The Economy in British Colonies Essay

Extensive British colonization of overseas territories emerged in the 17^th century and became the beginning of a long-lasting dominance of the Empire in the world. The military might and perspectives for economic growth in the colonies through commodities exportation helped the British Empire establish close economic relations with European settled lands. The economy of British colonies on the territory of America and the West Indies gradually changed during the historical period before the United States independence declaration. The paper will examine the development of the economy of these colonies, the context in which the changes emerged, and the influential factors that contributed to the shifts in commodity-related sectors of the economy. The economic well-being of colonial territories differed, but the overall improvement is observed in all of them throughout the period between the 17^th and 18^th centuries.

Description and Main Idea

The analyzed table shows the average yearly value of commodity exports by different British colonies. The table consists of two parts each depicting the financial data concerning commodity exports during two periods including 1697-1705 and 1768-1772. The data represents such colonial territories as West Indies, Lower South, Upper South, Middle Colonies, and New England. As it is seen in the first period, the highest level of total exports value and value of exports per free capita is characteristic of the West Indies. The rest of the regions, except for Upper South, show much lower indicators. However, the value of exports per capita is the highest in Upper South during this period. As for the 1768-1772 period, the total value of exports increased in all territories, although, the value of exports per capita significantly arose only in the West Indies.

Context

The developmental changes depicted in the table might be supported by some theoretical explanation of the historical context specific to these territories during the end of the 17^th and 18^th centuries. The British Empire enforced its expansion to overseas territories and established its military control on the conquered lands. All such regions were subject to the Crown, and the indigenous population was deprived of most property rights.¹ Therefore, the economy concentrated on farming and production for exportation to Europe. Since American colonial territories were on the early stages of economic development, they did not succeed to the same extent as the West Indies did.

Analysis

It is essential to incorporate the data available from the table and the historical context to interpret and analyze the causes and implications of such developmental changes. The rapid growth of exports value in American colonial regions takes its roots in the character of the colonization. Firstly, farming and production were easily fostered due to the lack of indigenous population that the colonists could encounter.² Natural resources could be effectively utilized and provide multiple opportunities for the export of goods and commodities that Europe needed. Secondly, the kind of exports specific to these lands contributed to economic growth due to the “European demand for tobacco, rice, and indigo”.³ Also, favorable geography and “closeness to the coast” were great contributors to the economic growth of the Upper South colonial region.⁴ Therefore, the characteristics of natural resources in combination with the demand for the products specific to American lands played a significant role in the economic development of these British colonies.

The difference between the West Indies and American colonial territories might be explained by the fact that by the 17^th century, American lands were relatively newly settled by Europeans. That is why production and economy units needed to be developed to the level required for exportation.⁵ However, the West Indies already had a lot of commodity types to export. Thus, the West Indies were the leading colonized territory that provided most of the goods imported to Europe. However, in almost a hundred years, the level of economy of American colonies increased.

The population also played a role in economic advancement. The number of citizens on the conquered territories grew. The number of slaves brought to North American colonies increased from the end of the 17^th until the end of the 18^th centuries.⁶ On the contrary, the import of slaves to the West Indies decreased during the same period. These data explain why the value of exports per capita significantly rose in the West Indies and fell in the Upper South colonial region. The more inhabitants there were on the territory of the American colonies, the less per capita income there was, despite the increase in the total value of exports.

Conclusion

Summarizing the discussion, the British overseas colonization in the 17^th century was caused by the search for economic influence in the world and the profitable resources for commodities exportation to Europe. The growth in the value of exported commodities was influenced by the fostered advancement in farming and natural resources utilization that later led to the overall economic growth of the conquered territories. The absence of confronting the local population simplified the usage of resources.

References

“British Colonization of the US.” Presentation, Vancouver School of Economics, n.d.

Rosenbloom, Joshua. L. “The Colonial American Economy.” Economics Working Papers (2018): 1-32. Web.

Footnotes

1. “British Colonization of the US” (presentation, Vancouver School of Economics, n.d.), 27.
2. Joshua. L. Rosenbloom, “The Colonial American Economy,” Economics Working Papers (2018), 6. Web.
3. Ibid., 6.
4. “British Colonization of the US” (presentation, Vancouver School of Economics, n.d.), 30.
5. Ibid., 13-14.
6. Ibid., 20.