Province of Maryland's (Colonial Maryland) economic history
Maryland's colonial economic history is marked by a heavy reliance on the tobacco crop. Though it would remain a slave state until the end of the Civil War, it was not until the 1700s that labor began to drive agricultural production in the colony. The colonial-era would also see Maryland begin early industrialization and urbanization, experiment with different monetary systems, and make efforts to diversify its economy.
Landing initially on St. Clement's Island on March 25, 1634, Maryland's first settlers would establish their colony around St. Mary's City. Where they successfully grew enough food to prevent starvation and to export back to Britain.[1] In these early days, the majority of settlers were indentured servants.[2] Though Lord Baltimore 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.[3] Many were owned by former indentured servants.[4] By the late 1600s, more than two-thirds of farmers in the colony held estates worth less than £100.[5] They practiced a form of agriculture that employed twenty-year crop rotations and that preserved the viability of the land but limited economies of scale.[6]
^Land 1974, p. 5.
^Terrar 1996, p. 90.
^Land 1974, p. 10.
^Menard 1973, p. 40.
^Land 1974, p. 16.
^Carr & Menard 1989, p. 409.
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