Elizabethan Economy Flashcards
how much debt was still left from Henry VIII
£300,000
Cecil’s role in economy
-between 1559-63 Cecil led a series of economic measures through parliament which were supposed to stimulate the economy
-during her reign, an increasing numbers of bills were drawn up concerning the industries like cloth, leather, coal and iron- the government encouraged economic growth in these areas
-this growth was in part, due to private companies seeking advantageous terms from Cecil
The Elizabethan Economic settlemeant
-regulated land usage for grain and timbre, this meant less enclosure and a focus on growing wheat for food (stimulate the grain/timbre industries)
-Regulated the exports of leather, corn, coal and iron in english ships, this resulted in good only being exported in the price of them dropped, therefore more of these goods would be used internally, thus helping the economy
-connected internal trade in coal, resulted in an increased coal shipment from Newcastle to London to meet the demands of the capital (this stopped all coal from being exported so London could use what it needs)
Act for Maintaining Tillage
1563
no land under tillage (timber and grain) could be enclosed
Act for the Maintenance of the Navy
Statute Regarding the Export of Corn
1563 and 1592, set price limits on how much of certain goods can be exported, the exportation of surplus amounts could only take place once the price feel below an agreed amount
Passing of a new navigation act
1581
forbade English merchants from loading onto foreign ships if english ones were available
this helped in the usage and development of English companies
Passing the Statue of artificers
1563
introduced compulsory apprenticeships in urban crafts
maximum wage rates were also fixed
shows an inward focus for economy
the cloth trade in the 1550s
England’s main trade (cloth) collapsed
merchants now needed new markets and new goods to sell
they wanted sea routes to India or China so they did not have to rely on other, overloaded merchants
Expanding overseas trade became ever more important with the import of luxury goods
Francis Drake and trade
brought back lots of money and goods (like spices) from his journeys (particularly his circumnavigation of the globe)
John Hawkins and trade
-first english slave trader, expansion of English interests and trade into Africa
-merchant originally then privateer
-started the transatlantic slave trade
-a financial success but Spanish irritation, his journey’s showed that Elizabeth was willing to anger Spain for prosperity in trade
Walter Raleigh
-an ambitious but ineffective and unpopular courtier
-led two failed attempts to colonise Virginia (Roanoke Island)
-Elizabeth was reluctant to give exploration and colonisation priority due to her war with Spain
-idealistically, these new colonies would bring new trade routes
Muscovy Company
Incorporated in 1555 to trade with Russia and Northern Europe
failed in the long term (1630)
could not compete with the Dutch trade
Exported wool, cloth, metals, Mediterranean goods ect.
Imported hemp, tallow, cordage
Limited impact
Eastland Company
1579
trade with Baltic states
limited effect
imported timber and tar for ship building as well as linin, corn, and cloth
Levant Company
Founded in 1581 as a Turkish company
successfully traded with the Ottoman empire
Fixed the need for new English cloth markets
Spain/Portuguese dominion meant english spice trade was threatened
merchants traded individually
East India Company
Set up in 1600 to trade with Asia
had less investment that the Dutch equivalent and found it hard to compete (in the short term)
Involved in politics and acted as a British agent, up until the 1800s
Spice trade- England now had a chance to break Spanish monopoly
Why would colonisation be beneficial to England?
money (more trade opportunities)
base to attack Spanish ships
expand influence
potatoes
Why were English colonisation attempts in Liz’s reign unsuccessful?
Bad weather damaged the ships, the Tiger held the grain which was damaged
arrived at the wrong time of year to plant anything
Bad relations with the native Americans
2 attempts to colonise (1584-86 and 1587-90)
all the settlers vanished both times
was Elizabeth’s reign a golden age?
Prosperity for the rich but for the poor, originally trade seemed optimistic but, in the latter part of Liz’s reign, merchants struggled to find new trading markets and the cloth trade did not get much better
Golden age in the countryside
prices of grain increases, as do the profits of landowners
social mobility and living standards also increase for those with money in the countryside
golden age in the cities
merchants and employers did benefit from the new trade ideas
growth of London also benefitted other cities such as Newcastle (coal)
Towns which grew in Liz’s reign
London, Norwich, York and Newcastle- all these cities often had a broad range of manufacturing
poverty in the countryside (not a golden age)
tenant farmers struggled with increased grain prices
poor laws were needed 9/44 of Elizabeth’s harvest were poor, the poor harvest and subsistence crisis of the late 1590s resulted in death by starvation (only in the North where it was hit the hardest)
People often left the countryside for the city in hopes of finding work
poverty in towns (not a golden age)
those working for merchants faced a decreased living conditions
inflation
increased poverty as people arrived from the countryside
Poor law legislation directly related to towns
in 1596 wages fell to less than 1/2
some cities suffered due to a growth in London
Stamford and Winchester were reliant on the failed cloth industry
