lecture 5

Historical Overview: 1492 - Late 1600s

• Introduction to the Time Frame

  • Focus on developments from approximately 1492 up to the late 1600s to early 1700s.

  • Readings include works by Marx, Adam Smith, and Virginia's slavery laws.

• Demographic Context

  • Discusses European and American demographics.

  • Europe: Population estimates are fairly consistent.

  • Americas: Estimates are debated, with a midpoint of around 65 million (range from 20 million to 120 million).

The Early Modern Economy

• Significance of European Powers

  • The significant economic role of European colonies, particularly those north of the Caribbean.

• Global Economic Context

  • Discussion of the Ottoman Empire as a barrier to trade routes, alongside the relevance of luxury goods in European trade.

  • Emphasis on attempts by Columbus and other explorers to initiate direct trade with East Asia.

• Marx’s Theory of Primitive Accumulation

  • Describes the transformation in economic systems based on conquest and slavery.

  • Qualitative shifts in societal structures; new models of private property emerge.

  • Economic relationships transition from feudalism to market nexus.

• Marx vs. Smith's Perspectives

  • Marx's critique highlights a metabolic rift between rural and urban settings as populations move to industrial cities.

  • Adam Smith views the market as fostering positive economic developments through the division of labor.

• Market Relationships and Population Shift

  • Urban living creates a separation from agricultural production; impacts food sustainability.

  • Smith argues for improved market conditions leading to more equality and societal good.

Contact Between the Old and New Worlds

• Columbian Exchange

  • Major transformations brought about by the exchange of crops, animals, and diseases between the Eastern and Western Hemispheres.

  • Introduction of crops like maize and potatoes from the Americas that supported global population increases.

• Demographic Impacts of Disease

  • Smallpox introduced to the New World decimates indigenous populations.

  • European populations had prior exposure, causing devastating impacts on the unaccustomed American demographics.

  • Waves of disease preceding European colonization had lasting effects—even on remote communities.

• Economic Effects

  • Silver and gold mining in the Americas as significant contributors to the global economy, leading to price revolution in Europe.

  • Population declines estimated at about 20%, leading to a dip in global agricultural production.

  • A shift in climate due to agricultural impacts poses existential questions for society.

Plantation Economy and Slavery

• Rise of Commodity Production

  • Expansion of sugar and tobacco plantations as economic drivers, utilizing enslaved labor.

  • Description of how labor systems evolved from indentured servitude to chattel slavery.

• Barbados and the Sugar Economy

  • Barbados becomes a model for sugar production, intertwined with heavy investment from Dutch financiers.

  • Sugar moves from a luxury commodity to a staple in the British diet.

Laws and Legal Structures in Early America

• Legal Framework for Slavery

  • Laws established slavery in the colonies, detailing the status of enslaved individuals and their offspring.

  • Transition from indentured servitude to a reliance on enslaved labor in Virginia by the late 17th century.

• Indentured Servitude

  • Servants initially provided labor, creating a connection to the rise of slavery with a high mortality rate among laborers.

  • Headright system incentivizes land acquisition through labor importation, impacting demographics significantly.

• Racialization and Population Dynamics

  • Developments from mixed populations (criollos) emerge as demographic identities evolve, particularly significant in North America.

Conclusion: The Transformation of the New World

• British Colonial Expansion

  • English attempts to replicate Iberian successes through land seizure and colonization.

  • Joint-stock companies as precursors to modern corporations; historical implications in North American development.

• Interconnectedness of Race and Labor

  • Examination of demographic changes, labor systems, and emerging identities amidst European colonial expansion.

  • Insights into the systemic and long-lasting impacts of slavery on economic practices and societal structures.

• Overall Impact

  • Commodification of formerly luxury goods creating dependencies and lifestyle changes.

  • Relationship between labor practices, economic advancements, and societal changes throughout this transformative time frame.