This website uses cookies to ensure you have the best experience. Learn more

The Economic Systems Of Colonial Latin America & British North America

1074 words - 5 pages

To what extent was the economic system of Colonial Latin America superior to that of British North America?

Introduction
To what extent was the economic system of Colonial Latin America superior to that of British North America? This essay will demonstrate how the economic system of Colonial Latin America was slightly superior to that of British North America during the 18th century, due to several factors. In particular, the abundance of natural resources and the amount of political organization proved to be major influences.
Narrative
The economy of Spanish America was strengthened by the export of goods to European markets. However, this was not the only source of wealth to the Spanish Empire. In 1545, in Peru, the mines of Potosi were discovered, containing an immense wealth of silver (Gale 2). A cheap labor system, known as the encomienda, helped to retain these profits. During the initiation of the silver trade, Spain had a favorable trade balance, due to the exchange of silver for manufactured goods. Over time, this had become lesser profitable, resulting in insignificant monetary gains.
However, the economic structure was not alone in driving the economy. Spain’s political structure, created by the Council of the Indies, created viceroyalties (or jurisdictions of the Spanish Empire), which were dependent on the local audiencias, corrigidores, and cabildos (Gale 2) The main role of the viceroy was to carry out the instructions of the Hapsburg monarchy. This monarchy led to the weakening of the Spanish Empire, due to corruption. By the 1700s, the Bourbons had replaced the Hapsburgs, creating reforms that would increase the amount of trade. In particular, more ports were opened inside the colonies, allowing for faster exchange of silver for manufactured good (Keen 144). However, it also placed limitations on local trade, although it was not as important as the exchange of silver for produced goods (Gale 4). Overall, the economic and political systems of Spain were the antithesis of today’s system, as will be seen through British North America.
British North America was first settled by the London Company in 1607, long after the settlements of Spain and other European countries in the Atlantic World. This led to an early disadvantage in finding profitable natural resources, and the lack of a great center of capital made these problems even worse (Rad 65). Before 1750, the colonies were largely dependent on the sale of agricultural products to the rest of the Atlantic World, resulting in undeveloped economies (Rad 65). However, the production of tobacco helped to change that, until it was overproduced. Because of soil contamination, tobacco production only created a paltry sum of revenue, until the colonists gained tools from the Natives (Brinkley 40). Moreover, the lack of natural resources led to a need of importation, resulting in a negative trade balance. This system lasted until the mid-1700s. Consequently, the success of the...

Find Another Essay On The Economic Systems of Colonial Latin America & British North America

British Colonies in North America Essay

971 words - 4 pages British Colonies in North America Despite their staggering differences economically, politically, and culturally, the British colonies of North America managed to pull together to resist the British policies that were threatening their ways of life. Each of the colonies struggled to inhabit and thrive in a new land; disease, Native American raids, and lack of knowledge about growing crops were a few things that stood in their way. After

The Independence of Latin America Essay

1196 words - 5 pages Independence in Latin America, The Bourbon Reform, was one form of reforms pushed by the people of Latin America towards Independence. "The Bourbon bureaucracy engineered unprecedented campaigns to extirpate the vices of the People and to inculcate in them the new virtues of hard work, sobriety, and proper public propriety" (Voekl, 183). Spain used the Americas as a way to rise from economic low and to take their riches from them. "The role of America

The Colonization of Latin America

1562 words - 6 pages adage words it best; "Keep your friends close, but your enemies closer."WORD COUNT: 1,547http://www.quoteland.com/qldb/author/1008Burkholder and Johnson, "Colonial Latin America", pg. 47Ibid., pg 49Ibid., pg 54Class notes, 9/18/01Burkholder and Johnson, pg. 13

"Throughout the colonial period, economic concerns had more to do with the settling of Britich North America than did religious concerns" Assess the validity of this statement

595 words - 2 pages The statement "Throughout the colonial period, economic concerns had more to do with the settling of Britich North America than did religious concerns" is in a way true. The settling of British North America reflected and equal amount of economic and religious concerns. But the colonies that were founded mainly based on religious concerns were also founded with thoughts of making money.The colonies of New England, Maryland, Pennsylvania, Rhode

