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Lecture 5.pdf

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Gale Pooley
Gale Pooley

This document provides an overview of lecture 5 on the economic history of the United States. It includes questions for an upcoming quiz on global GDP and geographic advantages of the US. The lecture covers topics like the puritans and cod fishing in New England, the triangle trade between North America, Africa and the Caribbean, different types of entrepreneurs and factors of innovation, and policies like the Navigation Acts that governed trade for the colonies. It also notes challenges like a lack of banks and British coins in the colonies and differences in taxation between Britain and the American colonies.

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Lecture 5 The Economic History of the United States
Practice Quiz 1.What was global GDP in 2022? 2.What was global GDP per capita in 2022? 3.What geographic feature does the U.S. enjoy?
Next Quiz Tuesday, September 12th
Quantities tell us what there is. Prices tell us what to do about what there is.
https://www.noahpinion.blog/p/haiti-vs-the-dominican-republic
New England Puritans Cod Lumber Shipbuilding
Triangle Trade Lumber& Fish to Sugar & Salt to Textiles & Hardware
Innovation Entrepreneurs Invention to Innovation Arbitrage Entrepreneurs Buy Low and Sell High
Culture Human Beings Ideas Physical Human Intellectual Financial Inventions Entrepreneurs Free Markets Innovations The Capitals of Innovation
What capital did the Colonies have in abundance? Where did the colonists go to get missing capital?
1681 £16,000 30 million acres
Navigation Acts - 1651 Use only British Ships Export only to England European Goods had to go to England first
Navigation Acts - 1651 Use only British Ships Export only to England European Goods had to go to England first
No Banks No British Coins
Taxes Britain 26 shillings America 1 shilling
Colonial Period May 13, 1607 to July 4, 1776
Borrowed 94% of the money France and Holland
Lecture 5.pdf
Lecture 5.pdf

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