What happened in 1777?

Answer 1

The expansion of Great Britain's overseas colonial empire was not the result of waiting for good things to happen. Great Britain took aggressive economic and military steps to reach a position of dominance overseas more so than other European powers ever attained. And this to a large extent was not due to stealing gold and silver from New World civilizations. Instead the used economic leverage. With any aggressive approach to economic development that was dependent on colonial wealth does however has its risks.

Back in the 18th century, economics and finance were pretty well developed to the point it could be given the lack of communications and distance between trading and banking partners.

In the year of 1772, there was a financial crisis that created a real and unexpected problem for England and English owned companies. In the ten years prior to this date, trade between England and her colonies in North America and in the East & West Indies was booming. The main products traded for other goods or for money. In the colonies, there was hardly anyway for creditors from knowing the solvency of colonists that needed capital to expand their tobacco and cotton plantations, as an example of poor communications and distance.

After this 10 year expansion there were cases where loans were called in by British banks. Or normal payments made to loaning banks dried up for a time. Banks had been lucky with their returns on colonial products. Monies lent to faraway colonialists were repaid and further credit was extended.

Their luck had run out. Colonists were overextended in their borrowing and there was no know to track all the lines of credit they had both in Great Britain and in European banks.

A crash ensued because of this and credit disappeared in a manner of speaking. Two large banks in London failed and the run became a worldwide problem. Credit was hard to get. So much so that a credit crisis developed in 1772.

Answer 2

In 1777, France becomes the first nation to recognize the US. Also, the battle of saratoga was fought, resulting in an American victory.

Answer 3

The Boston Tea Party occurred on December 16, 1773.

The Boston Tea party happened in 1773.

Answer 4

The Gaspee Incident and The Committee of Correspondence

Answer 5

Ben Franklin did his kite experiment.