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Joseph Kaminski

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July 24, 2017

european history

The History of America: Mercantilism

The royal governments of Europe fell in love with these ideas almost immediately, and in 1689 the Parliament of England abolished all taxes on grain to drive down prices. This allowed English grain the cheapest in the world, and it sold quickly abroad — forcing countries to become dependent on Britain. Less than a year later, in 1690, the Parliament banned the sale of French liquor to encourage the manufacturing of English gin from, you guessed it, English grain. That same year, a centralized English bank was created to stabilize the currency. To make their economic power even stronger, the Parliament would force Scotland into “The United Kingdom” in 1707, successfully “taking” the wealth of another nation.