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"Indentured servants were men and women who signed a contract (also known as an indenture or a covenant) by which they agreed to work for a certain number of years in exchange for transportation to Virginia and, once they arrived, food, clothing, and shelter.Dec 8, 2011"

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project:british indentured servitude - wikitree

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Categories: United Kingdom Project | British Projects | British Indentured Servitude Project

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"Slavery is the system by which people are owned by other people as slaves. | Meaning, pronunciation, translations and examples."

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"The idea that a country gains power by building up its supply of gold and silver; can be accomplish by taking over land where gold and silver are natural resources or by taking over territory where resources are available to create a product to trade; government controls the economy"

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"A market economy is an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses. There is little government intervention or central planning."

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"Capitalism is a social system based on the principle of individual rights. Politically, it is the system of laissez-faire (freedom). Legally it is a system of objective laws (rule of law as opposed to rule of man). Economically, when such freedom is applied to the sphere of production its result is the free-market."

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In his remarkable study When Corporations Rule the World, David Korten recounts a meeting he attended ahead of the 2012 United Nations Conference on Sustainable Development in Rio de Janeiro, Brazil.

The meeting was led, Korten notes, by indigenous leaders who were anxious about the direction in which global environmental policy was being steered. They were also, quite justifiably, worried about who was doing the steering.

"In the conference's preparatory meetings," Korten writes, "corporatists...proposed that to save nature we must put a price on her."

"Under capitalism, everything is a business opportunity - catastrophes, from tsunamis to wars, are no exception."

It's a familiar story: Capitalism, we are often told, can be made green. Incentives can be established. The corporations previously leading the way in pollution, plunder, and exploitation can, with a few adjustments, become the world's leaders in the development of clean energy and pave the way to a sustainable future.

As is often the case, it is those who have seen up close the harm done by corporate greed who most quickly see through the facade.

"These indigenous leaders recognized that this proposal would accelerate the monopolization by the richest among us of the resources essential to human life," Korten observed. "Their position was clear and unbending. Earth is our Sacred Mother and she is not for sale. Her care is our sacred responsibility. Her fruits must be equitably and responsibly shared by all."

This conflict between capitalism and the environment is not, of course, uncharted terrain. Naomi Klein, in her bestselling book This Changes Everything, argues that an economic order predicated on the relentless pursuit of profit is incompatible with a world in which natural resources are used with the necessary care and restraint.

It truly is, as the subtitle of Klein's book notes, "capitalism versus the climate." Terrifyingly, capitalism is winning.

Under capitalism, everything is a business opportunity - catastrophes, from tsunamis to wars, are no exception. In fact, as Klein documented in her earlier book The Shock Doctrine, disasters are not viewed by business leaders as problems to be solved; rather, they are seen as circumstances of which they must take advantage.

But capitalism does not merely wait on the sidelines for these opportunities to arise. "An economic system that requires constant growth, while bucking almost all serious attempts at environmental regulation, generates a steady stream of disasters all on its own, whether military, ecological or financial," Klein notes.

Disasters of the kind Klein describes have become commonplace during the neoliberal period, in which markets have been deregulated, public services have been privatized, governments have become unresponsive to the needs of the citizenry, and trade accords have empowered corporations to run roughshod over sovereign nations in pursuit of profit. The exploitation of the global poor in the process is a given - as Arundhati Roy observed in a piece condemning the government of India for sanctioning the displacement of indigenous communities in an effort to clear the way for corporate mining projects, it's now just "business as usual."

"The battle lines," she wrote, "are clearly drawn."

Similar such cases, in which poor people are seen as disposable and their communities as capitalism's waste dumps, abound.

In North Texas, the " birthplace of modern hydraulic fracturing," residents have been suffering the consequences of living near the operations of the oil and gas industry for years - consequences that include, but aren't limited to, heart problems, breathing troubles, and birth defects.

"I've been trying to sell my house," one resident told the Center for Public Integrity. "I've got to get out of here or I'm going to die."

In 2015, Scientific American reported an unsurprising fact, by now almost a truism: It is the poor, disproportionately poor people of color, who have been forced to bear the brunt of the often devastating ills imposed by fracking. Unsurprising, and far from new: "Residents in these poor counties have been under assault for generations," Alex Lotorto of Energy Justice said.

