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In: Finance

In the first three weeks of the course we will examine American economic and business history...

In the first three weeks of the course we will examine American economic and business history up to 1861. Throughout the course we will be looking at the concepts of continuity and change. Your assignment for this paper is as follows ...


Please write a paper that responds to the following:

Select any two of the following regions considering the time period from 1607 to 1789 ...
* New England (MA, RI, CT, NH)
* Atlantic (NY, PA, DE, NJ)
* Chesapeake (MD, VA)
* South (NC, SC, GA)

OR

Select any two of the following regions considering the time period from 1789 to 1861 ...
* New England and the Atlantic States
* South
* Northwestern States

For your selection, write in response to the following criterion ..

1) Compare and contrast the two regions in terms of their natural resources and how colonists developed economic activity. Focus on WHY certain activities developed in one region versus another.

I'd advise that you consider some of the themes we will be discussing throughout the semester. In particular, keep in mind the types of "capital" that are always in play within any economy ...

* Labor Capital
* Physical Capital (natural resources)
* Intellectual Capital
* Financial Capital

Solutions

Expert Solution

The two regions that have been taken are New England & Chesapeake:

The following are the differences between the two:

  • The Chesapeake is a place that relies largely on the cultivation of only a few cash crops largely tobacco as it is an agrarian economy based on plantation agriculture. On the other hand, New England has more economic diversification where it often turns to industries such as ship building & fishing.
  • There is absence of urban professional class in Chesapeake as a result of which lot of skilled laborers were imported by Virgina Company from non Anglo Europe.

New England:

  • Success in New England majorly revolved around family & community.
  • There was concern about moral health of the whole community.
  • Farming was considered difficult & hence the focus was shifted towards ship building & fishing industry.

    Chesapeake:

  • Was considered as the most difficult area to survive as many people died at the age of 20.
  • Tobacco cultivation was good which resulted in cultivation of 40 lbs by 1700.
  • Lack of workers led to increase of indentured servitude & head right system.

Chesapeake & New England in terms of labor capital:

As Chesapeake was growing tobacco in their fields they employed & used cheap labor in their fields. On the other hand, New England was not characterized by large firms & most of them were characterized by small firms & home based business, they need not employ new labor force & their respective families were sufficient to provide the required labor. As a result of which there was no slavery in the northern part compared to southern part.

Settlers in Chesapeake & New England:

In Chesapeake it is farmers, sons of gentries, indentured servants etc. whereas in New England it is families, puritans & separatists.

Chesapeake has large fertile land & tobacco plantations. Whereas New England consists of infertile & rocky land. Chesapeake has agriculture as its only industry with tobacco as the only cash crop. Whereas New England is diverse economy with more job specialization, forest products especially timber & fishing.

jeff jeffy answered 2 years ago
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