Economics 2150A/B Study Guide - Quiz Guide: Navigation Acts, Thirteen Colonies, Tea Act

• School: Western University
• Department: Economics
• Course: Economics 2150A/B
• Professor: Colin Denniston

Document Summary

From 1700 to 1820 britain transitioned from a minor player to a global hegemon. This resulted from colonial and trade expansion and a series of wars with other powers. Significant gains made in the treaties of utrecht 1713 and paris 1763. Rise of empire coincides with british growth as well as ir. Maddison argues the rise was partly due to britain"s mercantilist approach in 18th c. If empire mattered, we assume britain extracted rents from the colonies. Profits that couldn"t have been acquired through normal trade alone. Colonies were a drain e. g. defence, preferential trade, loans evidenced by american independence. Trade and capital diverted from non- war. colonial opportunities. Profits because uk taxpayers core/ periphery relationship. subsidising colonies. Profits captured by interest groups. capital at home explaining uk lr. Navigation acts 1651 governing colonial trade and commerce. Currency act 1751 limited issue of colonial bills. Tea act 1773 granted monopoly to east india company and distribute tea to america.