ECON 1740 Lecture 1: Econ Hw 1
28 Aug 2017
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What were the reasons for economic failure in early british colonies in the. The early colonies failed because they were in search of gold and other fine metals. European countries sent miners to be the colonists. Without knowledge of farming, the colonists quickly died off. After more arrived with knowledge of different sectors of the economy, cash crops replaced gold and silver. This lead to permanent settlements and private property owners. Indentured servants were men and women who signed a contract where they agreed to work for a certain number of years in exchange for transportation to the americas and, once they arrived, they would receive food, clothing, and shelter. With large tobacco, rice, and indigo farms, plantation owners need many people to work the fields. This allowed to the owners to make large profits by growing cash crops and paying for just the basic needs of the laborers.
