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To what extent was the EIC the main reason for the growth of the British economy?
1. Colonies and the Triangular Slave Trade
- Jamestown in Virginia grew tobacco and Britain was able to exploit this as the first cash crop. Tobacco because
significant which is shown by the 22 million Ibs of tobacco that was exported form the North American colonies
by 1700. The colonies, therefore, increased the exports of raw materials like tobacco on a wide scale and
allowed Britain to create markets that would sell new goods.
- Sugarcane was grow in the Caribbean colonies such as St Kitts. The sugarcane was exported to the European
continent or to England itself. As a result, new domestic and foreign markets were created in order to sell sugar
and rum (the two products made form sugarcane). This was caused the expansion of overseas trade because
Britain became the primary seller of in demand goods that would maximise the number of exports and profit that
England would have as a result.
However, it can be argued that the colonies had a shortage of workers and labourers after 1660 which slowed the
production of raw materials and goods to be sold on the continent and therefore, slowed trade.
- However, during this period, the triangular slave trade was dominated and utilised by Britain in order to be more
successful. The African slaves were bought with cheap manufactured goods but sold at high profits which was
beneficial to the economy. The involvement in the slave trade was significant during the period as by 1700,
Britain controlled 1/2 of the trade, showing how by 1688, Britain was accumulating wealth due to the trade.
Thus, the combination of the variety of goods that the climate on the colonies could produce with the cheap
labour of the slave trade allowed Britain to expand trade quickly.
Colonies such as North America and the Caribbean developed the system of mercantilism that allowed Britain to
accumulate wealth. The colonies mainly supplied raw materials for use my Britain. For example, the Jamestown
colony that had been established in 1607 grew tobacco as the first crash crop. As a cash crop tobacco was both
marketable and profitable. As a result, Jamestown and other colonies like it supplied tobacco to England which
they could then sell on domestic markets or create new foreign markets. This form of imperial expansion was
important for the development of the economy because it increased the level of trade with the European continent
and thus increased exports from England, a form of mercantilism. Other colonies in North America, such as the
Newfoundland colony provides useful fish recourses to be traded and sold. Fish was a product in high demand on
the continent and allowed the growth of fish markets. Additionally, the fish industry led to a growth in the
shipbuilding and marine insurance industries. Both of these industries provided more jobs to decrease
unemployment and they encouraged merchants to trade by guaranteeing a safe journey and insuring any damaged
goods. Therefore, the colonies in North America were also beneficial for the growth of multiple industries in
England. The Caribbean colonies were mostly involved in sugarcane plantations. Sugarcane was in high demand in
Britain and on the European continent due to its uses in sugar and rum. The Caribbean colonies were essential to
enabling trade of Britain with the continent as Britain were able to supply goods for the high demand as they
controlled colonies like North America and the Caribbean that had the correct climate to grow crops like tobacco
and sugar. In this way, Britain were able to dominate trade with more rare goods that made them essential to
international trade. On the other hand, it could be argued that the colonies were not beneficial without the
contribution of other factors. This is mainly due to the Navigation Act. Without the Act, the colonies would not have
been able to dominate trade or domestic and foreign markets due to the competition with Dutch and Spanish ships
in the colonies too. It was the Navigation Act which prevented the involvement of foreign ships in trade with the
colonies which allowed the British economy to gain profit and money from exports. Therefore, although the
colonies provided many marketable and profitable crops for the economy, they were unable to be successful
without the input of the Navigation Act due to the high levels of foreign competition.
2. Navigation Acts and Anglo-Dutch Rivalry
- 1651 Navigation Act were a result of commercial competition with the Dutch and were beneficial to the economy.
The Act was beneficial because they reduced the threat of the Dutch by enforcing a rule that only goods from the
colonies must be carried on English ships. As a result, it can be argued that the success of the exports from the
colonies was due to the Navigation Act which ensured that Britain gained profit and not other foreign powers.
- In this way, it can also be argued that the high levels of customs duties obtained from tobacco exports from
North American colonies was due to the high levels fo exports from the colonies as a result of the Navigation
Act. Therefore, the Anglo-Dutch rivalry (having caused the implementation of the Navigation Act) is the root
cause for the success of the colonies by ensuring international trade by Britain succeeded and outcompeted the
Dutch and other foreign powers.
- However, it can be argued the rivalry was bad for the economy and decreased Imperial expansion. This is due to
the numerous incidents of direct war and conflict. One example being in 1664, when Dutch destroyed a number
of English ships off the coast Africa, disrupting the slave trade. This slowed economic growth because it cost
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