22 - Economic Development in Elizabethan England Flashcards
What was the positions of towns by 1558?
- previously 10% had lived in towns but since 1540 this figure had dropped
- some had around 250 people
- debasement had reduced coinage
- population had decreased by 5-25% from bad harvests
Who was in a position to prosper in towns?
- merchants, made up the top 5%
- professionals and independent workers
Who would not prosper in the towns?
- skilled employees, made up 40% of the population
- unskilled labourers
How did population change over Elizabeth’s reign?
2.8 million to 4 million
When did the merchants prosper in Elizabethan England?
1560s - trade routes established in the Baltics
with the Muscovy company, incorporated Russia
What evidence is there that wages prospered?
The purchasing power of a London building worker grew from 51 to 62 from 1550-69
What evidence is there that wages continued?
Elizabeth continued to decrease wages, 66 to 50 from 59-09 for AL
What evidence is there that wages declined?
Cost of Living grew from 354 to 439 from 1580s to 1600s and purchasing power decreased
How did Elizabeth handle transatlantic trade?
- Exploring the New World was contentious because Spain and Portugal claimed it.
- In 1562 and 1564, John Hawkins made large profits from the Triangular Trade.
- Drake conducted raids against Spanish ships and colonies in the New World. He brought back huge sums in 1572-3 and after his circumnavigation 1577-80.
How did Elizabeth anger Spain through trade?
- Elizabeth hoped English privateers could distract Spain as well as disrupt its flow of silver and resources from America. Instead, they angered him.
- Spain attacked John Hawkins’ fleet in 1568 for trying to break Spain’s monopoly in the trans-Atlantic slave trade.
Antwerp in Elizabethan England
- In 1550, most of England’s trade was exporting wool to Antwerp (which was a port controlled by Spain).
- As relations with Spain got worse, trading through Antwerp became harder.
This encouraged exploration and the discovery of new trade routes.
Trading Companies
- The East India Company was created in 1600 and it had a monopoly to trade with Asia.
- Trade with Asia was helped when James Lancaster discovered a route to Asia around the Cape of Good Hope (South Africa) to Asia.
- The Spanish company was created and had a monopoly on trade with Spanish colonies.
- The Muscovy Company helped break the monopoly of the Hanseatic League in the Baltic.
Sir Francis Drake
- Between 1577-1580, Drake became the first person to circumnavigate the globe. This included raiding Spanish ports in the Americas, and losing several ships from his fleet in storms around the globe.
- For example, he captured £40,000 of Spanish treasure in Panama.
- He was knighted on his return. The wealth from Drake’s travels and his knighthood encouraged more British sailors.
- Elizabeth I also took a large chunk of the treasure that Drake brought home from his journey.
Sir Walter Raleigh
- In 1584, Elizabeth I gave Sir Walter Raleigh permission to colonise (seize control of) any part of the Americas not ruled by Christians.
- In fact, he sent others to try to establish the colonies there (like New Albion in California). Humphrey Gilbert tried to create a colony in Newfoundland, Canada, but he failed.
- But the colonies established on the east coast of America in the 1580s did not last.
Sir John Hawkins
In 1562 and 1564, Hawkins made profits from the Triangular Trade for figures such as Cecil, Leicester and Elizabeth I.
In 1568, his ships were attacked by the Spanish in Mexico. This was in response to him trying to break Spain’s monopoly in the trans-Atlantic slave trade.
