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Mercantilism The concept of mercantilism was based on the notion that wealth is determined by the amount of bullion in the state. The goal was to increase bullion reserves by decreasing imports and increasing exports, thus bringing gold and silver into the country. Governments carefully regulated the economy to achieve this goal. France, the Dutch, and England shared polices that promoted the merchant marine and shipbuilding industries and the expansion of international trade and acquisition of colonies
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Birth of the British Empire
BRITISH DOMINATION OF WORLD TRADE IN THE 18TH CENTURY WAS A PRODUCT OF MERCANTILISM AND MILITARY SUCCESS.
EvidenceNavigation Act of 1651British East India Company War of Spanish Succession (1701-
1713)AsientoWar of Austrian Succession (1740-
1746)Seven Years’ War (1756-1763)Treaty of Paris of 1763
Mercantilism The concept of mercantilism was based on the
notion that wealth is determined by the amount of bullion in the state.
The goal was to increase bullion reserves by decreasing imports and increasing exports, thus bringing gold and silver into the country.
Governments carefully regulated the economy to achieve this goal.
France, the Dutch, and England shared polices that promoted the merchant marine and shipbuilding industries and the expansion of international trade and acquisition of colonies
England In England under the Oliver Cromwell
Parliament passed the Navigation Act of 1651, which required all English goods to be transported on English ships.
The Navigation Act of the 17th century created a strong shipbuilding and shipping industry
Successful industries gave the English many manufactured goods to sell, from clocks to firearms
English mercantilist regulations guaranteed England’s trading dominance in their colonies
Cromwell, like the Dutch, allowed the immigrations of Jews to England because of their success in business.
British Military Success Paves the Way for Economic Dominance
England defeated the Dutch in several wars in the 17th century and pushed them out of the Atlantic network along with seizing New Amsterdam (New York).
The British East India Company undermined the Dutch position in Asian and won important trade concessions from the Mughal emperor in India in the early 18th century
As a result of its role in defeating France in the War of Spanish Succession (1701-1713), Britain acquired the French colonies of Newfoundland, Nova Scotia, and Hudson Bay and the asiento from Spain, which gave Britain control of the slave trade in the New World.
British naval domination was demonstrated during the Seven Years’ War (1756-1763)
The Treaty of Paris of 1763 that ended the war gave Britain the remaining French territories in Canada and east of the Mississippi, and most important India.
