Question 1

What was mercantalism?

Accepted Answer

Mercantilism was an economic theory used by most European countries from c. 1500-1750. Mercantilists believed that wealth (gold and silver) equated to power and that accumulating the most gold granted the most power. To get gold, a country had to export more than it imported. In essence, mercantilist countries tried to export (sell) as much as possible while importing (buying) as little as possible, thus building up their gold reserves. Mercantilism served as European justification for colonization.

Question 2

What were the navigation laws and salutary neglect

Accepted Answer

Any hope that the colonists had for economic independence was crushed by the British policy of forbidding colonial trade with other countries under the Navigation Laws started in 1650. However, some colonists continued to smuggle products, and "salutary neglect" by Britain lasted until 1763 when the British were compelled to enforce laws for money to pay off the debt of the French and Indian War.

Question 3

What was triangular trade?

Accepted Answer

Triangular trade emerged as a result of mercantilism. In this international system, the Americas would send raw materials to Europe and Africa, Europe supplied Africa and America with finished goods, and Africa captured and transported slaves to the Americas.

Question 4

What were some opinions of colonists about British mercantilism?

Accepted Answer

There were some advantages to mercantilism for the colonists. Colonists who produced shipping parts and tobacco for Britain had a permanent, lucrative British customer who demanded these products. Overall, mercantilism had a trickle-down effect on the prosperity of the colonies.

However, most colonists despised mercantilism based on principle because it did not allow them economic freedom to produce what they wanted and to sell it to other countries. The South produced rice, cotton, and tobacco—all cash crops. Yet Southerners despised that Britain controlled prices and the products that the southerners had to purchase

2.4 Transatlantic Trade, AP United States History Flashcards