The water crisis in Flint, Michigan, has been thoroughly documented, and rightly so. Less prominent has been coverage of East Chicago, Indiana, where for decades residents' homes have rested on lead-contaminated soil. As the New York Times reported in August, "the companies responsible for the contamination" were sued by the Environmental Protection Agency in 2009, but this is little comfort for the more than 1,000 people - including over 600 children - now forced to find a new place to live.

It is impossible to quantify the harm done in such circumstances; but, needless to say, those responsible for the harm harbor few qualms about their actions. One executive reportedly said aloud what most already knew was the case: Poor communities are intentionally targeted because they lack the resources to mount effective resistance.

Thankfully, we have seen in recent weeks that this doesn't have to be the case - that, when the opposition is sufficiently organized, corporate plunder can be obstructed. Though under-reported in mainstream outlets, the fight over the construction of the Dakota Access Pipeline provides a case in point.

North Dakota's Standing Rock Sioux tribe, joined by many other tribes and activists, has for weeks engaged in direct action in response to Energy Transfer Partners' desire to move forward with the project, arguing that it would place at risk both the water supply and sacred land. State officials have responded with striking intensity.

"In recent weeks, the state has militarized my reservation, with road blocks and license-plate checks, low-flying aircraft and racial profiling of Indians," wrote David Archambault II, the chairman of the Standing Rock Sioux tribe. "The local sheriff and the pipeline company have both called our protest 'unlawful,' and Gov. Dalrymple has declared a state of emergency."

Last week, as Common Dreams reported, over twenty protesters were arrested in "a military-style raid" which "interrupted a peaceful prayer ceremony."

Far from dispiriting, such a vicious response to nonviolent demonstrations of this kind show how threatening organized protest is to corporations and their partners in government; though they claim to fear chaos, disorder, and violence, what corporate forces really fear is mass solidarity expressed through courageous acts of civil disobedience.

"Radical change cannot take place in the absence of mass anti-capitalist movements that recognize the interplay between economic interests and environmental degradation."

Of course, the protests at Standing Rock are not isolated acts, and they are, as Sarah Jaffe observes, "bigger than one pipeline."

"We all have similar struggles, where this dependency this world has on fossil fuels is affecting and damaging Mother Earth," David Archambault II told Jaffe. "It is the indigenous peoples who are standing up with that spirit, that awakening of that spirit and saying, 'It is time to protect what is precious to us.'"

Never has such action been more necessary.

The science tells us that we have reached a critical moment; as Naomi Klein has argued, "no gradual, incremental options are now available to us." Researchers agree, and some have joined the call for " radical change" that goes far beyond the agreements reached in Paris.

But such radical change cannot take place in the absence of mass anti-capitalist movements that recognize the interplay between economic interests and environmental degradation. The leaders of the struggle for a sustainable, equitable future will not, therefore, be corporate executives and billionaire philanthropists, with their deep ideological commitments to the economic order that so enriched them and their businesses. Rather, leading the way will be the indigenous communities that have for so long been forced to endure relentless dispossession in the name of business.

As Noam Chomsky has observed, "The countries that have driven indigenous populations to extinction or extreme marginalization are racing toward destruction." And, he adds, "countries with large and influential indigenous populations are well in the lead in seeking to preserve the planet."

If " water is life," as the Sioux saying goes, an economic system that poisons water for profit is life's contradiction - it is a system of destruction, a " suicide economy," that must be dismantled.

"Ultimately, the 'success' or otherwise of the Paris climate talks appears unlikely to challenge the fundamental dynamics underlying the climate crisis. Dramatic decarbonisation based around limits upon consumption, economic growth, and corporate influence are not open for discussion," conclude scholars Christopher Wright and Daniel Nyberg. "Until this changes, the dominance of corporate capitalism will ensure the continued rapid unraveling of our habitable climate."

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If Nature Is Sacred, Capitalism Is Wicked

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In his remarkable study When Corporations Rule the World, David Korten recounts a meeting he attended ahead of the 2012 United Nations Conference on Sustainable Development in Rio de Janeiro, Brazil. The meeting was led, Korten notes, by indigenous leaders who were anxious about the direction in which global environmental policy was being steered.

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"Primary raw materials are the product of the primary production sectors, which encompass the extraction of natural resources from the environment and their transformation through processing or refining. ... Mineral resources (non-metallic); Metal ores; Biomass; and."

