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What were the economic benefits of the triangular trade for Europeans and colonists?
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The triangular trade economically benefited Europeans and colonists by providing essential resources and markets. Colonists acquired African slaves for labor on plantations and had a market in Europe for raw materials like timber and sugar, increasing wealth. Europeans received raw materials from the colonies, which they processed into finished goods, enhancing trade and supporting mercantilism. This system enabled Europeans to cheaply obtain resources and expand markets for their products, while colonists accessed necessary finished goods and labor.
The colonists were major beneficiaries of the Triangular Trade. The colonists received African labor to work plantations in the Caribbean and in North America. The colonists also had a market for their raw materials in Europe, especially Britain. Without this market, a lot of the raw materials of America—such as timber and sugar—would go largely unused. The demand for American goods drove up the prices and made many shippers into wealthy men.
Europeans also benefited from Triangular Trade. Europeans received goods, such as hemp and timber, with which they could build more ships for both shipping and naval needs. Europeans also used the sugarcane to make rum, a staple in British naval culture during this period. Europeans also used their dominance over parts of Africa in order to secure chattel slaves as well as a limited amount of raw materials, such as ivory and gold.
The colonists and Europeans benefited...
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heavily from the Triangle Trade. The true losers of this trade were Africans who were sold and worked to death in the Americas and the Caribbean.
The term "triangular trade" comes from the triangular shape formed by the trade routes between England, Africa, and the Americas.
The trade voyages were three sided with movements of people and products taking place between England and Africa, Africa and the Americas, and between the Americas and England.
Slaves were traded to the Americas from West Africa, processed products such as textiles were traded to Africa from Europe, and the Americas provided some raw materials in the form of cotton and tobacco.
Africa obtained iron products, textiles, and spices. However, the area suffered from increased abductions for the purpose of slavery.
On the other hand, the Americas obtained free labor in the form of slaves from Africa. Free labor was essential in the production of raw materials such as cotton.
Europe acquired raw materials from America and processed them into finished products that they sold to Africa and back to the Americas.
References
The triangular trade involved a trans-Atlantic system of trade by which European nations traded guns, textiles, and liquor in West Africa in exchange for slaves. Slaves were brought via the brutal "middle passage" across the Atlantic to be traded in the West Indies for sugar, tobacco, and cotton that were used to make textiles and liquor in Europe. The American colonies were sources of these raw materials and were made into finished products in Europe.
The triangular trade supported slavery and was inhumane and brutal in nature. The system benefited the colonies because it supplied them with slaves and provided a market for their surplus raw materials, including cotton, sugar, and tobacco. The system supported the European system of mercantilism, in which European governments protected their trade and forced their colonies to export raw materials that Europeans turned into finished goods. The triangular trade was beneficial to mercantilism, as it allowed Europeans to develop a favorable balance of trade--the underpinning of the mercantilist system.
Triangular trade provided several benefits for the colonies and the Europeans. Triangular trade is a series of trade routes between three countries or regions. Triangular trade provides these countries with items they otherwise wouldn’t be able to get on their own.
For the Europeans, the triangular trade provided two key benefits. The Europeans needed resources that would be used to make products in their industries. By trading (often with their colonies), the Europeans could get these resources cheaply. The triangular trade also provided the Europeans with a market for their finished goods. The Europeans wanted to trade the products they made, and triangular trade allowed the Europeans to increase their trade (again often with their colonies.)
The colonies benefited from triangular trade also. The colonies were able to get finished products from Europe. The colonies were not in a position to make these products themselves. The trade allowed for them to get the products they wanted to have. The colonies were also able to get slaves as a result of this trade. This was especially beneficial to the southern colonies. Southerners wanted slaves to work on the plantations.
Triangular trade benefited both the European countries and the colonies they controlled.