Women and Gender in Colonial North America

1204 words - 5 pages During the colonial period in North America, women had varied experiences, which were instigated by differences in colonial styles. The population of North America during the period mostly comprised British settlers who originated from England and Wales. The remaining portion of the population was constituted by people from African and Asian origins. Some groups of individuals settled in New England, while other families moved to the Southern

The Mayas Of north America

2570 words - 10 pages groups had their own language, even though they shared the same economic, artistic, religious and intellectual lifestyle.TerritoriesThe pueblo Maya occupied an extensive territory: 900 km of the north and south, from the north coast of Yucatán throughout the Pacific, and 500 km of northeast an southeast, between the exit of Usumacinta river and the Gulf of Honduras. The pueblo Mayas derived in at least three great zones, each one of them

"Economic concerns had more to do with the settling of British North America than did religious concerns"- Assess the validity of this statement

1533 words - 6 pages Despite the fact that both religion and economics played a part in the colonization of America, the statement that "economic concerns had more to do with the settling of British North America than did religious concerns" is valid. These economic concerns, as a cause for the colonization of British North America, outweighed the notable religious concerns that arose, and dominated colonial life during and up until the very end of the British

Latin America

2809 words - 11 pages Iberoamerica would be a better term than of the Latin America. Latin seems to suggest an equal importance of the French and Italian contributions, which is far from being the case. Nevertheless, usage has fastened on Latin America, and it is retained here. The independence of Latin America After three centuries of colonial rule, independence came rather suddenly to most of Spanish and Portuguese America. Between 1808 and 1826 all of Latin America

Latin America

1222 words - 5 pages Latin America is the region that I chose to do my research on. The main reason why I chose to do my research on Latin America is because their culture interests me the most. There are five countries in Latin America that is very important. The five countries are Mexico, Brazil, The Bahamas, Argentina, and Honduras. All five of these countries play important roles on the entire region. Mexico is one of the biggest countries in Latin

Latin America

1719 words - 7 pages contribute to the economic growth of the family as a whole. Work becomes more important than school. This leaves little possibility for education, and does not allow them to develop skills outside of their field of employment. Yeatts (2005) attributes the poverty in Latin America largely to political dictatorships that eventually lead to monopolies, corruption and privileges for the rich. According to Yeatts (2005) every aspect of the early Latin

Latin America

5217 words - 21 pages on the remaining national liberation movements in the "third world":1. The disappearance of the soviet bloc and the possibilities of victory of the national liberation fronts still clinging to an orthodox line.2. The role of social democracy in the promotion of those fronts in certain third world countries.3. The world economic crisis.4. Connected to the above, the actual situation developing in Latin America. This latter includes: the incessant

Similar Essays

Settlement Of British North America Essay

1304 words - 5 pages Maison CarlsonMeghan MettlerHistory 1109/7/14Settlement of British North AmericaWhether it be for profit or religious reasons, many colonists settled in British North America. Different colonies had different establishments for the colonists. Not all of them were the same. The colonies that were established for profit reasons were granted charters or joint-stock companies by the British Crown. Although all these colonies were being made, not all

The Indian Siutation In Colonial Latin America

886 words - 4 pages The Indian Siutation in Colonial Latin America The Indian situation in South America presented Spain with an interesting dilemma. At first, territorial expansion and the hunt for gold loomed over the New World, with Spain at the helm of the operation. Indians were obviously native of the area and their presence left Spain with several options if the New World was to become a "gold mine" of Spanish conquest. Economic progress took

Sex Outside Of Marriage In Sixteenth Century Colonial Latin America

1378 words - 6 pages Sex Outside of Marriage in Sixteenth Century Colonial Latin America Sexuality was an aspect of life that many religions struggled with in various cultures and religions throughout history and the Catholic Church in sixteenth century Colonial Latin America was no different. The Catholic Church made marriage into a sacrament and it created this sacrament in part to control and regulate when, where, and how sex should take place. The Church decreed

Party Systems In Latin America Essay

3719 words - 15 pages Party Systems in Latin America This essay will compare and contrast the party systems of Argentina, Brazil and Uruguay according to Mainwaring and Shugart's Chapter 11 of Presidentialism and Democracy in Latin America. First, I will discuss majority verses minority government; second, I will discuss the number of relevant parties; third, I will discuss the level of party discipline with the parties. In Presidential systems of