4.4 Elizabeth's Economy Flashcards
How did trade develop during Elizabeth’s reign?
- Internal trade grew rapidly, especially with the growth of the shipping of coal from the Tyne to the Thames
- There was an increase in imports of luxury goods, which were becoming more affordable
- The Antwerp Cloth market declined in the 1550s. William Cecil urged to end reliance on a single market and markets were established in Emden and Amsterdam.
- There were also attempts to establish oversea trades in places like Russia, but these remained economically insignificant
What was the Muscovy Company 1555?
A company incorporated to trade with Russia and Northern Europe. However, its success was limited as it failed to compete with the Dutch.
What was the Eastland Company 1579?
A company set up to establish trade with the Baltic states. It also failed due to competition with the Dutch.
What was the Levant Company 1581?
A company set up to establish trade with the Ottoman Empire, at which it was successful.
What was the East India Company 1600?
A company set up to establish trade with Asia. It failed short-term as its Dutch counterpart had more funding. Would become more significant after Elizabeth’s reign.
How successful was Walter Raleigh’s attempt to colonise Virginia in 1585?
There was very little success. Raleigh’s poor organisation and bad luck combined with the Queen’s reluctance to supply funds when faced with the imminent threat of Spain postponed the permanent colonisation of Virginia until James I’s reign.
How did landowners fair economically in Elizabeth’s reign?
Landowners benefitted from the increase in land income as many had been able to bulk-buy monastic land during the dissolution of the monasteries.
For many, this led to the building of modest yet imposing country houses.
How were towns effect economically during Elizabeth’s reign?
Old-established towns like Winchester and Stanford began to declined due to migration into the countryside. However York and Norwich continued to improve.
Relatively new urban settlements, like Manchester and Plymouth developed due to their broad range in manufacturing industry.
The rapid growth of London’s Market may have negatively impacted other cities in England on the economic plain. However, some cities like Newcastle benefitted due to its supplying of coal to the bustling market.
Which regions on England fared the best economically?
The wealthiest parts of the country was the South-East, followed by Norfolk, Suffolk and the “Inner West Country”. (Somerset, Wiltshire, Gloucester).
The poorer counties tended towards the North and in the West Midlands. This led to the economic depression of the 1590s having a devastating effect on the North.
