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Early Economic History of Dominican Republic

Through history the Dominican Republic its economy has suffer a lot of changes that affected the country in different ways. Before the Spanishcolonization the island was a pacific place were Tainos lived and had their own economic system in equilibrium but after the colonization the Spanish Settlers started to corrupt the economy and waste thenatural resources of the island.
The Spaniards abused of the labor of Tainos and African slaves in the island which lead to the first economic growth of the Island. During the time there washigh demand of sugarcane around the world. That along with the other products made the island Santo Domingo one of the richest colonies and made possible the beginning of the sugar industry in theisland.
Technically speaking the island was one of the richest colonies in America until the conquest of the American Mainland continent.
Christopher Columbus, who ruled the colony until 1499, tried tocurb the most serious abuses to which Indians were subjected prohibiting the expeditions against them and regulating informal taxes imposed by the colonizers, which, by the limitations imposed bythese milder forms of exploitation, began to actively oppose Columbus. Due to their demands, Columbus devised the distribution system distribution of land and Indians, under this system, granted inperpetuity, without any obligation to the authorities, a large tract of land together with services of the Indians who lived here.

Then in the year 1586 the English pirate Francis Drake sacked thecolony and in 1697 France occupied the western half of the island and spread to the rest of the island. Most of the residents of Santo Domingo left town, taking the gold, things of silver and jewels.Obviously the economy went down and the Spaniards started losing interest for the island. Due to the economic downturn that Spain was having and the loss of territories in Europe, Spain decides to sign...
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