In a model study Jacob Price illuminates the dynamic growth of Britain’s foreign trade in the eighteenth century through an investigation of the investment patterns and credit institutions that financed that expansion. Concentrating on the trade between Britain and the Chesapeake tobacco colonies of Virginia and Maryland, for which a unique set of records exists, Price surveys the ways in which commerce developed and working capital was mobilized in Britain to support expanding overseas trade. Price develops the clearest picture ever of the financial environment within Britain as it affected Southern colonies in the preindustrial age. He does so by determining the kind of capital resources merchants in foreign trade actually commanded and measuring how much of their own wealth merchants brought to trade. In great and absorbing detail he discusses also the development of merchant-oriented banks in London and other ports, reinvestment of profits, long-term borrowing on bond, and the long-term credit provided to export merchants by wholesalers in textiles, ironmongery, and other industries. The relationship of debt to the coming of the American Revolution is also treated. Tobacco growers suffered more than others from a psychological unease caused by immense debt and were more revolutionary than farmers with less intensive capital needs and, hence, with lighter debt. This history will enlighten Anglo-American historians, economic historians, and historians of the American revolutionary era.

The external economy of British North America has attracted considerable scholarly attention in the last two generations, and the papers reprinted here, in this second collection from Jacob Price, make important contributions to quantification, conceptualisation and debate. Studies presenting and analysing new statistical material from the English and Scottish customs accounts are supplemented by a general survey of the transatlantic economy in the 18th century which is required reading for all students of the subject. Price's treatment is diversified into financial arrangements and the role of credit in the slave trade and plantation economies. In a provocative chapter "Who cared about the colonies?," concern in Britain for the 13 colonies between 1714 and 1775 is explored in terms of the ability of the colonies to involve the interests and command the attention and concern of people in Britain from the politically eminent to those in trade and to the nation at large.

Explores the structural and political relations of the Atlantic trade in the 18th century