The Development Of Commodity Economy In Colonial British Chesapeake

During the colonial period Chesapeake's commodity economy mainly rely on plantation and it's staple is tobacco. Colony heavily dependent on tobacco as the single commodity paid a heavy price. The planters suffered the fluctuations in the price of tobacco and the depression of tobacco industry. To counter this unfavorable situation, they introduced other goods to commodity production. Planter attempted to grow a great quantity of grains, produce pig iron and keep livestock. Along with this diverse development Plantations also changed. The main tobacco producer transformed from small planters into large plantation owners and tenants. The labor force engaged in production of the commodity economy is also changed from white servants into black slave during the early 18th century . This paper described the path of Chesapeake commodity economy, the operation of plantation and the supervision of the Britain. This paper is divided into three parts:PartⅠ: The growth of the commodity economy. This section introduces the Chesapeake via the development of commodity economy during the colonial period. Mainly dealt with the tobacco industry in economic development and other commoditiesPartⅡ: The main business of economic. This part refer to the main subject of the basic conditions of commodity production. Including the organizational form of production on plantations and earnings, changes in commodity status of workers in the economy, the changing of labor force in commodity producing.PartⅢ: Business Economics and Management. This section introduces the Business Economics and Management in the Chesapeake, Including the establishment of tobacco inspection system, Tobacco sales model in overseas markets and the influence of British colonial policy in the Chesapeake region.