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The British economy had begun to grow rapidly at the end of the 17th century and, by the mid-18th century, small factories in Britain were producing much more than the nation could consume. Britain found a market for their goods in the British colonies of North America, increasing her exports to that region by 360% between 1740 and 1770.
The economic history of the United States spans the colonial era through the 21st century. The initial settlements depended on agriculture and hunting/trapping, later adding international trade, manufacturing, and finally, services, to the point where agriculture represented less than 2% of GDP .
In the 17th century, Pilgrims, Puritans, and Quakers fleeing religious persecution in Europe brought with them plowshares, guns, and domesticated animals like cows and pigs. These immigrants and other European colonists initially farmed subsistence crops like corn , wheat , rye , and oats as well as rendering potash and maple syrup for trade. [ 8 ]
These plantations played a large role in developing the Northern economy in opposing lines from the plantation-based economy of the American South. Compared to the large-scale cash crop plantations which underpinned the Southern economy, plantations in New England were small-scale, and meant mainly for subsistence purposes rather than profit ...
In the early 17th century, English sailors had begun cutting logwood in parts of coastal Central America over which the Spanish exercised little control. By the early 18th century, a small British settlement had been established on the Belize River , though the Spanish refused to recognize British control over the region and frequently evicted ...
Starting in the late 17th century, in southern New England and parts of Long Island, Native Americans were increasingly pulled into an exploitative debt-peonage system designed to control and assimilate Native American people into the dominant culture as well as channel their labor into the market-based Atlantic economy. [51]
The Mughal India, worth a quarter of world GDP in the 17th century and early 18th century, especially its largest and economically most developed province Bengal Subah consist of its 40%, were responsible for 25% of global output, that led to an unprecedented rise in the rate of population growth, ultimately leading to the proto-industrialization.
The industrialization and modernization of the South continued to pick up speed with the ending of racial segregation policies in the 1960s. Today, the economy of the South is a diverse mixture of agriculture, light and heavy industry, tourism, and high technology companies, that help serve both the national economy and global economy. [212]