The 13 Colonies: Developing Economy & Overseas Trade – Video & Lesson Transcript

In the 1760s, a Frenchman visiting New York contacted a trading post when he noticed something unusual. A group of Iroquois Indians were getting pet skins and hair to operate for things such as tools and guns. That part was normal perfectly. The strange part was when the Indians sat right down to wait.

They brewed themselves some tea, sweetened it with sugars, and drank it from porcelain mugs. The tea had to result from Asia, the sugar was from the West Indies, and the cups were made in England. Most of them had come to America through Britain’s extensive trade networks. In the 17th and 18th centuries, England’s economy, like that of most European capabilities, depended on trade. This was the total result of an economic system called mercantilism. Believing that there was a limited way to obtain wealth in the world, the goal of a mercantilist economy was to amass the most silver and gold at the trouble of all the other nations.

This was done through a good balance of trade, so by exporting produced goods and limiting the number of imports, nations earned hard currency. This may help them combat wars against the other nations. The colonies became an important part of mercantilism, even though they didn’t have vast supplies of silver and gold as had been hoped. England’s recyclables were limited, but the colonies were filled with all sorts of resources that England needed. New England provided timber and ships.

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Grain from the center colonies given England’s booming people. And the South provided a cigarette, indigo, and other cash vegetation. On top of that, Britain could get all of these plain things without having to purchase them in hard money. They could easily get them all through triangular trade simply. British goods were traded for slaves on the African coast, who were shipped to America and traded for the raw materials. Although colonies existed to enrich the mom country Even, they each had an internal overall economy as well.

This, too, revolved around trade. In the earliest days, people literally had to make or trade for everything they needed. The Northern colonies, especially, developed cottage industries that trading on a simple barter system. For instance, one home might mill grain while the neighbor spun wool. As the colonies were growing Even, their overseas trade remained based in agricultural products.

The earliest cities and cities were places merely to collect crops for delivery to England and then to own colonists brought in goods they had a need to build a home, run a farm and offer for their family. The first tradesmen who made an appearance in towns were the people who could create these implements rather than importing them – people like blacksmiths, bricklayers, saddlers, and gunsmiths.