Elizabeth I - Economic Developments Flashcards
What was the pattern of trade?
Value of internal trade exceeded that of foreign trade due to the growth of shipping of coal from Tyne to Thames
Wider range of foreign luxury goods
Antwerp cloth market declined from the 1550s - the major move was to Amsterdam
Attempts to establish new overseas markets were economically marginal
What happened in John Hawkins’ first two expeditions?
He invented the English slave trade. From 1562 he acquired slaves in Africa and sold them in South America. First two expeditions - 1564 - were successful and received funding from the Earl of Leicester
What happened in John Hawkins’ third expedition?
His fleet was blockaded at the Mexican port of San Juan de Ulua although some of the gold did get back to England. This strained the r/ship with Spain
What was the Muscovy company?
Incorporated in 1555 to trade with Russia and northern Europe, though it failed in the long term to compete with the Dutch
What was the Eastland company?
Set up in 1579 to trade in the Baltic but had a limited effect
What was the Levant company?
Founded in 1581 as the Turkish company, enjoyed success with developing trade in the Ottoman empire
What was the East India company?
Set up in 1600 to trade with Asia but it could not compete with the Dutch East India company due to less investment
How was forming a colony in Virginia encouraged?
A Discourse of Western Planting was published in 1584 by Richard Hakluyt, which he presented to the Queen through Walter Raleigh.
How did the attempt to colonise Virginia fare?
Raleigh gained the support of Walsingham and he received a patent from the queen in 1585. Two attempts to colonise Roanoke Island but the attempts proved disastrous due to poor organisation, ill luck and reluctance by the queen to prioritise the matter
How did areas of society benefit from rise in agricultural prices?
Essex clergyman William Harrison published the Description of England in 1577 which noted enjoyment of living standards enjoyed by farmers.
What were the areas of depression?
9/44 harvests could be described as poor
1594 to 97 poor harvests
By 1596 real wages had collapsed to half of what they were 9 years previously
Subsistence of crisis of 1596 and 97
Newcastle had to bury 25 homeless people who had starved.
