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Mercantilism & The Triangular Trade

Mercantilism & The Triangular Trade. Mercantilism. Mercantilism - The process in which raw materials would be bought cheaply, refined and sold back to the country of origin

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Mercantilism & The Triangular Trade

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  1. Mercantilism&The Triangular Trade

  2. Mercantilism Mercantilism- The process in which raw materials would be bought cheaply, refined and sold back to the country of origin • A nation’s economic strength came from protecting and increasing its home economy (making it richer) by keeping strict control over its colonies and keeping a favorable balance of trade with them.

  3. Mercantilism • Theory guided England and most European nations during the 17th and 18th centuries. • More gold coming into a nation than going out made a nation powerful. England saw the American colonies to be an economic resource. • England had to export (sell abroad) more goods than it imported (bought from foreign markets). Favorable balance of trade. • Colonies were created to be a constant source of raw materials and become profitable markets for the manufactured goods to the country that owned them (the “Mother Country”).

  4. Navigation Acts • To control trade from the colonies, England passed a number of extremely restrictive (one-sided) laws between 1650-1767 known as the Navigation Acts. • Colonists could only conduct business on English or colonial-made ships. To trade with another country all goods had to be sent to England first so that they could be taxed. • Tobacco, sugar, timber and cotton could only be traded with England.

  5. Navigation Acts • Colonies were not allowed to create their own factories so that England could control trade/business. • Trade regulations were not rigidly enforced for decades. • Colonies become a safe haven for smugglers and pirates

  6. The Triangular Trade • Triangular Trade: a pattern of colonial trade where slaves were purchased on the African Gold Coast with New England rum then sold in the West Indies for molasses or sugar which was then sent back to New England to manufacture rum.

  7. Triangle Trade

  8. The “Middle Passage”

  9. The Triangular Trade • Salutary Neglect: term used to describe how the English neglected to enforce the Navigation Acts. • This “neglect” leads the colonies to enjoy a sense of “free trade”. • In 1763 England begins to enforce these laws that will cause the colonies to protest harshly. One of the many conflicts with England that will lead to American independence.

  10. Quick Quiz 1. Explain the benefits of Mercantilism. 2. How did England limit the trade of the colonies? 3. What is the Middle Passage? 4. How do you think Salutary Neglect led to the Revolutionary War?

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