key term - Virginia Company of London

Definition

The Virginia Company of London was a joint-stock company established in 1606 to create settlements in the New World, specifically in Virginia. It aimed to profit from the resources of North America by establishing a colony that could extract wealth through agriculture and trade. This company played a crucial role in the early phases of English colonization, leading to the establishment of Jamestown in 1607, the first permanent English settlement in North America.

5 Must Know Facts For Your Next Test

1. The Virginia Company of London was granted a charter by King James I, which allowed it to establish colonies in America and seek out gold and other resources.
2. The company faced significant challenges in its early years, including conflicts with Indigenous peoples, disease, and food shortages that led to a high mortality rate among settlers.
3. Despite early struggles, the introduction of tobacco cultivation in the 1610s transformed the colony into a profitable enterprise for the Virginia Company.
4. The governance of Jamestown included an elected assembly known as the House of Burgesses established in 1619, marking the beginning of representative government in colonial America.
5. The financial pressures and difficulties experienced by the Virginia Company eventually led to its dissolution in 1624, with Virginia becoming a royal colony under direct control of the crown.

Review Questions

• How did the establishment of the Virginia Company of London influence early English colonization efforts in North America?
  • The Virginia Company of London significantly influenced early English colonization by providing a financial mechanism through which settlers could establish permanent settlements. Its charter enabled adventurers and investors to pool resources and share risks associated with exploration and colonization. The establishment of Jamestown as the first enduring settlement laid the groundwork for further English expansion and set a precedent for future colonies.
• What were some key challenges faced by the Virginia Company during its early years, and how did these challenges impact the development of Jamestown?
  • The Virginia Company faced numerous challenges such as harsh weather conditions, lack of food, conflicts with Native Americans, and disease outbreaks. These difficulties resulted in a high death toll among settlers and threatened the viability of Jamestown. The need for survival prompted adaptations like focusing on tobacco cultivation, which ultimately shifted Jamestown's economy from searching for gold to sustainable agriculture.
• Evaluate the long-term effects of the Virginia Company's strategies on labor systems and economic development in colonial Virginia.
  • The Virginia Company's strategies had profound long-term effects on labor systems and economic development. The introduction of tobacco as a cash crop necessitated a large labor force, leading to the reliance on indentured servitude initially and later on enslaved African labor as demand for tobacco grew. This transition laid the foundation for plantation economy practices that characterized much of the Southern colonies. Furthermore, it established economic patterns that would influence social hierarchies and race relations for centuries to come.

Related terms

Jamestown:

The first permanent English settlement in North America, founded in 1607 by the Virginia Company of London, which faced many hardships but ultimately became a successful colony.

Joint-Stock Company: A business entity where different stocks can be bought and owned by shareholders, allowing for the pooling of resources for ventures like colonization.

Tobacco:

A cash crop that became the economic foundation of the Virginia colony, significantly influencing its development and the need for labor, leading to the use of indentured servants and enslaved people.