A new economic system that would dominate economic relations between Europe and the Americas developed during the sixteenth century. Which statement correctly states how this economic system affected British colonization in the Americas?
A. Mercantilism motivated the British to found colonies to create better trade relationships with other countries.
B. Free enterprise motivated the British to found colonies to create more competition for their domestic businesses.
C. Mercantilism motivated the British to found colonies to acquire raw materials for manufactured goods.
D. Free enterprise motivated the British to found colonies to provide better opportunities for their entrepreneurs.
C. Mercantilism motivated the British to found colonies to acquire raw materials for manufactured goods.
C. Mercantilism motivated the British to found colonies to acquire raw materials for manufactured goods.
To find the correct answer, it's important to understand the concepts of mercantilism and free enterprise and how they relate to British colonization in the Americas.
Mercantilism was an economic system that prevailed in Europe during the 16th century. Under mercantilism, the primary goal of colonialism was to benefit the colonizing country economically. European powers sought to establish colonies to acquire raw materials and resources, establish trade networks, and create markets for their manufactured goods. The colonies were seen as a source of wealth and were expected to provide valuable commodities to the mother country.
Free enterprise, on the other hand, refers to an economic system where individuals and businesses have the freedom to compete in the marketplace with limited government intervention. It encourages entrepreneurship, innovation, and the pursuit of profit.
Based on these definitions, the correct statement that reflects how this economic system affected British colonization in the Americas is:
C. Mercantilism motivated the British to found colonies to acquire raw materials for manufactured goods.
Under mercantilism, the British sought to establish colonies in the Americas to secure sources of valuable raw materials such as timber, fur, tobacco, and later on, sugar and cotton. These raw materials were then transported back to Britain, where they would be processed and manufactured into finished goods that could be sold back to the colonies and other markets.
Option A is incorrect because mercantilism was focused on establishing trade relationships that benefited the colonizing country, rather than improving trade with other countries.
Option B is incorrect because free enterprise, as a philosophy promoting competition and domestic business growth, did not motivate British colonization in the Americas during this period.
Option D is incorrect because during the time of British colonization, the concept of free enterprise had not fully emerged as a dominant economic system, and therefore did not play a significant role in motivating British colonization in the Americas.