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COLONIAL ECONOMIC SYSTEM COMMERCIAL SYSTEM “Colony” “any people or territory separated from but subject to a ruling power.” Colonial Commercial System Sugar Europe Latin America goods Sugar Port Spain Gold/Silver goods goods Native Agriculture Plantations Gold/Silver goods

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colonial economic system

COLONIAL ECONOMIC SYSTEM

COMMERCIAL SYSTEM

J. Michael McGuire, Ph.D.

colony
“Colony”
  • “any people or territory separated from but subject to a ruling power.”

J. Michael McGuire, Ph.D.

slide3

Colonial Commercial System

Sugar

Europe

Latin America

goods

Sugar

Port

Spain

Gold/Silver

goods

goods

Native Agriculture

Plantations

Gold/Silver

goods

FORCED LABOR

MONOPSONY

MONOPOLY

INTERMEDIARY

Drafted Labor

Mining

Hacienda Ranching

J. Michael McGuire, Ph.D.

control trade
CONTROL TRADE

Casa de Contratación

License & Supervise all

ships, passengers, crews, and goods

Collect taxes (import, export, convoy, sales)

Charts

School of navigation

J. Michael McGuire, Ph.D.

control trade5
CONTROL TRADE

Merchant Guild

Cartel

Reduce quantities and raise price

Few Ports

Obligatory Fleet System

Enforce closed ports

Protection

J. Michael McGuire, Ph.D.

weaknesses
WEAKNESSES

Smuggling

Piracy

Weak Spanish Industry

Intermediaries

J. Michael McGuire, Ph.D.

outcomes legacies
OUTCOMES / LEGACIES

INFLATION

MV = PQ

LITTLE INVESTMENT

CONSPICUOUS CONSUMPTION

INEQUALITY

J. Michael McGuire, Ph.D.