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The Colonial Economy. By the late 17th century, the English had expanded their settlements along the Atlantic coast. Victory over the Dutch in the 1660s allowed the English to take control of the colony of New Netherland, which they renamed New York.
Aug 10, 2021 · Yale sociologist Emily Erikson’s latest book explores how companies and politics reshaped economic thought in the 17th century to privilege national prosperity.
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- A New Approach with New Data
- New Findings About American Income Per Capita Leadership
- New Findings About American Inequality
- History Lessons
- References
Armed with new evidence, we apply a different approach to the historical estimation of what Americans have produced, earned, and consumed. National income and product accounting reminds us that we should end up with the same number for GDP by assembling its value from any of three sides – the production side, the expenditure side, or the income sid...
America actually led Britain and all of Western Europe in purchasing power per capita during colonial times. Britain’s American colonies were already ahead by 38% in 1700 and by 52% in 1774, just before the Revolution (Figure 1). Angus Maddison’s (2001) claim that American income per capita did not catch up to that of Britain until the start of the...
Colonial America was the most income-egalitarian rich place on the planet. Among all Americans – slaves included – the richest 1% got only 8.5% of total income in 1774. Among free Americans, the top 1% got only 7.6%. Today, the top 1% in the US gets more than 20% of total income. Colonial America looks even more egalitarian when the comparison is b...
American history suggests that inequality is not driven by some fundamental law of capitalist development, but rather by episodic shifts in five basic forces – demography, education policy, trade competition, financial regulation policy, and labour-saving technological change. While some of these forces are clearly exogenous, others – particularly ...
Atkinson, A B, T Piketty, and E Saez (2011), “Top Incomes in the Long Run of History,”Journal of Economic Literature49, 1: 3-71 Lindert, P H, and J G Williamson (2016),Unequal Gains: American Growth and Inequality since 1700,Princeton N.J., Princeton University Press Maddison, A (2001), The World Economy: A Millennial Perspective,Paris, OECD Develo...
The transition from an agricultural to an industrial economy took more than a century in the United States, but that long development entered its first phase from the 1790s through the 1830s.
The Connecticut economy began with subsistence farming in the 17th century, and developed with greater diversity and an increased focus on production for distant markets, especially the British colonies in the Caribbean.
The modern American economy traces its roots to the quest of European settlers for economic gain in the 16th, 17th, and 18th centuries. The New World then progressed from a marginally successful colonial economy to a small, independent farming economy and, eventually, to a highly complex industrial economy.
May 2, 2024 · A guide to historical and current newspapers and news sources, covering the 17th to 21st centuries. Includes searching tips, outline common problems and lists key resources available to Oxford scholars.
