Economically, North and South America are quite different. While South America developed earlier, faster, and relied on the land for profits, North America developed slower, later, and relied on private companies for profits. In the South, silver mines in Peru and sugar plantations in Brazil were prime factors in the economic development of the region. In the North however, fur trading, timber and tobacco spurred the economy. The Portuguese were at first successful with sugar plantations on Atlantic islands so they moved them in Brazil. The sugar production expanded quickly after 1550 and by the 1600s it dominated Brazil’s economy. In contrast, in North America, London investors colonized Virginia and founded the Virginia Company in 1606. The investors hoped for immediate profits but the company was unsuccessful. The indigenous people of South America were used as slaves who worked in silver mines. In North America on the other hand, New France was founded in 1608 near the St.Lawrence River, a location that provided access to Amerindian trade. Amerindians quickly became dependant on the firearms, metal tools, and alcohol they got in return for furs from the French. Thus, as South America depended heavily on the natural resources of the region, North American settlers had to establish trading companies to survive.
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