Colonial vs. Market Economy

Mercantilism/Monarchy

• Colonial Economy

• Market Economy

Capitalism/Democracy

• Colonial Economy

• Market Economy

National wealth is based on surplus in the national treasury

• Colonial Economy

• Market Economy

National wealth is based on economic individualism

• Colonial Economy

• Market Economy

Goods are produced in the home

• Colonial Economy

• Market Economy

Goods are produced in factories

• Colonial Economy

• Market Economy

Limited production for local or home consumption

• Colonial Economy

• Market Economy

Mass production for global market

• Colonial Economy

• Market Economy

Simple tools, small machines like spinning wheels or looms are used

• Colonial Economy

• Market Economy

Complex machines using steam power or mechanical looms are used

• Colonial Economy

• Market Economy