Jenny Wahl Carleton College Economics Department
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Transcript of Jenny Wahl Carleton College Economics Department
Mercantilism and the American
Revolution
“For cutting off our trade with all parts of the world . . .
For imposing taxes on us without our
consent . . .” Jenny Wahl
Carleton College Economics Department
2
William Blake: Europe Supported by Africa and America (1796)
3
Requirements of Mercantilism
• Sufficient wealth in colonies
• Trade imbalance → Specie flow from colony to home country
• Regulation
4
Treaty of Tordesillas (1494)
5
European Territorial Claims in North America c. 1700
6
Non-Indigenous Colonial Population, 1610-1780
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
1610 1620 1630 1640 1650 1660 1670 1680 1690 1700 1710 1720 1730 1740 1750 1760 1770 1780
white population
total non-indigenous population
black population
7
Population of 5 Major Cities, 1690-1790
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
1690 1700 1710 1720 1730 1742 1760 1775 1790
Year
Pop
ulat
ion
Philadelphia
New York
Boston
Charleston
Newport
8
Percent Immigrants in White Population, 1640-1770
-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
1640 1650 1660 1670 1680 1690 1700 1710 1720 1730 1740 1750 1760 1770
decade
% im
mig
rant
s in
whi
te p
opul
atio
n
9
Percent Black in Population, 1650-1780
0
10
20
30
40
50
60
70
80
90
100
1650 1660 1670 1680 1690 1700 1710 1720 1730 1740 1750 1760 1770 1780
year
per
cen
tag
e b
lack
s in
to
tal p
op
ula
tio
n
Northern colonies
Southern colonies
British Caribbean
French Caribbean
10
Colonial Trade Flows
56%
80%
18%2%
0.1%
1%26%
18%Africa
W. Indies
S. Europe
U.K.
Colonies
11
Top 10 Commodity Exports from the 13 Colonies (average annual values,
000s, 1768-1772)₤Tobacco 766
Bread and flour 410
Rice 312
Fish 154
Wheat 115
Indigo 113
Corn 83
Pine boards 70
Staves and headings 65
Horses 60
12
Estimated Wealth per Free Person by Region, 1774 ($
2010)
TOTAL, 1774
New England, 1774
Middle Colonies, 1774
South, 1774
Great Britain, 1774
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
1774
wea
lth
per
fre
e p
erso
n in
177
4 ($
201
0)
13
Distribution of Wealth by Region, 1774
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Land Slaves/servants Livestock Personal
New England
Middle Colonies
South
14
GDP per free person: 1650, 1720, 1774 ($ 2010)
0
500
1000
1500
2000
2500
1650 1720 1774
GD
P p
er
free p
ers
on
($ 2
010)
15
Origin of “$”?
16
17
Colonial Exports to and Imports from Great Britain,
1697-1775
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
year
cons
tant
pou
nds
ster
ling
exports
imports
18
Three Phases of British Legislation
• 1764-66– Sugar Act – Currency Restraining Act – Stamp Act – Quartering Act– Declaratory Act
• 1767-70– Townshend Acts Boston Massacre
• 1773-4– Tea Act Boston Tea Party– Intolerable Acts– Quebec Act
19
Imports of Tea from England, 1761-1775
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
1761 1762 1763 1764 1765 1766 1767 1768 1769 1770 1771 1772 1773 1774 1775
po
un
ds
20
Imperial Taxes Collected, 1765-1774
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
1765 1766 1767 1768 1769 1770 1771 1772 1773 1774
po
un
ds
ster
ling
Sugar Act (1764, 1766)
Stamp Act (1765)
Townshend Act (1767)
Plantation Duty Act (1673)
Total
21
Patrick Henry: “The Parson’s Cause”
22