Building the Atlantic Economy (pgs. 645-655)

Great Britain was formed in 1707, which was the union of England and Scotland in a single kingdom. Great Britain had taken the lead in expansion in world trade. Therefore, the British played a key part in building a unified Atlantic economy, which provided extraordinary opportunities for them and their colonies.
Mercantilism is defined as, a system of of economic regulations aimed at increasing the power of the state, particularly by creating a favorable balance of trade. The English wanted to expand their military power and private wealth, and did so by creating the mercantile system of the Navigation Acts. These acts required that goods exported to England must be on British ships. As a result, the Navigation Acts gave England a trade monopoly with its colonies. France now become jealous of their rivals, Britain, and the two engaged in many wars as a result. France ended up losing the War of Spanish Succession and was forced to give Britain their land in Canada. Additionally, France lost the Seven Years' War and lost all their North American possessions.
The British mercantilist system actually benefited the American colonies. The colonies exported food to the West Indies to feed the slaves, and tobacco and sugar to Britain. The American shipping industry was successful and thus was expanding as a result. Britain also benefited from its mercantile system. The astonishing expansion and affluent agricultural populations of the colonies provided a vast market for English manufactured goods. However, England was losing interest from their European market. This was due to the enormous amount of trading Britain was doing with its colonies.