140:, grain exports reached one-third of the level of tobacco production. Still, the Maryland wheat trade suffered in the 1760s due to crown restrictions on shipping to Britain. Maryland wheat was shipped instead to continental Europe, where it competed against local producers. To supplement their income, large planters increasingly turned to money lending and renting land to tenant farmers. All the while, tobacco production continued to increase. In 1740s, the colony averaged around 20 million pounds per year. By the 1760s, Maryland produced 25 million pounds per year.
144:
internal currency. Thereafter, paper money increasingly replaced the barter system. Unlike most colonial currencies, which were backed by future tax receipts or mortgages on land or metals, Maryland's paper money was backed by a sinking fund in the Bank of
England that would periodically convert a portion of its holdings to
143:
English law initially forbade either the export of
British currency or the establishment of colonial mints. As a result, currency shortages were frequent in Maryland and merchants often paid British firms with bills of exchange. In fact, until legislative action in 1747, tobacco was a frequently-used
65:
initially hoped to establish a "landholding aristocracy" through the provision of affordable land, the colony's land system promoted the creation of a large number of small farms. Many were owned by former indentured servants. By the late 1600s, more than two-thirds of farmers in the colony held
113:
During this period, the slave population was increasingly concentrated in estates with more than ten slaves. Some historians consider this transition to a slave economy to be the start of greater social stratification in the colony, as wealthier
Marylanders were then able to increase their farms'
109:
arrived in large numbers until the end of the seventeenth century. With the dawn of the 1700s, however, farmers shifted to slave labor for their fields. Between 1704 and 1720, the slave population shot from 4,475 to 25,000.
125:. In Annapolis itself, then the largest city in the colony, the urban population doubled between 1715 and 1740. In this era of transition, the colony again fell into economic depression in the 1730s.
93:(1702–1714) brought Maryland into depression again as European demand for tobacco decreased sharply. As a result, many poorer farmers began to diversify their efforts, adding
66:
estates worth less than £100. They practiced a form of agriculture that employed twenty-year crop rotations and that preserved the viability of the land but limited
450:
Carr, Lois Green; Menard, Russell R. (1989). "Land, Labor, and
Economies of Scale in Early Maryland: Some Limits to Growth in the Chesapeake System of Husbandry".
133:
In the final decades of the colonial period, the
Maryland economy increasingly diversified from its tobacco colony roots. Monetary policy evolved, as well.
57:. Where they successfully grew enough food to prevent starvation and to export back to Britain. In these early days, the majority of settlers were
751:
564:
Menard, Russell R. (1973). "From
Servant to Freeholder: Status Mobility and Property Accumulation in Seventeenth-Century Maryland".
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82:'s fall in England, the colony grew and transitioned to a slave economy. It saw the beginnings of industry and urbanization.
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Social, Economic, and
Religious Beliefs Among Maryland Catholic People during the Period of the English Civil War 1639-1660
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began to drive agricultural production in the colony. The colonial-era would also see
Maryland begin early
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In
Pursuit of Profit: The Annapolis Merchants in the Era of the American Revolution, 1763-1805
137:
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557:. Law, Society, and Politics in Early Maryland. Baltimore: Johns Hopkins University Press.
493:. Law, Society, and Politics in Early Maryland. Baltimore: Johns Hopkins University Press.
8:
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46:, experiment with different monetary systems, and make efforts to diversify its economy.
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Revolutionary
Economies: What Archaeology Reveals about the Birth of American Capitalism
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525:(facsimile). Johns Hopkins Studies in History and Political Science. Vol. 33.
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on March 25, 1634, Maryland's first settlers would establish their colony around
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35:
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625:"Some Colonial Evidence on Two Theories of Money: Maryland and the Carolinas"
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546:. Maryland: A History 1632-1974. Baltimore: Maryland Historical Society.
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productivity through the increasing returns that slave labor enabled.
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Other changes were afoot, too. In the 1730s, farmers began to smelt
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crop. Though it would remain a slave state until the end of the
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Province of Maryland's (Colonial Maryland) economic history
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Economy and Society on Maryland's Eastern Shore, 1689-1733
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523:Money and Transportation in Maryland, 1720-1765
431:Creole Gentlemen: The Maryland Elite, 1691-1776
691:. Baltimore: Maryland Historical Society.
555:Maryland the Chesapeake Economy, 1670-1720
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74:Depression and regulation (1640s to 1660s)
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105:. Despite the economic uncertainty,
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34:, it was not until the 1700s that
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452:The Journal of Economic History
757:History of slavery in Maryland
566:The William and Mary Quarterly
1:
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101:to their fields and adopting
629:Journal of Political Economy
504:. New York: AltaMira Press.
489:Clemens, Paul G. E. (1977).
7:
521:Gould, Clarence P. (1915).
10:
773:
666:Terrar, Edward F. (1996).
689:The Era of the Revolution
500:Cuddy, Thomas W. (2008).
464:10.1017/s0022050700008020
747:18th century in Maryland
742:17th century in Maryland
623:Smith, Bruce D. (1985).
553:Main, Gloria L. (1977).
542:Land, Aubrey C. (1974).
429:Burnard, Trevor (2002).
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78:In the period following
687:Walsh, Richard (1974).
248:Carr & Menard 1989
224:Carr & Menard 1989
138:French and Indian War
49:Landing initially on
596:Papenfuse, Edward C.
51:St. Clement's Island
737:History of Maryland
544:Provincial Maryland
458:(2). CUP: 407–418.
107:indentured servants
59:indentured servants
87:King William's War
68:economies of scale
403:, pp. 71–72.
40:industrialization
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314:Papenfuse 1975
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44:urbanization
22:'s colonial
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715:|work=
200:Menard 1973
176:Terrar 1996
731:Categories
422:References
413:Smith 1985
401:Gould 1915
377:Cuddy 2008
365:Walsh 1974
350:Walsh 1974
717:ignored (
707:cite book
657:153711004
480:154595161
302:Land 1974
275:Main 1977
263:Land 1974
212:Land 1974
188:Land 1974
164:Land 1974
123:Annapolis
61:. Though
32:Civil War
598:(1975).
146:sterling
20:Maryland
649:1833179
586:1923702
472:2124072
28:tobacco
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103:crafts
95:cattle
653:S2CID
645:JSTOR
582:JSTOR
476:S2CID
468:JSTOR
152:Notes
121:near
99:grain
36:labor
719:help
693:ISBN
672:ISBN
608:ISBN
527:ISBN
506:ISBN
435:ISBN
119:iron
97:and
42:and
637:doi
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