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THE BRITISH MERCANTILE SYSTEM. MERCANTILISM = 16 th – 18 th century political/economic philosophy Wealth = Power Wealth is measured in gold and silver.

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Presentation on theme: "THE BRITISH MERCANTILE SYSTEM. MERCANTILISM = 16 th – 18 th century political/economic philosophy Wealth = Power Wealth is measured in gold and silver."— Presentation transcript:

1 THE BRITISH MERCANTILE SYSTEM

2 MERCANTILISM = 16 th – 18 th century political/economic philosophy Wealth = Power Wealth is measured in gold and silver So…need to export more than import, known as “favorable balance of trade”

3 Role of American Colonies in British Mercantile System: 1. Provide raw materials, esp. for shipbuilding 2. MARKETS - purchase finished goods 3. Grow products that would otherwise have to be purchased from other nations: e.g., tobacco, sugar, rice …

4 The most infamous of the laws to enforce mercantilism were the:

5 NAVIGATION ACTS, 1650s – originally aimed at what rival? Laws restricting colonial trade & manufacturing: All commerce to & from colonies must be in British vessels European goods destined to America must stop in British ports first Certain enumerated goods can only be sent from the colonies through England … not directly to European markets (tobacco, rice, indigo) Certain goods (e.g., woolen cloth and beaver hats) forbidden from manufacture in colonies – why?

6 Benefits of Mercantilism: SALUTARY NEGLECT! BR laws only loosely enforced Smuggling abounds! John Hancock is King of Smugglers (sugar) Price supports for makers of naval goods Ready markets for specific products VA tobacco has monopoly on BR market Tobacco growing in England/Ireland prohibited Protection by British Navy without much taxation Trickle Down Prosperity Avg. American was better off than avg. Englishman

7 The Downside of Mercantilism: England begins enforcing policies more vigorously after 1763 Stifles economic initiative Americans not at liberty to buy, sell, ship or manufacture under conditions most profitable to them Perpetual indebtedness to mother country VA forced to sell in BR & thus at mercy of BR buyers, who drive price down Perpetual debt cycle; planters mortgage future crops to pay for English goods Resentment at being used for the benefit of the empire “Revolution broke out because England failed to recognize an emerging nation when it saw one.” Theodore Roosevelt

8 CURRENCY CRISIS: Colonies buy more than they sell to England Drains hard currency from the Colonies Not enough cash left to make everyday transactions in the colonies Solutions: barter system & calls for paper $ Paper money schemes restrained by Parliament

9 ROYAL POWER: THE PRIVY COUNCIL: King’s advisors: Can veto legislative acts that conflict with BR regulations or policy goals Royal veto used sparingly (469 times in connection with 8,563 laws) but is still seen as symbol of BR authority Franklin before the Privy Council in 1774 in London.

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