The Colonial Economy

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after those in Europe; ultimately all were based on England's. In New England they followed the English pattern established in the Feudal period of farmers living in villages. Most of their trade was with England and other European countries, although they also traded with Asia and Africa.
For several decades their survival depended on imported goods, and they were unable to export enough to pay for them.. A century after colonization began in the North American English colonies, they had developed an economy based on the export and imports between themselves and Europe and the Caribbean. New York ultimately became the center of this commerce.In the late colonial period, while the other regions ran trade deficits, the South ran a trade surplus. Unlike the other regions, both the South's export and import trade was heavily dominted by trade with Great Britain.
The colonial elite: an educated class of men, could and did read Adam Smith's Wealth of Nations (1776), in which Smith both ...

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one-third of the colonies' people and accounted for 60 percent of the colonies' exports to Britain. (The Revolution was not a conflict between a Third World type colonial dependency and the metropolis. It was a conflict between two nations on a roughly equal level in terms of per capita incomes, with the colonies having about 40 percent of the Mother Country's population.
Initially, in Virginia and Massachusetts, communist-like systems were installed, however, they were soon abandoned. Single men objected to working to support the families of married men. Married women objected to working to support other women's children. Because the opportunity to own land was a way to attract ...

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