Refer to the two passages. How did the economic practices discussed in the
passages affect English colonists in the 18th and 19th
centuries?
Source 1
"When goods are shipped for such a remote market, it is
essentially necessary, previously to ascertain, that they
are wanted. Now when the exports are confined to one
company, from its accurate knowledge of trade, it can
proportion the quantities of the articles to the general
demand for each; but if there are 500 merchants, entirely
ignorant of what each other are doing; or what is worse,
deceiving each other, in order to insure a better market
for their own shipment, they will necessarily send too
much of some articles and not enough of others; hence
many will be ruined, for they cannot carry their cargoes
from port to port as in Europe or America: if the market is
over-stocked at the port they are bound to, there is no
alternative, but sacrificing the cargo for what it will fetch,
or leaving it on hand to await the chance of a future sale.
O Colonists focused on local trade matters rather than
on global endeavors.
O Colonists pushed for free worldwide trade and
mercantile competition.
O Colonists abandoned capitalist competition and
worked together so all could prosper.
O Colonists became more interested in using joint-stock
companies to monopolize trade.