Mercantilism, Physiocrats & Economic Liberal

”(Foner 117) By the end of the 17th century, commerce was the foundation of empire and the leading cause of competition between European empires. Explain how the North American colonies were directly linked to Atlantic commerce by laws and

(Devore, Lecture #3.) Even though most of the credit was issued from England, it allowed the colonists to buy more things and further strengthen and enhance the cohesiveness of the colonies. By this time the colonies had already well established external trade relationships with both the Indians and other countries. One of their major trade partners was the West Indies, where the colonists procured molasses from which they made rum. (Devore, Lecture #3.) All of these economic developments – consumerism amongst the colonies, Anglicizing of the colonies, the newfound availability and use of credit and the abundance of external trade – play a major role in the reasons that lead up to the American Revolution.

The Spanish and New England Colonies from 1492 to 1700 were significantly similar in terms of the economic base in which the colony was set upon. People may say that the two colonies were different because with the Spanish colonies, it was about conquering as much land as possible and sending the gold and silver that was found in the New World back to Spain, while the Puritans of the New England colony had no economic ties to their home country. The similarity in the two colonies comes after the Puritans had the conversion from “God to Cod” where the community wanted to have less religion and more of an economic based system where the colonists could make money in the trade businesses such as furs, artisans, fishing, and in the shipment process. Another similarity is that both of the colonies wanted to make as much money as possible in order to become a bigger, more successful colony. Both colonies ended up shipping world wide through their mother country along with other colonies under the control of the mother country. The similarity occurred because both colonies ended up sending money or goods back to their mother country. In addition, another similarity occurred when both of the colonies used agriculture to achieve the economic aspects. With the New England had tobacco and the Spanish colonies had the sugar plantations in the West Indies. The similarity occurred because both colonies found out that big money could be made on the cash crops that were wanted around the world.

So first off, let's talk about Mercantilism. What is bad about it you may ask? Well lets see from a coloniest point of view. So the mother country gets rich, as the colonies do not. The colonists must sell basically all of their raw materials to the mother country for whatever price the Mother country decides (a cheap price). They must buy manufactured goods from the Mother country (at a high prices) so do you see what I mean.

14. Give a good working definition of the practice of “mercantilism”. Mercantilism is economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances,

It affected them geographically, by sparking an interest into getting rich, and it also threw light on the idea of trade routes/ trading, which gave people the reality of “ striking rich”. The colonists were also affected economically. Once the colonists were introduced to mercantilism. Soon, Merchants believed that the world's wealth was finite and that one nation could only grow rich at the expense of another. The merchants practiced this by extracting and importing wealth from foreign lands while exporting little wealth from home. Much of the growth of the American colonies came from religious groups. There were many problems between catholics and protestants, such as when Lord Baltimore ( business owner) adopted a policy of religious

There are many similarities and differences between the three mainland regions in British North America in the time span of 1720 and 1750. These regions are New England, the Middle colonies, and the South. The biggest thing all the regions had in common were that their population increased drastically due to the result of natural increase, European migration, and the American slave trade. All these regions were different in a political manner, they had different systems that pushed for a more representative government as yeomen and poorer farmers started to rebel against government policies that exploited them, or were unfair. After being acknowledged of these differences and similarities, conclusions have been made about the character of American society in the mid-eighteenth century. One of these conclusions are that overall the character of American society was increasingly similar and unified but also becoming more complex and diverse, at the same time.

Individuals and communities that sailed and settled in North America established societies based on religious and political values held by the majority. Paul Johnson “gets the impression, surveying developments in the first half of the century, that so many things were happening in America, at such speed, that the authorities simply lost touch.” (Johnson 1998) Johnson notes, “The early establishment of assemblies and written constitutions-self-rule in fact-arose from the crown's physical inability, in the first half of the 17th century, to exercise direct control.” (Johnson 1998) England had passed a multitude of acts that banned or taxed imported and exported goods in the Americas. Colonies along the northeastern coast of the Americans continually resisted these financial constraints placed upon them, but the British refused to recognize the constitutional or “moral legitimacy” of the colonial assemblies.

The conflict between Great Britain and the North American colonies was mainly caused by economic controversies rather than political and social. The several acts which Great Britain imposed over the colonies originated discontent because they were obliged to pay taxes, as well the introduction of the theory of mercantilism. The end of the French and Indian War in 1763, the British government decided to pay its war debts with the wealth from the colonies. As a result, Great Britain introduced mercantilism to aim the mother country’s economy. This British policy inflicted a shortage in the colonies exports and commercial trade.

With more wealth, more ideas were beginning to surface on how to better the American lifestyle amongst the states; one of those ideas was “The American System” brought up by Henry Clay. The goals of this system was to increase the country’s wealth with an effective banking system, creating a set of roads and canals throughout the country to unite the states and spread information further, and do all that in correlation to another protective tariff placed on oversea trading. So as you can see because nationalism manifested itself in American politics to unite the country even more, different methods were proposed and carried out to better American lifestyle. Even when congress deemed some methods unconstitutional, the states sought individual ways in which they could improve the U.S like New York’s construction of the Erie Canal. Nevertheless, the country began to undergo positive changes as a result of the political nationalism rising in the country.

This was the economic system in which a Mother Country (Britain) starting colonies in other countries. These colonies provide the Mother Country with all the natural resources that it can not provide for itself, and would otherwise have to purchase from other European countries at a higher price. In turn, the Mother Country would sell their manufactured goods back to the colonies and around the world. This is not fully a disadvantage for the colonies.

In the early nineteenth century, the market revolution helped the growth of the United States’ economy and become the nation that exists in present day. This was one of the biggest change that helped the United States to take its first step in creating the strongest economy and maintaining it stable for decades. This change did not happen in a short time, but it took several years to build it up and with that came along some positive and negative effects. The market revolution acknowledges the radical changes that took place in the early 1800s, it helped link the country together through an impact of society, religion and majorly through the growth of economy, meanwhile at the same time increasing the nation’s sectional differences

Starting in 1500, a new world capitalist system was emerging in Europe. It was a start of a new age, an age of discovery. Spain was looking for the Northwest Passage, a route linking Europe to Asia through North America by sea. Every country was profit and trade driven and along with this new age discovery was a new capitalist system called Mercantilism, which is a system based upon a state to advance national business interests abroad and is increased

International political economy is an important subdiscipline of international relation. It has three main ideologies, Liberalism, Mercantilism and Marxism. In this essay there will be three parts, first part is to demonstrate what the Liberalism and Mercantilism are on the perspective of international political economy and then the second part is to compare and contrast these two ideologies of political economy. At last, give a conclusion to the Liberalism and Mercantilism.

Tribe. K. (2003). Continental political economy. In T.M. Porter & D. Ross (Eds.), The Cambridge history of sci