Paper Example on Triangular Trade

Introduction

Triangular trade is a type of business that involves three parties. In the past, it was widely used to describe the activity that took place between Africa, England, and America. Goods rotated between three nations. The mainly manufactured products mainly from Europe which included clothes and guns, raw materials mostly from the British colonies in America which include rice and cotton and slaves from Africa who went and toiled in the colonies plantations. Triangular trade occurs because trade ensures that these nations get goods that they cannot access on their own ("Triangular Trade ***," 2018).

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Impact of Triangular Trade on the Development of American Colonies

America colonies developed a lot as result of triangular trade. Colonies benefited a lot from the slaves and the increase in demand for raw materials from the manufacturing industries in Great Britain. This consequently improved the economic conditions for the colonies who received ready market for their goods which were high on demand ("Triangular trade and multiple profits | Revealing Histories," 2018).

Slave trade was one of the significant forms of business in the triangular with the captured Africans being exchanged for goods mainly in America. Colonies through this kind of trade got cheap labor in the way of slaves who worked for a fee in their farms as they were now their property. Cotton, tobacco, and sugar are crops which are labor intensive and with the presence of slaves the production was maximized resulting in good profits for the colonies ("Economics and the Accumulation of Wealth," 2018). As the demand for goods so was the need for more labor thus more and more slaves were needed in significant colonies. Increase in trade improved the economies of American colonies as they got ready market however this sadly occurred at the expense of rising in slavery.

Due to the triangular trade American colonies began construction of industries which indicated that their economy was booming and many of them started doing business on their own. The triangular trade gave the colonies the financial power that saw inhabitants of the colonies engage in illegal smuggling o good s as they sought to get away from the English rule ("Triangular trade and multiple profits | Revealing Histories," 2018).

How Wealth Resources in the New World Played a Role in the Development of Triangular Trade

The distribution of wealth across the globe and the diverse needs of different nations prompted the emergence of trade between these three routes. In American colonies, the British had discovered a vast land that needed cultivation. On the other hand, Britain had industries but limited raw material to enable the manufacture of the required goods. Africa served as a place where cheap labor could easily be found as leaders sold people as slaves. England followed suit what the Portuguese had been doing and began capturing and transporting slaves to America. American colonies welcomed this cheap labor as they would minimize the amount of work to be done in the cotton and tobacco farms ("Economics and the Accumulation of Wealth," 2018). Cotton, tobacco, and sugar produced were then taken to England to meet the industries demand.

The distribution of the world's wealth in different parts promoted the triangular trade which prospered as a result of the demand for goods in the three different regions. Slavery blossomed as the colonies required more Africans to come work on their farms and demand for commodities such as clothes in Africa rose prompting the production of it by the industries present in Britain ("Economics and the Accumulation of Wealth," 2018). The presence of wealth in different parts of the world mainly in three continents contributed to the emergence of a triangular trading arrangement.

References

Economics and the Accumulation of Wealth. (2018). Retrieved from http://www.understandingslavery.com/index.php-option=com_content&view=article&id=362&Itemid=212.html

Triangular Trade ***. (2018). Retrieved from https://www.landofthebrave.info/triangular-trade.htmTriangular trade and multiple profits | Revealing Histories. (2018). Retrieved from HYPERLINK "http://revealinghistories.org.uk/africa-the-arrival-of-europeans-and-the-transatlantic-slave-trade/articles/triangular-trade-and-multiple-profits.html" http://revealinghistories.org.uk/africa-the-arrival-of-europeans-and-the-transatlantic-slave-trade/articles/triangular-trade-and-multiple-profits.html