Timeline of events leading to the American Civil War colonial period in Virginia, slavery had been a part of the socioeconomic system of British North America and was recognized in the Thirteen Colonies at the time of the United States' Declaration of Independence (1776). Since then, events and statements by politicians and others brought forth differences, tensions and divisions between the people of the slave states of the Southern United States and the people of the free states of the Northern United States (including Western states) over the topics of slavery. The large underlying issue from which other issues developed was whether slavery should be retained and even expanded
Economic history of the United Kingdom manufactured goods were sold around the world, and raw materials and luxury goods were imported to Britain. During the Industrial Revolution the empire became less important and less well-regarded. The British defeat in the American War of Independence (1775–1783) deprived it of its largest and most developed colonies. This loss brought a realisation that colonies were not particularly economically beneficial to the home economy. It was realised that the costs of occupation of colonies often exceeded the financial return to the taxpayer. In other words, formal empire afforded no great economic benefit when trade would continue whether the overseas political