Elizabeth I: Economy & Finance Flashcards
What was the biggest development in internal trade during Elizabeth’s reign?
Trade in coal from the Tyne to the Thames.
What was a by-product of English exploration?
It antagonised the Spanish
What did the Act for Maintaining Tillage (1563) do?
Prevented land being converted to pasture if used for tillage for 4 years
Where were the poorest counties in England during the reign?
The north and the west Midlands
How much debt did Elizabeth leave at the end of her reign?
£350,000
Which English sailor founded the English slave trade?
John Hawkins
Between what years of the reign were there successive bad harvests?
1594-1597
By what percentage did the price of food inflate during Elizabeth’s reign?
75%
What were the main changes in English trading patterns?
Main market for English wool moved from Antwerp to Amsterdam
How much income was generated through the selling of crown lands?
£600,000
Which trading companies were set up and where did they trade?
- Muscovy – Russia
- Eastland – Baltic
- Levant – Ottoman Empire
- East India Company - Asia
How many harvests in Elizabeth’s reign could be described as ‘poor’
9/44
What was England’s financial position by 1585?
£300,000 debt from Mary paid off, and £300,000 reserve built up
How did farmers benefit during Elizabeth’s reign?
A rise in agricultural prices and living standards, especially those in the south-east
What were monopoly rights?
When the crown granted an individual the exclusive rights over the sale or trade of a product
