5 - British exports and transatlantic markets

Summary

Another way of looking at the connection between Atlantic trade and British economic development is to emphasise demand both in the Americas and within Britain as a major spur to exports from England and Scotland – a theme hinted at, though not fully discussed, in sections of Capitalism and Slavery that deal with links between British industry and the triangular trade (E. Williams, 1944: 98–107). This chapter broadens that approach by considering Britain's export growth in a variety of transatlantic trades, not just the slave trade. It explores the links between burgeoning exports and the growth of domestic manufacturing. Concentration on exports to transatlantic regions is justified by the fact that no other overseas market for British wares grew so significantly in the eighteenth century. Over three-quarters of British goods sent across the Atlantic were manufactured commodities rather than raw materials or foodstuffs, so the links between British industry and exports are highly relevant for our discussion.

The outcome of the American demand for British export wares can be seen in the increasing value of such trade over time. Though there are no continuous series of trade figures for the late seventeenth century, data on London's exports show that they increased from an average value of £163,000 in 1663–9 to £410,000 in 1699–1701, increasing from 8 to 15 per cent of total exports from the metropolis (Davis, 1954).