ELIZABETH I ECONOMY/TRADE Flashcards
WHICH was more prominent during Elizabeth’s reign: internal or foreign trade?
The value of internal trade considerably exceeded that of foreign trade
WHAT is an example of increased internal trade under Elizabeth?
Growth in shipping coal from the Tyne to the Thames (the north to London)
WHAT is an example of trade showing prosperity in Elizabethan England?
A wider range of foreign luxuries were being imported as more people could afford them.
HOW did trade with the Netherlands change under Elizabeth?
- The cloth trade with the Netherlands decreased
- Move from Antwerp to Amsterdam as the main port (as Amsterdam was not under Spanish control)
WHAT are some English trading companies set up under Elizabeth?
- Eastland Company (1579): trade with the Baltics
- Levant Company (1581): trade with the Ottoman Empire
WHAT English trading company was set up under Mary I?
The Muscovy Company (1555): trade with Russia and Northern Europe
HOW successful were the English trading companies established under Elizabeth?
- Trade with new overseas markets remained economically marginal, as the companies stayed small in size
- Many struggled to compete with Dutch trade
- Created a model of organisation key for capitalist development
- Trade with the Ottoman Empire was more successful
WHAT was the Levant Company?
An English trading company set up in 1581 which relatively successfully traded with the Ottoman Empire.
WHEN was the Levant Company set up?
1581
WHAT type of trade began under Elizabeth I?
The slave trade between Africa and South America. Figures like Hawkins had royal support for this.
WHAT aspects of exploration and colonisation were successful under Elizabeth?
- Raleigh received support from councillors (e.g. Walsingham) and a patent from the queen to colonise North America
- The colony would become Virginia
WHY were some aspects of exploration and colonisation under Elizabeth unsuccessful?
- Poor organisation
- Bad luck
- Elizabeth did not prioritise expanding trade over war with Spain
HOW successful was the establishment of a colony in North America under Elizabeth?
- Raleigh received support from both councillors and the queen
- However, a permanent colony in Virginia was not established until James I’s reign
In general, HOW did Elizabeth’s government approach economic policy?
- Ministers tended to act in an ‘ad hoc’ (reactive) manner to the situation at a particular time
- They mainly prioritised maintaining public order rather than fixing economic issues
WHICH societal groups became closer during Elizabeth’s reign?
The landed elites (and the Crown) became closer to the commercial elites in London, laying groundwork for future commercial expansion
HOW did landowners prosper under Elizabeth?
- Landed incomes rose
- They benefitted from new material possessions
- They benefitted from the dissolution of the monasteries
- Farmers benefitted from increasing agricultural prices
WHAT are the different perspectives on the relationship between trade and the Elizabethan economy?
- Some say trade was key for the improvement of the economy
- Others interpret increased trade as a desperate search for new markets to offset the long-term decline in cloth trade
HOW did English financial institutions compare to their European counterparts?
They were less sophisticated
WHICH towns economically prospered under Elizabeth?
- New urban settlements like Manchester and Plymouth benefitted from the broadening manufacturing industry
- London grew as a port and industrial centre
- Some places (e.g. Newcastle) benefitted from supplying London
WHICH towns declined economically under Elizabeth?
- Some old-established towns like Winchester declined
- There was urban decay in some corporate boroughs as the cloth trade moved to more rural areas
- The growth of London had detrimental effects on some towns/cities
WHAT percentage of harvests were poor during Elizabeth’s reign?
Roughly 20%, according to Palliser
HOW did real wages change under Elizabeth I?
They generally fell. By 1596, real wages were half of what they were 9 years earlier
WHAT area of England was most affected by economic failures under Elizabeth?
The north (e.g. Newcastle was particularly destitute). Starvation increased in the north.
WHICH area of England were the wealthiest under Elizabeth?
The South east, Norfolk, Suffolk, and the inner West Country
WHAT economic gaps were there under Elizabeth?
There was a large gap between rich and poor, as well as between the richer and poorer counties (generally north/south gap)
WHO prospered economically under Elizabeth I overall?
Generall, those who were already rich:
* Landowners
* Nobles
* South-eastern counties
* Some new urban settlements
* London
WHO did not prosper economically under Elizabeth I overall?
Generally, those who were already poor:
* Farmers (during bad harvests)
* Corporate boroughs that had previously relied on the cloth trade
* The North
* Many labourers
