The aim of the paper “The Role of the Colonies in the British Mercantilist System” is to examine British colonies as a source of economic progress and status symbol among other countries. With King James II, British colonies turned into a source of profit and power…
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With King James II, British colonies turned into a source of profit and power for the British Empire. King James II attempted to create a centrally managed Atlantic Empire (Henretta & Brody 93). Though the Glorious Revolution weakened royal grip on power, King James II put forth the foundations of mercantilism, such as the need to expand economically in order to be a glorious empire. British colonies thus served to improve British economic status among other monarchies and independent states and towns in Europe. Mercantilism was a policy promoting self sufficiency among countries of the day (Nettels 105). According to Nettels, “[t]he policy aimed to gain for the nation a high degree of security or self-sufficiency, especially as regards food supply, raw materials needed for essential industries, and the sinews of war” (105). With this goal in mind, the British aristocracy pursued colonies which could produce sugar, tobacco and other food products. In exchange, they were required to buy English manufactured goods, or use the English merchants as intermediaries (Henretta & Brody 69). This practice was prescribed by the Staple Act of 1663, according to which colonial planters bought most of the needed manufactured goods from England (Nettels 109). England prohibited trade with other European countries, as it could not impose favorable terms of trade (Nettels 105). English government designed laws that would keep colonies dependent upon English economy (108).
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Franklin stated: “We should restore Canada; because an uninterrupted trade with the Indians throughout a vast country, where the communication by water is so easy, would increase our commerce, already too great, and occasion a large additional demand for our manufacturers, already too dear” (Isaacson 2003, 187).
Basically, history refers to knowledge about the past that is acquired through collection, discovery, organization, dissemination, and presentation of information concerning past events of man or a given society.
It is evidently clear from the discussion that the British government retarded the economic growth of plantations. The mercantilist system in England did not aim to promote economic development in its colonies. Mercantilism aimed to extract wealth from the colonies for the benefit of English aristocracy.
U.S. History to 1877
The historical background of the USA is always an interesting topic to study. This paper seeks to study the historical background of the country under the following subheadings; the European Background, the Colonial Experience, the Revolutionary period and 19th Century History to the Civil War.
This paper accesses the most appropriate theoretical approach in the international political economy. The field of international Political Economy thrives as a result of disciplinary breakdown between political and economics in social sciences. Most of these problems are inter and trans-disciplinary in nature.
As the stayed in two different places, they had different life aspects, mostly in their economic and religious development. Even back in their native lands, England and Spain were different in terms of their religion. This was eventually carried forward to the Native America.
The author states that mercantilist theory and policies remained and still remain in the international political economy. Countries such as Germany, Russia, Japan, and the United States used protectionism to start up and enhance their industrialization preventing more efficient rivals from shutting it down.
In addition, British government passing of laws that required increased heavily taxation of American colonists. Heavy taxation resistance by the British government subjects initiated the beginning of financial hardships. Through the heavy taxations,
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