Chapter 22: Economic Development in Elizabethan England Flashcards
Trade, exploration, colonisation, prosperity & depression
1
Q
What were features of trade under Elizabeth?
A
- Grew considerably
- Internal trade greater than foreign trade –> e.g. more coal shipped from river Tyne to Thames for London markets than to France despite its increase
2
Q
Describe trade with the Netherlands
A
- Flourishing cloth trade
- 1580s - main markets for English wool moved from south to north to trade with protestant Amsterdam rather than catholic Antwerp - encouraged by Cecil
3
Q
Describe overseas markets
A
- Increase in trade with the Ottoman Empire
- Links made with India and Russia
- Led to increase in the range of imported luxury goods
4
Q
What did John Hawkins do for trade?
A
- From 1562 - began slave trade from Africa to South America –> backed by London merchants and prominent courtiers
5
Q
What was the Muscovy company?
A
- 1555 (under Mary)
- Russia and northern Europe
- Failed long term to compete with the Dutch
6
Q
What was the Eastland company?
A
- 1579
- Baltics
- Limited success
7
Q
What was the Turkish company?
A
- 1581
- Ottoman empire
- Reasonable success
8
Q
What was the East India Company?
A
- 1601
- Asia
- In the short term found it hard to compete with the better funded Dutch East India Company
9
Q
What caused the increase in exploration and colonisation?
A
- 1580 - Drake returned from 3yr circumnavigation - showed potential of sailing and opportunity to find new trading lands
- 1584 - A Discourse of Western Planting showed the potential of North America
- 1584 - Charter granted to Raleigh to establish English control over North America - gained investment from Walsingham and others
10
Q
What exploration and colonisation occured?
A
- 1584 - Expedition to Roanoke Islands - founded colony named Virginia for Elizabeth
- Further expeditions 1585+7 - failed to establish a permanent settlement
- Problems of native hostility and insufficient support from England - preoccupied with Spanish war
11
Q
How was there prosperity?
A
- Increase in agricultural production
- Increase in rural cloth making
- New urban settlements e.g. Manchester, Plymouth
- London grew - market from internal goods
- Shipbuilding and ports grew with trade growth
- South-east flourished as well as south in general
12
Q
What acts were passed about trade?
A
- Acts to regulate the trade of cloth, leather, coal, iron, grain and timber
- 2 navigation acts to promote use of English ships
13
Q
How was there depression?
A
- Harvest failures could be disastrous –> 4 successive 1594-7 led to serious poverty
- By 1596 real wages half of what they were 9 yrs earlier
- Widespread distress -> people dying in the north of starvation
14
Q
What economic statistics are there?
A
- All but 2 of the 25 richest towns were in the south
- 14% of national income belonged to 1.2% of families
- 1/2 families classed as labouring poor
- 10% of people in the countryside and 20% in towns lived in absolute poverty
- Labouring poor received 20% national income
- Food & drink was 80% of expenditure for the poor
