As Europeans expanded their market reach into the colonial sphere, they devised a new economic policy to ensure the colonies’ profitability. The philosophy of mercantilism shaped European perceptions of wealth from the 1500s to the late 1700s. Mercantilism held that only a limited amount of wealth, as measured in gold and silver bullion, existed in the world. In order to gain power, nations had to amass wealth by mining these precious raw materials from their colonial possessions. Mercantilists did not believe in free trade, arguing instead that the nation should control trade to create wealth and to enhance state power. In this view, colonies existed to strengthen the colonizing nation.
Colonial mercantilism, a set of protectionist policies designed to benefit the colonizing nation, relied on several factors:
Colonies rich in raw materials
Cheap labor
Colonial loyalty to the home government
Control of the shipping trade
Under this system, the colonies sent their raw materials—harvested by enslaved people or native workers—to Europe. European industry then produced and sent finished materials—like textiles, tools, manufactured goods, and clothing—back to the colonies. Colonists were forbidden from trading with other countries.
Commodification quickly affected production in the New World. American silver, tobacco, and other items—which were used by native peoples for ritual purposes—became European commodities with monetary value. Before the arrival of the Spanish, for example, the Inca people of the Andes consumed chicha, a corn beer, for ritual purposes only. When the Spanish discovered chicha, they bought and traded for it, detracting from its spiritual significance for market gain. This process disrupted native economies and spurred early commercial capitalism.
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During the American Revolution, George Mason led patriots from Virginia, and Thomas Jefferson's Declaration of Independence was inspired by his idea of inalienable rights.
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Continents- largest land masses on the globe, Asia, Africa, and Australia
Oceans- the Pacific and Atlantic, largest bodies of water on the planet
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The leader of the infamous Tammany Hall political machine in New York City who was accused and convicted of stealing millions of dollars from the New York state treasury was William Tweed.
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William Tweed was an American politician. He led the Democratic party machine in New York City in the 19th century, named Tammany Hall, and was eventually convicted of corruption and misappropriation of government funds.
William Tweed began his political career in the New York City Administration and served as a delegate in the House of Representatives from 1853 to 1855. After this he held, among other things, a seat in the Senate of the state of New York as well as other positions in the state and city administration of New York. During this period he gained a lot of power for himself and his close associates. The clique around Tweed became known as the Tweed Ring and it operated from the New York City Democratic Party headquarters, Tammany Hall.
Tweed and his henchmen committed about $ 30 million to $ 200 million dollars in fraud. Only after a series of articles in the New York Times in 1871 these practices came to an end. Tweed was charged and in 1873 he was initially sentenced to 12 years in prison. After serving for one year, he was released but was immediately arrested again. Civil proceedings followed, but on December 4, 1875, Tweed managed to escape. He was finally arrested in Spain by the authorities there and extradited to the US where he would remain in prison until his death two years later.
The 1830´s Indian Removal Act authotized the President to grant unsettled lands in exchange for Indian lands. The Act was heartily supported by Southerners, particularly in Georgia, which was involved in a land dispute with the Cherokee. Others supported the removal under the theory that this would protect indians .
