APUSH - Economy in the 15th century
In the 1600’s, most of North America was unexplored. This would eventually spur conflict, but it also proved well for the English. New power was thrust upon the country, and the English were in need of funds, quickly. Luckily, during the dawn of the English empire, a new land (with new economic opportunities) needed colonization. The new world was an expected source of income for citizens of the UK and the Crown itself.
From 1550 to 1600, the population of England exploded. This “surplus population” led to a severe economic depression, partly because of farmers “enclosing” croplands for sheep grazing, which forced many small farmers off of their properties. The depression hit the woolen industry, and thousands of farmers took to the streets and ended up unemployed and penniless. Immigration allowed for a new start, so the potential colonists thought. The practice of primogeniture also contributed to the homeless problem. This allowed for the eldest sons to inherit the entire estate, and it left other sons and daughters without land or money. The idea of new economic flow and land enticed many of these people, as well as a thirst for adventure and religious freedom.
The country of England itself was enamored with the idea of the introduction of new crops that they were unable to grow in their own farms. Many small investors also appeared, hoping to liquidate their companies quickly and make profit. However, this didn’t always work. In addition, England expected to benefit in being a “parent nation” for a new settlement. Eventually, the institution of slavery would also prove profitable. England expected a trade hub to come from these new colonies, and this proved true. A charter was settled, namely the charter of the Virginia Company, and immigration began.
This was a smart choice for King James – a charter was a very low cost for what appeared to only prove beneficial. These new settlements were going to be a source of economic gain. This would eventually
From 1550 to 1600, the population of England exploded. This “surplus population” led to a severe economic depression, partly because of farmers “enclosing” croplands for sheep grazing, which forced many small farmers off of their properties. The depression hit the woolen industry, and thousands of farmers took to the streets and ended up unemployed and penniless. Immigration allowed for a new start, so the potential colonists thought. The practice of primogeniture also contributed to the homeless problem. This allowed for the eldest sons to inherit the entire estate, and it left other sons and daughters without land or money. The idea of new economic flow and land enticed many of these people, as well as a thirst for adventure and religious freedom.
The country of England itself was enamored with the idea of the introduction of new crops that they were unable to grow in their own farms. Many small investors also appeared, hoping to liquidate their companies quickly and make profit. However, this didn’t always work. In addition, England expected to benefit in being a “parent nation” for a new settlement. Eventually, the institution of slavery would also prove profitable. England expected a trade hub to come from these new colonies, and this proved true. A charter was settled, namely the charter of the Virginia Company, and immigration began.
This was a smart choice for King James – a charter was a very low cost for what appeared to only prove beneficial. These new settlements were going to be a source of economic gain. This would eventually