Elizabeth : economy Flashcards
How did Elizabeth stable the economy ?
- Scheme to withdraw debased coinage and replace them with soundly minted coins
- Debasement was not used throughout her government and reign
How many harvests were poor ?
- 9/44
When was there a national attempt to sort out wages ?
- 1563
- Established compulsory labour, maximum wage rates and minimum wage rates
what were the 4 trading companies set up ?
- Muscovy
- Eastland company
- Levant company
- East India Company
What was imported and what did this suggest ?
- Wider range of foreign luxurious good suggesting these were becoming affordable for a wider range of the population
How is economic strength shown under Elizabeth ?
- Export of cloth rose 125% between 1510 and 1550
- as early as 1558 economic recovery was evident
What happened to the value of domestic trade in relation to foreign trade? What example is there of this?
- Domestic trade substantially grew to exceed the value of foreign trade.
- This can be seen through the movement of coal from Newcastle to the Thames in order to meet demands of London industry.
What happened to the Dutch cloth trade for England and what did this lead to ?
- The Dutch cloth trade’s importance declined significantly for England,
- leading to Cecil wished to end the dependence on a single economic market and develop alternative trades.
What did Hawkins do for the English economy ?
- John Hawkins introduced England to the slave trade by transporting slaves from Africa to South America
- creating financial benefits.
What did Hawkins do in 1562 ?
- First slave trading expedition (first 2 were a significant economic success and benefit but the final one failed as his fleet was blockaded in Mexico)
Muscovy company
- Set up in 1555
- Operated in Russia + Northern Europe
- Partially successful but couldn’t compete with the Dutch
Eastland company
- 1579 to operate in the Baltic.
- This operation was very limited in its success.
Levant company
- set up in 1581
- Operated in Turkey and the Ottoman Empire
- Success in developing trade with the Ottoman Empire
East India company
- 1600
- Operated in Asia
- Struggles to dominate the Dutch’s significant power over trade in this areas (couldn’t compete effectively)
What were joint-stock companies ?
- businesses owned by their shareholders which create profit for individuals in relation to the size of their shareholding.
- These resulted in the setting up of organisations which could benefit in the future from capitalist sentiments.
When did Raleigh attempt to colonise the Americas?
- 1585
- landing in future North Carolina
- This had no success whatsoever, with investors in the expedition not rewarded after the poorly organised expedition led to the death of many on the journey.
What happened to Land incomes under Elizabeth ?
- Landed income rose
- Properties of landowners also multiplied as a consequence of the rapid sales of ex-monastic land under HVIII and Edward VI
What are examples of towns that saw relative urban decline in England under Elizabeth?
- Winchester and Stamford
What are examples of towns that saw urban improvement in England under Elizabeth?
York, Plymouth, Manchester and Norwich
What positive and negative impacts occurred from the growth of London as an economic hub?
- Positive: Newcastle grew in significance as a result of supplying London’s economic needs + London became an economic powerhouse as its population grew.
- Negative: London’s growth led to a substantial decline in the fortunes of other towns and cities.
When did 4 successive bad harvest occur under Liz ?
- 1594-7
By 1596, by what factor had real wages fallen in the previous 9 years?
- 50%
When was the substance crisis under Elizabeth ?
- 1590’s
How many people in Newcastle starved to death under Elizabeth’s reign ?
- 25
Where were living standards improved for farmers ?
- South East of England 1577
What is evidence of a disparity between Hertfordshire and the North of England ?
- Labourers in Hertfordshire left goods worth 3x as much as their Northern Counterparts
