Trade “Triangle Trade” Slaves provide labor for cash crops In South Banned by Brits in 1807

The Global Economy in the 18th c. pt 2

Spain Rebounds Under Philip V (Bourbon) Reformist ministers, economic prosperity American silver mines produce again

Class in Latin America Peninsulares Creoles Mestizos Mulattos Africans Natives

British Trade with Asia Spices, spices, spices 1716 British get wide trade rights from Mughal of India Intervene, become local players Take French holdings after 7 Years War 1764 British East India Co. defeats Mughals, take control of India directly “Jewel in the British Crown”

Dutch Trade with Asia Dutch push Portuguese out of Asia in early 17th c. Decline due to focus on spices

Economic Liberalism Economic freedom over strong government control (Mercantilism, government monopolies) Independent/ Small merchants favor

Adam Smith (1723-1790) Scottish Economist Wealth of Nations 1776 Provides Basic tenets of capitalism Law of competition Law of self interest Law of Supply and Demand “laissez faire,” free market, the “invisible hand” 3 government duties Civil defense, order, and public works

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