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"When a country has more exports (items they sell to other countries) than imports (items they buy from other countries"

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Main Difference - Balance of Payment vs Balance of Trade

Economists use different economic indicators to measure the performance of different economies. Balance of payment and balance of trade are two terms widely used in macroeconomic vocabulary and are commonly used to analyze the economic conditions for a defined period of time. Calculation of balance of payment considers all the receipts and payments made by residents of an economy between the other countries whilst Balance of trade considers the difference between imports and exports of an economy. This is the main difference between balance of payment and balance of trade.

This article discusses,

1. What is Balance of Payment? - Definition, Formula to Calculate Balance of Payment

2. What is Balance of Trade? - Definition, Formula to Calculate Balance of Trade

3. Difference Between Balance of Payment and Balance of Trade

What is Balance of payment

Balance of payment can simply be defined as the difference between total receipts and payments of a particular economy during a specified period of time. It is a summarized record of all the transactions done by the residents of a particular economy with the other economies in the world.

In other words, it includes cash inflows and outflows generated by international receipts and payments made by individuals, business firms and government entities for acquiring / vending both visible and non-visible business transactions. This is commonly calculated quarterly and annually. The balance of payment primarily takes two components into consideration; current account and capital account.

Current Accounts - consist of all the transactions made for buying / selling goods, services, short-term transfers and investment income.

Capital Account - indicates transactions done on financial instruments

Balance of Payment can be calculated using following formula.

Current accounts balance + Capital account balance + Reserve balance = BOP

Theoretically, the value of the Balance of Payment should be zero. The reason behind is that the economy uses net capital inflows to finance if there are any deficits in the current account, whilst surplus of the current account is used to balance the capital and finance accounts.

What is Balance of Trade

The definition of Balance of Trade is the difference between imports and exports of a given economy during a defined period of time. This is symbolized as net exports/net imports.

BOT = Value of Exports - Value of Imports

If a particular economy's exports value is higher than its imports value, it is identified as a trade surplus, whereas if the import value is higher than the export value it is called a trade deficit.

Similarities between Balance of Payment and Balance of Trade

Both are mathematical tools used in macroeconomics to measure economic performance of a given country during a specified time period.

Balance of trade is a part of the Balance of Payment.

Difference Between Balance of Payment and Balance of Trade

Scope

Balance of Payment: Balance of Payment captures all visible and non-visible economic transactions within the entire world.

Balance of Trade: Balance of Trade captures all imports and exports values of goods.

View

Balance of Payment: Balance of Payment gives an overall view on the strength of a particular economy.

Balance of Trade: Balance of Trade gives a partial view of the import and export condition of an economy.

Transactions

Balance of Payment: Balance of Payment considers capital transactions.

Balance of Trade: Balance of Trade considers only current account transactions.

Results of the Calculation

Balance of Payment: Results of the calculation is theoretically zero as receipts are always balanced with payments

Balance of Trade: Results of the calculation can be favorable, unfavorable or equal.

Balance of Payment vs Balance of Trade Summary

Balance of payment is a measure of payments and receipts of the all the transactions done by the residents of a particular economy with the residents of other economies. In fact, it represents an overall view of the performance of an economy. On the other hand, Balance of Trade measures the positive or negative condition of the import-export transactions of a given economy during a defined time period. It gives a partial understanding of the economy and is used to calculate the balance of payment.

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Difference Between Balance of Payment and Balance of Trade | Definition, Formula, Similarities and Differences

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Economists use different economic indicators to measure the performance of different economies. Balance of payment and balance of trade are two terms widely used in macroeconomic vocabulary and are commonly used to analyze the economic conditions for a defined period of time.

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"Settlement in a new territory that keeps close ties to the mother country/homeland"

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When John White, appointed by Sir Walter Raleigh as governor of Roanoke Colony, returned to England for more supplies in late 1587, he left behind his wife, his daughter and his infant granddaughter-Virginia Dare, the first child born in the New World to English parents-among the other settlers. Upon White's return in 1590, he found no trace of his family or the other inhabitants of the abandoned colony. Over the centuries to come, archaeologists, historians and explorers would delve into the mystery of the "Lost Colony" of Roanoke, all failing to find definitive answers.

Based on the scant clues left behind, some speculated that Native Americans attacked and killed the English colonists. "Croatoan" was the name of an island south of Roanoke, now Hatteras Island, which at the time was home to a Native American tribe of the same name. Alternatively, they might have tried to sail back to England on their own and been lost at sea, or been killed by hostile Spaniards who came north from their own settlements in Florida. One enduring theory was that the settlers might have been absorbed into friendly Native American tribes, perhaps after moving further inland into what is now North Carolina.

