Trade

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7 Terms

1
what is mercantilism
  • colonies used to obtain goods from afar without having to send gold to other countries, forced to export back to england

  • controls on imports from other countries to prevent gold leaving country

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2
reasons for navigation acts
  • based on mercantilist principles to keep england’s wealth in its own hands

  • embargoes were ended and british companies couldn’t compete against more competitive dutch ones

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3
terms of navigation acts
1660- crews had to be 3/4 english, only english ships can trade goods between england and colonies

1663- all colonies had to buy manufactured goods from britain and had to send goods to england to be taxed

1673- banned trading raw materials directly between colonies
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4
impacts of navigation acts
  • although generally obeyed, some smuggling, especially after defeat in 2nd anglo dutch war

  • navy grew dramatically in size

  • resented in american colonies and may have caused american revolution

  • economically damaging as based on principle that there is limited amount of wealth when trade could actually increase wealth

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5
slave trade
  • late 16th century, trade in africans began, merchants would capture and take to trade in america, initially small scale

  • colonies grew after the restoration so demand for slaves grew

  • RAC goo en exclusive rights to trade in west africa, profits split 50/50 between company and charles

  • RAC was intended to trade along west of africa but soon turned to slavery earn it received a new royal charter

  • in 1680s, company was transporting around 5,000 slaves a year

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6
economic impacts of slavery
bankers- increased demand for long voyages meant merchants needed to borrow money, giving bankers money

ports- half of slave ships came form liverpool making it one of most important ports

plantation owners- high profits as cost of labour cheaper

ordinary people- created lots of jobs due to making weapons to sell to slave owners

slave ships owners- could make up to 50% profit
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7
cultural impacts of slavery
  • sugar became widely

  • coffee houses developed form these new ports

  • elaborate houses built on the new land in america

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