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Economics and the Industrial Revolution
Mercantilism: an economic system that developed in Europe during the middle ages to unify and increase the power of a nation by increasing the wealth of that nation; strict governmental control of the national economy
Assumptions of mercantilism:
1) Wealth is measure in terms of commodities (resources), especially gold and silver
2) Economic activities should increase the power of the national government through state control of those activities
3) A nation should purchase as little as possible from other nations, while selling as much as possible to other nations (favorable balance of trade)
4) Colonies existed for the benefit of the mother country, not mutual benefit
Industrial Revolution
1) Commercial Revolution (1500-1700) – period of economic growth, which led to the Age of Discovery and Exploration
2) Scientific Revolution – produced the first wave of mechanical inventions and technological advances
a. Early 1700s – Metallurgy, cotton and coal
b. Transportation technology - Canal systems, "macadam" roads, locomotives
c. Advances in Agriculture - Out of the fields and into the factories
d. Urbanization
e. Improvement of working conditions - after 1850
3) Political and social revolutions (American Revolution, French Revolution) of the 1800 lead to the creation of a stronger middle class
With a raised quality of life and more goods and food available, the population in Europe increase from 140 million to 266 million by the mid-1800s
Demographic Transition Model: the shift from high birth and death rates to low birth and death rates (usually associated with the shift from pre-industrialization to post-industrialization); used to measure changes in a population over time
Technological Development!
Steam engine – developed in the 1760s
1) No longer had to rely on water power (the water wheel)
2) No longer had to rely on wind power to move between continents
Early Empire
During the Commercial Revolution - a period of economic stimulation and growth
1497 – John Cabot claims Newfoundland for the British
1563 – John Hawkins brought slave trade to the Empire
1577 - Francis Drake sets off to sail around the Americas, ends up sailing around the world (returns to England in 1580)
1585 – (Sir) Walter Raleigh sailed to Roanoke Island and claimed land, which he named ‘Virginia’ in honor of the virgin queen (Elizabeth I) - brings back potatoes and tobacco
1587 – John White brought settlers to Roanoke Island in hopes of creating a permanent settlement - "Lost Colony"
1606 – Virginia settled by John Smith
1620 – Puritans in the Mayflower land in Plymouth (Massachusetts) - by 1643, had a population of 25,000 of ship builders, fishermen and whalers
1632 – Maryland developed by Catholics - tobacco
Tracks of land continued to be drawn up and settled by men who made agreements with the crown about how they would use the land. Often land was settled as commercial colonies, like in Massachusetts and Maryland, and prospered from its agriculture, with resources such as rice and cotton.
13 Colonies as they were established:
1624 - Virginia
1629 – New Hampshire
1632 – Maryland
1662 - Connecticut
1663 – Rhode Island
1664 – New York, New Jersey
1681 – Pennsylvania
1682 – Delaware
1691 – Massachusetts (Maine was a part of Massachusetts at this point)
1713 –North Carolina, South Carolina
1732 – Georgia
During this period there were conflicts with the Spanish, Dutch and French about the occupation of these new lands. The Dutch had created New Amsterdam (what became New York City) as well as the Delaware River area between the New England colonies and Virginia. The French had established themselves in Canada and around the lower Mississippi River area. The Spanish held Florida and the Caribbean.
