Mercantilism and Colonial Economics: Was it all bad? (Get out your clickers! Ch 48)

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Presentation transcript:

Mercantilism and Colonial Economics: Was it all bad? (Get out your clickers! Ch 48)

Our Goals (SWBAT): Describe/Define basic economic concepts Describe British Mercantilism Analyze/Evaluate Impact of Mercantilism on British Colonies in North America

Clicker Discussion: I am afraid of economics? 1 = YES 2 = NO

Key Terms: Import Export Trade Balance Trade Deficit (Surplus)

What is Mercantilism? Theory of economic organization Way to organize a nation’s economy Goal: make Mother Country wealthy Today? Capitalism, Communism

Basic Ideas of Mercantilism Establish colonies Control/regulate trade Export raw materials & resources from colony to Mother Country Export finished products from MC to colony Favorable Trade Balance for MC

Basic Ideas of Mercantilism Navigation Acts (1650s and 1660s)  Attempts by Britain to control trade Salutary Neglect  Britain’s “hands off” approach helped colonies  Until 1760s

Clicker Discussion: Was Mercantilism GOOD for Colonies? 1 = YES 2 = NO

Mercantilism: GOOD Guaranteed markets Protection from competition Especially helpful when colonies young to limit risk Raised prices for smugglers

Why was Mercantilism BAD for Colonies?

Mercantilism: BAD Limited opportunities to trade Industrial development restricted  Certain UK industries protected A bigger problem toward end of colonial period  Colonies wealthier  Colonial economies more diverse

Mercantilism: BAD Economics seen as “Zero Sum Game” England $↑, Colonies $↓ Colonies have trade deficit Colonies lack species/money Certain Industries in England protected

What went wrong? For over 150 years, colonists OK with mercantilism

What went wrong? French & Indian War Grenville’s Policies Monopoly given to British East India Co. (Tea) Fear of more restrictions, taxes

Clicker Discussion: Was Mercantilism GOOD for Colonies? 1 = YES 2 = NO

DBQ/FRQ Question To what extent was mercantilism bad for England’s colonies in America?

How Did We Do? Our Goals (SWBAT): Describe/Define basic economic concepts Describe British Mercantilism Analyze/Evaluate Impact of Mercantilism on British Colonies in North America 1   5 Not so goodExcellent!