Economy of Colonial America

Brief chronology of the initial economic developments of the colonies

Jamestown, Virginia colony was first to show signs of economic growth

Massachusetts Bay colonists buy corn from Indians

Literature generalizations and postulations on economy of colonies

Puritanism may have helped shape the capitalistic society to evolve

The strength of the British Navy altered colonial approach to economic growth

Colonial farmers' efforts were more towards self-sufficiency than wealth

Rate of Economic Growth in colonies

Colonial economy may have multiplied 25 times over a 120-year period of time

Average per capita annual income in 1650 was $572; in 1720 it was $826

Legislation was enacted requiring colonists to manufacture and use resources

In Virginia in 1661 a law passed ordering counties to establish tanneries

"bounties" were given to counties and cities to encourage production

E. Indentured Servitude was a big part of the colonial economy

1) An estimated...
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