Stock Montage/Getty Images

Two independent teams found archaeological remains suggesting that at least some of the Roanoke colonists might have survived and split into two groups, each of which assimilated itself into a different Native American community. One team is excavating a site near Cape Creek on Hatteras Island, around 50 miles (80 kilometers) southeast of the Roanoke Island settlement, while the other is based on the mainland about 50 miles to the northwest of the Roanoke site.

Cape Creek, located in a live oak forest near Pamlico Sound, was the site of a major Croatoan town center and trading hub. In 1998, archaeologists from East Carolina University stumbled upon a unique find from early British America: a 10-carat gold signet ring engraved with a lion or horse, believed to date to the 16th century. The ring's discovery prompted later excavations at the site led by Mark Horton, an archaeologist at Britain's Bristol University, who has been directing volunteers with the Croatoan Archaeological Society in annual digs since 2009. Recently, Horton's team found a small piece of slate that seems to have been used as a writing tablet and part of the hilt of an iron rapier, a light sword similar to those used in England in the late 16th century, along with other artifacts of European and Native American origin. The slate, a smaller version of a similar one found at Jamestown, bears a small letter "M" still barely visible in one corner; it was found alongside a lead pencil.

In addition to these intriguing objects, the Cape Creek site yielded an iron bar and a large copper ingot (or block), both found buried in layers of earth that appear to date to the late 1500s. Native Americans lacked such metallurgical technology, so they are believed to be European in origin. Horton told National Geographic that some of the artifacts his team found are trade items, but it appears that others may well have belonged to the Roanoke colonists themselves: "The evidence is that they assimilated with the Native Americans but kept their goods."

The Trustees of the British Museum

A watercolor map drawn by none other than John White inspired the search at Site X (as it's known), located on Albemarle Sound near Edenton, North Carolina, some 50 miles inland. Known as La Virginea Pars, the map shows the East Coast of North America from Chesapeake Bay to Cape Lookout; it is housed at the British Museum as part of its permanent collection. White began drawing the map in 1585, two years before he became governor. In 2012, researchers using X-ray spectroscopy and other imaging techniques spotted a tiny four-pointed star, colored red and blue, concealed under a patch of paper that White used to make corrections to his map. It was thought to mark the location of a site some 50 miles inland, which White alluded to in testimony given after his attempted return to the colony. If such a site did exist, the theory went, it would have been a reasonable destination for the displaced Roanoke settlers.

According to archaeologist Nicholas Luccketti of the First Colony Foundation, which is conducting the excavations at Site X, the group has found shards of pottery that they claim may have been used by Roanoke settlers after they left the colony. Located nearby is a site that archaeologists believe might have been a small Native American town, Mettaquem. After the Roanoke colony met its end, English settlers eventually came south from Virginia into North Carolina, but the first recorded settler in the area did not arrive until about 1655. But the recently uncovered pottery is in a style called Border Ware, which is typical of the pottery dug up on Roanoke Island, as well as at Jamestown, but was no longer imported to the New World after the early 17th century, when the Virginia Company dissolved.

In addition to the Border Ware pottery, archaeologists at Site X discovered various other items, including a food-storage jar known as a baluster, pieces of early gun flintlocks, a metal hook of the sort used to stretch animal hides or tents and an aglet, a small copper tube used to secure wool fibers before the advent of the hook and eye in the 17th century. Based on his team's findings, Luccketti thinks the Roanoke colonists may have moved inland to live with Native American allies sometime after White left, and these artifacts might have been among their belongings. As reported in the New York Times, the First Colony Foundation will reveal more about its findings and theory this week in Chapel Hill, North Carolina.

Though the newly announced discoveries don't solve this lingering historical mystery, they do point away from Roanoke Island itself, where researchers have failed to come up with evidence pointing to the Lost Colony's fate. Archaeologists on both teams are hoping that a detailed study of their new finds will yield more clues, and-of course-that more evidence remains, waiting to be discovered, in the endless layers of dirt that surround them.

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Archaeologists Find New Clues to "Lost Colony" Mystery

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When John White, appointed by Sir Walter Raleigh as governor of Roanoke Colony, returned to England for more supplies in late 1587, he left behind his wife, his daughter and his infant granddaughter-Virginia Dare, the first child born in the New World to English parents-among the other settlers.