Glossary
Indentured Servants
Individuals who agreed to work for a set period (typically 4-7 years) in exchange for passage to the New World, food, shelter, and eventual freedom dues.
Example:
Many young, single men became indentured servants to afford the journey to the colonies, hoping for a new life and land after their service, though many did not survive their term.
Jamestown
The first permanent English settlement in North America, established in 1607 in present-day Virginia.
Example:
Early settlers in Jamestown faced immense hardships, including disease, starvation, and conflict with Native Americans, highlighting the brutal realities of early colonization.
John Smith
An English explorer and leader who played a crucial role in the survival of Jamestown through his strict leadership and establishment of a 'work or don't eat' policy.
Example:
John Smith's decisive leadership and ability to trade with local Native American tribes were vital in preventing the complete collapse of the Jamestown colony during its early, struggling years.
Joint-Stock Companies
Business organizations where investors pooled money to fund ventures, sharing both the risk and potential rewards.
Example:
The British East India Company was a powerful joint-stock company that funded voyages and established trade networks across the globe, demonstrating how shared investment could lead to massive undertakings.
Limited liability
A legal principle where investors are only responsible for the amount of their investment, protecting their personal assets from business debts or losses.
Example:
An investor in a joint-stock company enjoyed limited liability, meaning if the colonial venture failed, they would only lose the money they invested, not their entire fortune.
Virginia Company of London
A joint-stock company chartered by King James I in 1606 with the primary goal of establishing colonies in North America for profit.
Example:
The Virginia Company of London funded the expedition to Jamestown, hoping to find gold and other valuable resources, much like the Spanish had in their colonies.