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Economic Progress and Wealth

Economic Progress and Wealth. Chapter 5 Debi Jones. Growth & Change. Colonial Economy before 1710 Very little economic growth Real per capita income. Productivity Change in Agriculture. Major economic activity was agriculture Tobacco Grain Livestock.

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Economic Progress and Wealth

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  1. Economic Progress and Wealth Chapter 5 Debi Jones

  2. Growth & Change • Colonial Economy before 1710 • Very little economic growth • Real per capita income

  3. Productivity Change in Agriculture • Major economic activity was agriculture • Tobacco • Grain • Livestock

  4. Productivity Gains in Transportation & Distribution • Higher gains due to handling & transportation of goods • What caused the productivity gains?

  5. Technological Change & Productivity • Technology changes remained minor and sporadic • Dutch first introduced the flyboat or flute vessel designed to carry bulk commodities

  6. Speculations on Early Growth Rates • Slow & irregular • Growth of real income per capita 1% annually

  7. Per Capita Wealth & Income 1774 • “Lost Colony” • “Starving Time” • Quality of life and standards

  8. Distribution of Income & Wealth • High levels of wealth • Richest region was south • Most affluent areas; port towns & cities. • Merchant ship owners

  9. “Indeed, by most any standards of comparison, the quality of life and standards of material well-being were extraordinarily high for free Americans b “Indeed, by most any standards of comparison, the quality of life and standards of material well-being were extraordinarily high for free Americans by the end of the colonial period. They lived longer and better than populations of other nations and places at the time, and better than most people throughout the y the end of the colonial period. They lived longer and better than populations of other nations and places at the time, and better than most people throughout the deed, by most any standards of comparison, the quality of life and standards of material well-being were extraordinarily high for free Americans by the end of the colonial period. They lived longer and better than populations of other nations and places at the time, and better than most people throughout the world today. “ • “Indeed, by most any standards of comparison, the quality of life and standards of material well-being were extraordinarily high for free Americans by the end of the colonial period. They lived longer and better than populations of other nations and places at the time, and better than most people throughout the world today.

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