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==Economics of Jamestown==

==Economics of Jamestown==

Initially, from 1607-1608, the Jamestown settlement lived under socialism, whereby the group shared its food with everyone no matter how much or little he worked. This economic system was a complete failure as no one had any incentive to do any work. 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!" Under this new system, food production increased 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 he worked. This economic system was a complete failure as no one had any incentive to do any work.{{fact}} 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!" Under this new system, food production increased and by 1614 there was plenty to eat.  

But Jamestown settlers were there to find fortune, and there was not any gold or silver. [[Native American|American Indians]] had discovered tobacco and [[Europe]]ans were beginning to become addicted on it. Many Europeans recognized that tobacco was bad for them, and some wanted to prohibit it. In 1613, Englishman John Rolfe, who married the Indian Pocahontas in Virginia, began growing tobacco to export to [[Europe]]. The King banned the growing of tobacco in England, so Rolfe had no competition. Cash began pouring in for the tobacco, and this so-called "cash crop" became highly profitable for the Jamestown settlers.  

But Jamestown settlers were there to find fortune, and there was not any gold or silver. [[Native American|American Indians]] had discovered tobacco and [[Europe]]ans were beginning to become addicted on it. Many Europeans recognized that tobacco was bad for them, and some wanted to prohibit it. In 1613, Englishman John Rolfe, who married the Indian Pocahontas in Virginia, began growing tobacco to export to [[Europe]]. The King banned the growing of tobacco in England, so Rolfe had no competition. Cash began pouring in for the tobacco, and this so-called "cash crop" became highly profitable for the Jamestown settlers.