Changes

Some Englishmen invested money in what was called a "[[joint stock company]]," which was similar to a modern-day corporation, for the purpose of finding gold or other treasures.  One of those joint stock companies was the "[[Virginia Company]]," which established the first permanent settlement for England in Jamestown, Virginia, in 1607.  It was a disaster and the investors never received a profit.  The men who settled in Jamestown were "English gentlemen" unaccustomed to working with their hands, and who expected to get rich with little effort.  They lacked a common purpose and wasted their time searching for treasure, or simply doing nothing at all.  Unwilling to work to grow their own food, they almost starved to death.

Some Englishmen invested money in what was called a "[[joint stock company]]," which was similar to a modern-day corporation, for the purpose of finding gold or other treasures.  One of those joint stock companies was the "[[Virginia Company]]," which established the first permanent settlement for England in Jamestown, Virginia, in 1607.  It was a disaster and the investors never received a profit.  The men who settled in Jamestown were "English gentlemen" unaccustomed to working with their hands, and who expected to get rich with little effort.  They lacked a common purpose and wasted their time searching for treasure, or simply doing nothing at all.  Unwilling to work to grow their own food, they almost starved to death.

'''1607''' is one of the few dates you should memorize.  This was after the Spanish had settled in Florida, but before the French had settled in Quebec.  So remember the sequence in settling America:  Spanish, English, and then French.

'''1607''' is a date worth memorizing.  This was after the Spanish had settled in Florida, but before the French had settled in Quebec.  So remember the sequence in settling America:  Spanish, English, and then French.

Initially, from 1607-1608, the Jamestown settlement lived under socialism, whereby the group shared its food with everyone no matter how much or little each person worked.  This economic system was a complete failure that led to "starving time" as no one had any incentive to do any work to provide the necessities of life.  In September 1608, [[John Smith]] was elected president of the governing council.  He ruled for a year and installed a conservative economic system:  "don't work, don't eat!"  Because free enterprise replaced socialism, after a few years food production began to increase significantly and by 1614 there was plenty to eat.

Initially, from 1607-1608, the Jamestown settlement lived under socialism, whereby the group shared its food with everyone no matter how much or little each person worked.  This economic system was a complete failure that led to "starving time" as no one had any incentive to do any work to provide the necessities of life.  In September 1608, [[John Smith]] was elected president of the governing council.  He ruled for a year and installed a conservative economic system:  "don't work, don't eat!"  Because free enterprise replaced socialism, after a few years food production began to increase significantly and by 1614 there was plenty to eat.