8. Economic development in Elizabethan England Flashcards
What were the main patterns of trade under Elizabeth?
Internal trade was more valuable than foreign trade.
There was a growth in internal trade to meet growing demands.
A wider range of foreign luxury goods were imported.
The cloth trade in the Netherlands declined.
English financial institutions were much less sophisticated than others in Europe.
What was the significance of a wider range of foreign luxury goods being imported?
Suggests the goods were becoming affordable for more of the population.
What was the impact of the cloth trade in the Netherlands declining?
An alternative trade was developed, based on the north German port of Emden.
Though attempts to establish new overseas markets did take place, these remained economically marginal.
Who was John Hawkins?
He helped in the attempts to expand trade.
Was integral to the movement of trade to the Americas.
When were John Hawkins’ three expeditions to America?
From 1562.
He captured slaves in Africa that transported and sold them in South America.
How successful were John Hawkins’ expeditions?
His first two expeditions were financially successful.
The third expedition, despite attracting royal support, went disastrously wrong as Hawkins’ fleet was blockaded.
What was the impact of John Hawkins’ failed expeditions?
Worsened the already strained relations between England and Spain.
The fact that Elizabeth supported him reflects her willingness to run the risk of antagonising Phillip II in return for profit.
How did English trade patterns expand in the 1580s?
The main markets for English wool moved from the southern to northern Netherlands.
There was an increased trade with the Ottoman (Turkish) Empire.
England failed in exploiting trading opportunities.
What were the main trading companies under Elizabeth?
The Muscovy Company, The Eastland Company, The Levant Company, The East India Company.
What was The Muscovy Company?
Incorporated in 1555 to trade with Russia and northern Europe, failed long-term to compete with the Dutch.
What was The Eastland Company?
Set up in 1579 to trade with the Baltic but also had a limited impact.
What was The Levant Company?
Founded in 1581, was relatively successful in its attempts to develop trade with the Ottoman Empire.
What was The East India Company?
Set up in 1600 to trade with Asia but found it very difficult to compete with the Dutch East India Company.
What was the overall impact of all trading companies under Elizabeth?
By the end of Elizabeth’s reign, each organisation was relatively small
This changed when they joined to become joint-stock companies.
What developments were made in the colonisation of North America?
Originated with the explorer Humphrey Gilbert.
Encouraged by Richard Hakluyt in A Discourse of Western Planting (1584)
This was presented to the Queen by Sir Walter Raleigh.
Raleigh gained the support of investors such as Sir Francis Walsingham.
