Growth of the Colonial Economy - GDP - College of William & Mary
Growth of the Colonial Economy - GDP
Thousand 1840 dollars
400000 350000 300000 250000 200000 150000 100000
50000 0
1650
1720
1774
1781
1793
1800
J. Parman (College of William & Mary) American Economic History, Spring 2012
January 31, 2012 1 / 25
Growth of the Colonial Economy - Population
2500000 2000000 1500000 1000000
500000 0
White Black
J. Parman (College of William & Mary) American Economic History, Spring 2012
January 31, 2012 2 / 25
Growth of the Colonial Economy - GDP per capita
1840 dollars
70 60 50 40 30 20 10
0 1650
1720
1774
1781
1793
1800
J. Parman (College of William & Mary) American Economic History, Spring 2012
January 31, 2012 3 / 25
Why Settle America?
Early exploration of the Americas had a lot to do with mercantilism
An oversimplification: countries assumed greater military and political power came from greater stocks of gold and silver
The Spanish had success in finding places with gold and silver that could be mined
Other countries had to rely on trade to build up stocks of silver and gold
This led countries to seek out colonies that had different resources from the mother country and to set up extractive institutions
J. Parman (College of William & Mary) American Economic History, Spring 2012
January 31, 2012 4 / 25
Mercantilism and Role of Colonies
Philipp Wilhelm von Hornick, Austria Over All, If She Only Will, 1684 (quoted in Robert Ekelund Jr. and Robert Hebert, A History of Economic Theory and Method, Waveland Press, 1997):
That every inch of a country's soil be utilized for agriculture, mining or manufacturing
That all raw materials found in a country be used in domestic manufacture, since finished goods have a higher value than raw materials
That a large, working population be encouraged
That all export of gold and silver be prohibited and all domestic money be kept in circulation
That all imports of foreign goods be discouraged as much as possible
J. Parman (College of William & Mary) American Economic History, Spring 2012
January 31, 2012 5 / 25
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