Colonial Economics and Revolutionary Movements: Key Terms and Events

Mercantilism

the belief that there was a fixed amount of wealth (gold) in the world, and countries should hoard it.

Exports

are good

Imports

are bad

Tariffs

taxes placed on imports

Balance of power

depends on how much wealth each country is able to accumulate (i.e. how much gold and silver they have)

Favorable balance of trade

Countries need a favorable balance of trade to be powerful

Navigation Acts (1651, 1660)

Restricted colonial trade by stating that no country could trade with the colonies unless the goods were shipped in colonial or English ships.

Colonial ship crew requirement

All vessels had to be operated by crews that were at least ¾ English or Colonial

Colonial export restrictions

The colonies could export certain products only to England.

Goods trade requirement

Almost all goods traded between the colonies and Europe first had to pass through an English port.

Salutary Neglect

English officials only lightly enforced the new measures as a new colonial policy known as Salutary Neglect took over.

Colonial loyalty

The policy of salutary neglect only worked because of the colonists' loyalty to England.

English Civil Wars

Occurred between 1642-1649 leading to new governmental issues and the subjugation of Ireland and Scotland who are mostly Catholic.

King James II

a Catholic, becomes king in 1685 and has a son who he announces will be raised Catholic.

William of Orange

He overthrows James II and establishes a protestant rule of England.

The Great Awakening

A theological and social movement in the 1730s and 40s focused on bringing people back to religion.

Public preaching

it becomes a huge movement during The Great Awakening.

Anti-Catholic sentiment

it was prevalent during The Great Awakening.

Colonial attitude

Colonists viewed themselves as English subjects.

Benjamin Franklin's Albany Plan

it was an attempt to set up a central Government which was shut down by colonial assemblies.

Great Britain's economic policy

it left the colonies mostly alone, so most colonists were complacent in their current situation.

Albany Plan of Union

A proposal for a union between Royal, Proprietary & Charter Governments suggested by English officials, drafted by Benjamin Franklin.

Proclamation of 1763

King declared land beyond the Appalachian Mountains an Indian Reserve, forbidding European Settlement, which was largely ignored.

Pontiac's Rebellion

In 1763, Pontiac, leader of the Ottawa tribe, led Native Americans in capturing eight British forts and laying siege to two others.

Leaders of the Revolution

Individuals like George Washington and Benjamin Franklin gained experience and standing within colonial communities as a result of the war.

Renewed interest in Colonial Holdings

Post-war sentiment of 'We won this war, now you need to help pay for it,' leading to new economic restrictions and taxes.

Boston Massacre

On March 5, 1770, a mob threw snowballs with rocks at British soldiers, resulting in 5 deaths and 6 wounded.

Sons of Liberty

A radical resistance group based in Boston that organized protests and used threats and violence to achieve their goals.

Coercive Acts (Intolerable Acts)

A series of laws including the Boston Port Act, Massachusetts Government Act, Administration of Justice Act, and Quartering Act.

Boston Port Act

Closed the port of Boston until damages from the Boston Tea Party were paid.

Massachusetts Government Act

Ended democratic town meetings and instituted Martial law in Massachusetts.

Administration of Justice Act

Made British officials immune to criminal prosecution in Massachusetts.

Quartering Act

Required colonists to house and quarter British troops on demand.

Suffolk Resolves

Created in defiance of laws in Massachusetts and accepted at the 1st Continental Congress.

1st Continental Congress

Gathering of delegates from all colonies except Georgia, viewed attendance as potential disloyalty.

Declaration of Rights

Adopted by the 1st Continental Congress.

Famous leaders

Notable figures include Samuel Adams, John Hancock, Paul Revere, and Benedict Arnold.