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Compare and contrast british and spanish colonies economy in america
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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 e...
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...ss of natural resources, and war debts. Therefore, the Spanish Empire was only slightly superior to the British Empire. This gives a possible answer to how much stronger it was to the British Empire, using facts and analysis.
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Two conflicts during this time are seen as significant towards this battle between the interests of the Natives in the Americas. One of which was between two men: Bartolomé Las Casas and Juan Ginés de Sepúlveda. Las Casas defends t...
At the start of 1474, Spain was a non-existent entity that was composed of a series of minor kingdoms within the Iberian Peninsula. However Spain was subject to a process of change that led to the unification of the Iberian Peninsula under one monarchy, which controlled the new world and large areas of Northern Europe. This process of change was stimulated by the revenue of the new world and to varying degrees by domestic and international politics. However the New world was not always the primary factor during this period that catalysed the increase and maintenance of power. Over this time period the revenue from the new world increased, and thus directly Spain’s dependence upon it did as well. Isabella and Ferdinand had no reliance on the new world, as it occurred in the later third of their reign, and as such was viewed more as an economic failure. Kilsby rightly argues that with hindsight, the discovery of the Americas was the “the greatest event since the creation of the world.” Kamen shows us that there was a shift in the new world’s importance, as the “Indian globe” controlled by Spain caused their power and Kamen justily argues that the colonies were the sheet anchor of Phillips Power. The necessity of the new world is entirely due to the funds that it provided that stimulated other factors that contributed to Spain’s growing power over the time period.
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One facet of this unique system involved the numerous economic differences between England and the colonies. The English government subscribed to the economic theory of mercantilism, which demanded that the individual subordinate his economic activity to the interests of the state (Text, 49). In order to promote mercantilism in all her colonies, Great Britain passed the Navigation Acts in 1651, which controlled the output of British holdings by subsidizing. Under the Navigation Acts, each holding was assigned a product, and the Crown dictated the quantity to be produced. The West Indies, for example, were assigned sugar production and any other colony exporting sugar would face stiff penalties (Text, 50). This was done in order to ensure the economic prosperity of King Charles II, but it also served to restrict economic freedom. The geographical layout of the American colonies made mercantilism impractical there. The cit...
Economic concerns of the British caused the colonization of British North America. Such economic concerns included the opportunity to acquire gold, silver, a North American waterway that would lead directly to China and the Indies, and the prospect of countering Spain's dominance in North America (Boorstin et al. 34). In addition to these economic reasons for colonization, the English were also seeking to obtain the essential "raw materials" in America that they had been previously buying from other European countries for exorbitant amounts of money and gold (Boorstin et al. 34). Great Britain also sought to solve other economic problems through American colonization. For example, England needed to replenish some of its diminishing materials and assets, generate another "market" to export its cargo and merchandise, maintain its powerful navy and "merchant marine" through business with new American colonies, and to provide a new place for the unemployed to settle rather than escalating populace/crime and the economic burden in its own cities (Boorstin et al. 34).
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