Elizabethan Economy

Question 1

What happened to the value of domestic trade in relation to foreign trade? What example is there of this? - Elizabethan Economy

Answer 1

Domestic trade substantially grew to exceed the value of foreign trade. This can be seen through the movement of coal from the Tyne in Newcastle to the Thames in order to meet demands of London industry.

Question 2

What happened to the importance of the Dutch cloth trade for England? What response did this prompt by Cecil? - Elizabethan Economy

Answer 2

The Dutch cloth trade’s importance declined significantly for England, leading to Cecil wishing to end the dependence on a single economic market and develop alternative trades.

Question 3

What impact did John Hawkins have on the English economy? How? - Elizabethan Economy

Answer 3

John Hawkins introduced England to the slave trade by transporting slaves from Africa to South America, creating financial benefits.

Question 4

How many slave-trading expeditions did John Hawkins lead? What was the outcome of his final expedition? - Elizabethan Economy

Answer 4

Hawkins led 3 slave trading expeditions, with the first 2 of significant economic benefit. The final expedition failed somewhat when his fleet was blockaded in Mexico, preventing him from extracting the desired amount of profit from this conquest.

Question 5

When was the Muscovy Company set up and where did this operate? How successful was this operation? - Elizabethan Economy

Answer 5

The Muscovy Company was set up in 1555, operating in Russia and Northern Europe. This was successful to a partial extent as it could not effectively compete with the Dutch.

Question 6

When was the Eastland Company set up and where did this operate? How successful was this operation? - Elizabethan Economy

Answer 6

The Eastland Company was set up in 1579 to operate in the Baltic. This operation was very limited in its success.

Question 7

When was the Levant Company set up and where did this operate? How successful was this operation? - Elizabethan Economy

Answer 7

The Levant Company was set up in 1581, operating in Turkey and the Ottoman Empire. This was very successful in developing trade in the Ottoman Empire.

Question 8

When was the East India Company set up and where did it operate? How successful was this operation? - Elizabethan Economy

Answer 8

The East India Company was set up in 1600, operating in Asia. This struggled to dominate the Dutch’s significant power over trade in this area, meaning it could not compete properly.

Question 9

What were joint-stock companies? What were the advantages of these? - Elizabethan Economy

Answer 9

Joint-stock companies are 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.

Question 10

When did Raleigh attempt to colonise the Americas? Where and with what success? - Elizabethan Economy

Answer 10

Raleigh set out to colonise the Americas in 1585, landing on Roanoke Island (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.

Question 11

What happened to landed incomes under Elizabeth? What happened to the properties of landowners (and why)? - Elizabethan Economy

Answer 11

Landed incomes rose in Elizabethan England. Properties of landowners also multiplied as a consequence of the rapid sales of ex-monastic land under Henry VIII and Edward VI.

Question 12

What are examples of towns that saw relative urban decline in England under Elizabeth? What are examples of towns that saw urban improvement in England under Elizabeth? - Elizabethan Economy

Answer 12

Winchester and Stamford saw significant decline under Elizabeth, although York, Plymouth, Manchester and Norwich saw their situations improve under Elizabeth’s reign.

Question 13

What positive and negative impacts occurred from the growth of London as an economic hub? - Elizabethan Economy

Answer 13

Positive: Newcastle-upon-Tyne 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.

Question 14

How many of Elizabeth’s 44 harvests were described as poor? - Elizabethan Economy

Answer 14

9 of 44 harvests under Elizabeth were described as poor.

Question 15

When did 4 successive bad harvests occur under Elizabeth? - Elizabethan Economy

Answer 15

4 bad harvests occurred under Elizabeth from 1594 to 1597.

Question 16

By 1596, by what factor had real wages fallen in the previous 9 years? - Elizabethan Economy

Answer 16

By 1596, real wages had fallen by 50% to the level 9 years previously.

Question 17

When did a subsistence crisis occur under the reign of Elizabeth? - Elizabethan Economy

Answer 17

Elizabeth’s reign saw a major subsistence crisis in 1596/7, when people struggled to feed themselves from their own crops.

Question 18

How was depression variable regionally during the late reign of Elizabeth? - Elizabethan Economy

Answer 18

The far North and Midlands fared far worse than the South and West did under Elizabeth. Poverty was widespread, but it was at extremes in the North and Midlands.

Question 19

How many homeless people are reported to have starved in Newcastle under Elizabeth? - Elizabethan Economy

Answer 19

25 homeless people were reported to have starved in Newcastle under Elizabeth during the worst of her harvesting issues.

Question 20

How many times larger was the value of possessions left by labourers in Hertfordshire compared to Northern labourers? - Elizabethan Economy

Answer 20

Labourers in Hertfordshire owned possessions valued at 3 times of those left by Northern labourers.