Theme 4 Economics Flashcards
What did the Turnpike act involve?
It allowed the creation of new toll roads opened by merchants and businessmen.
When was the Turnpike act?
1663
Shipment of grain brought along the river Thames was 6,350,00kg in 1605. What did it increase to?
14,605,000kg in 1661.
What kingdoms did the national markets not impact?
Scotland and Ireland.
What effect did London have on the surrounding areas?
The demand for food drained resources from particularly the south-east, reducing the standing of living in those areas.
Where the lives of yeoman farmers improving or not? How?
No. They could not afford to modernise their farms so they sold their land to become tenant farmers.
What made farms more efficient in terms of tenant farmers?
Tenants had to ensure their land was kept in good condition so would specialise in what would make the most money.
When was the East India Company founded? (and by who?)
- (By 242 London merchants)
When was the first trading post set up in India?
1613
What ended the East India Company’s presence in the East Indies?
The execution of 10 EIC officials by the Dutch.
When was the trading post of Madras established? What was it a centre for?
- Trade in textiles.
When and why did the East India company have its license to trade withdrawn? When was it regained?
1657 for suspicions of having Royalist sympathies. The license was not regained until 1660 (restoration of monarchy)
What loans did the East India Company make to the Crown and why?
£50,000 in 1667 to ensure the King would overlook financial irregularities in their trading practices.
When was the East India Company the most popular choice for the wealthy?
1688.
What was the role of the East India Company?
Establish trade posts in the East Indies. It was vital for developing trade and ensured England could compete with other major European powers.
What were the annual profits of the East India Company in the 1680s compared to between 1600 and 1640?
Over £600,000 compared to £100,000.
When was the Royal Africa Company made?
1672
Rise and fall of the Royal Adventurers of England Trading in Africa (RAETA)?
Created in 1663 to take advantage of temporary Dutch weakness after British success in first Anglo-Dutch war.
Dutch regained naval power by 1667, defeating Britain in 2nd Anglo Dutch war, and reclaimed all but one of their trading posts, leading to the collapse of the RAETA.
How many slaves a year were being shipped to the Americas?
50,000
Why was there always a demand for slaves?
British colonies in the Caribbean were experiencing labour shortages.
What effect did the triangular trade have on England?
It benefited English slave traders and plantation owners.
Why would the nobility and gentry move to London?
It was home to the Royal Court and Parliament so was the centre of patronage and promotion.
Why would professionals move to London?
-Careers in law were well paid and became recognised as an essential part of education for the elite.
-Naval docks and the Royal Arsenal offered employment.
-It was the headquarters of major craft guilds.
Why would merchants move to London?
-Trade companies there (e.g East India Company)
-Majority of world trade came through London’s port.
-Financial institutions began offering insurance and credit arrangements.
