Elizabeths Economic Development

Question 1

What 4 Key Changes to Trade took Place?

Answer 1

• The dependency of the cloth trade for Anthwerp greatly reduced. Since Cecil belived to diversify dependency of trade.
• It moved to norhtern holland, the city of Amsterdam and northern german provinces
• Wider range of luxury goods were imported into England could showcasing the wealth of the middle and gentry class increasing
• Internal trade exceeded External trade

Question 2

Who was John Hawkins?

Answer 2

• A trade who got slaves from Africa and sold it in the carribean
• Broke spanish monopoloy of trade in the carribean
• Angered Phillip but Elizabeth still supported him showcasing she didn’t mind angering phillip for economic gain

Question 3

Exploration and Colonisation during Elizabeths reign?

Answer 3

• Failure in America

Question 4

What type of companies were established under elizabeth? What were they?

Answer 4

• Join stock companies

- East India company, thugh these overseas trading companies weren’t fully developed yet

Question 5

Who benefited under Elizabeth and why?

Answer 5

• Landowners- landed income increased, and landowners had huge consolidation of lands which they bought at a low rate due to the dissolution of the monastries, and the desperate need to sell land quick
• Farmers- Agricultural prices increased due to food shortage

Question 6

Who suffered and why?

Answer 6

• People suffered cuz real wages decreased

- Bad harvests between 1592 and 1596 4 years of susbstenence crisis