Economics of Slavery essays

Economics of Slavery essays The modern American economy traces its roots to the quest of European settlers for economic gain in the 16th The first people to occupy North America were Native Americans. These people were believed to have come from across the bridge from Asia. They were mistakenly called Indians by European explorers, who thought that they had reached India. These people lived in tribes and traded among themselves. They had little contact with other people. In 1492, Christopher Columbus, an Italian sailing under the Spanish flag, set out to find a passage to Asia and discovered a New World. From then on the English, Spanish, Portuguese, Dutch, and French sailed there looking for gold and riches. North America offered little to the new comers so many did not stay. Later in 1607 a band of Englishmen built the first settlement. Throughout the colonies, people lived mainly on small farms and were self-sufficient. Some necessities and all luxuries were imported in return for tobacco, rice, and indigo exports. By the 18th century patterns of development were clear. By 1770, the North American colonies were ready to become part of the emerging self-government movement. This led to the American Revolution. The Industrial Revolution began in Europe in the late 18th century and early 19th centuries, and it quickly spread to the US. The rapid economic development following the Civil War laid the groundwork for the modern US industrial economy. An explosion of new discoveries and inventions took place. From this time on the West would dominate in the global trade network. After the Portuguese had worked their way down the West African coast, rounded the Cape of Good Hope, ...