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Economics of the American Revolution
- 1. Deborah Rodefer Applied Economics May 19th , 2015 A study of the American colonies and their economics before, during, and immediately following the American Revolution Economics of a New Nation
- 2. Countries expand because the population multiplied Wealth of Nations American colonies were based on trade- mercantilism Adam Smith (1723-1790)
- 3. Mercantilism
- 4. Wampum Coins from around the world “clams” “daler” Economics Religious refugees Political refugees Debtors and inmates Nobles Merchants Cultures Melting Pot of Cultures and Economics
- 5. Piece of Eight or Peso Dollar
- 6. 2.5 million people 3% in cities Daydream of middle class Land
- 8. Colonists British Citizens Height (male*) 5’8” 5’5” Literacy rate (male) 75% 60% Life expectancy (male) 53.5 years 36 years Death rate 25 per 1,000** 40-50 per 1,000 Fertility rate 7.2 5.1 Household size 6 people 4.5 people The Difference Between the Colonists and British Citizens *for a 21-year-old man, ** New England
- 9. Land grants Accumulating large plantations Slavery Tobacco, corn, indigo, rice, and cotton Southern Land Economy
- 10. • Williamsburg, Virginia • 30,000 acres • 1,000 slaves Carter’s Grove
- 11. “…the work done by slaves, although it appears only to cost their maintenance, is in the end the dearest of all. A person who can acquire no property can have no other interest but to eat as much, and to labor as little as possible. Whatever work he does beyond what is sufficient to purchase his own maintenance can be squeezed out of him by violence only, and not by any interest of his own.” Adam Smith on the Economy of Slavery
- 12. Fishing & whaling Shipbuilding Fur Iron & copper Cabinetry Barrels Rum Livestock Whiskey & beer Exports and Services
- 13. Navigation Acts passed in 1651, 1660, and 1663 1699 Woolen Act and the 1732 Hat Act 1719 banned skilled emigration Sugar Act in 1764 Stamp Act of 1765 Quartering Act of 1765 Tax on import goods such as tea British Taxes and Regulations
- 14. Trading with the Dutch Refusing to pay taxes Boycotting British goods Public protests and rising unrest Rebellion
- 16. Colonies would have full political and economic powers of independent states Congress needed money States maintained interest- free riders Options: taxation, borrowing, printing 1776 Declaration of Independence & War
- 17. Currency
- 18. Congressional Dollar Value 1775-1779
- 19. Continental loan offices Loans from France Asked states to cease printing Implemented land taxes Property confiscation Counterfeiter laws Supplemental Funding & Policies
- 20. What Was Spent
- 21. $250 million in paper currency, 40 to 1 15% of 10 million in taxes were paid by states Almost $40 million post-war debt for Congress $21 million post-war debt for States Cost of living raised rapidly= higher taxes, week money Post war influx of imports stunted growth Depression Economic Struggles of War
- 22. Economic Founding Fathers Robert Morris Alexander Hamilton
- 24. References Baack, Ben. Forging a nation state: The continental congress and the financing of the war of American Independence. Economic History Review. Nov2001, Vol. 54 Issue 4, p639-656. Baker, K. & Buckland, G. (2010). America: The story of us: An illustrated history. New York, NY: A & E Television Networks. Boorstin, Daniel J. (1958). The Americans: The colonial experience. New York, NY: Random House Inc. Colonial Williamsburg Foundation (2015). Teacher resources; e-newsletter; pieces of eight. Retrieve from http://www.history.org/history/teaching/enewsletter/volume3/march05/iotm.cfm Hutchins, Robert Maynard. (1952). Great books of the western world. Adam Smith. (Vol. 39). Chicago, IL: Encyclopaedia Britannica. Grossack, I. M. (1976). Adam Smith: His Times and Work. Business Horizons, 19(4), 5. Lind, Michael. (2012). Land of promise: An economic history of the United States. Pymble, Australia: HarperCollins Morris, Richard B. (1963). The making of a nation. (Vol. 2: 1775-1789). New York, NY: Time-Life Books Morris, Richard B. (1963). The new world. (Vol. 1: Before 1775). New York, NY: Time-Life Books Oxford Dictionary (2015). Definition of Dollar. Oxford University Press. Retrieved from http://www.oxforddictionaries.com/us/definition/american_english/dollar Shell, M. (2013). Wampum and the origins of American money. Urbana, IL: University of Illinois Press.