Asiento System
Definition
A Spanish practice of granting a foreign power or individual a monopoly on the slave trade within certain colonies. This was used as a means of controlling commerce in their empire.
Analogy
Think of the Asiento System like an exclusive membership club. Only those with special permission (the asiento) can enter and do business there. In this case, the 'club' is the Spanish colonies and 'business' is trading slaves.
Related terms
Monopoly: Exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices. This is what holders of an asiento had over slave trade in specific regions.
Mercantilism: An economic theory that trade generates wealth and is stimulated by accumulation of profitable balances. It's what drove European powers during this period to establish colonies and monopolies like the Asiento system.
Treaty of Utrecht (1713): A series of treaties ending various interconnected wars among major European powers including Spain, Britain, France etc. One provision granted Britain an asiento lasting 30 years to supply African slaves to Spanish America.
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