Trade (22) Flashcards
What exceeded, that of foreign trade?
The value of internal trade. The biggest single development in internal trade was the growth in the shipping of coal from the Tyne to the Thames to meet the groin demands of the London market. Some coal was exported across the North Sea, including a rapidly developing trade with France.
What were also imported during Elizabeth’s reign?
A wide range of foreign luxury goods, suggesting that such goods were becoming affordable for a wider range of population.
What was still important but declined?
The cloth trade with the Netherlands. The Antwerp cloth market had declined from the early 1550s. William Cecil was anxious for political reasons to end the dependance on a single market. An alternative trade was developed, based on the north German port of Emden, but the major move was to Amsterdam, whose commercial growth cam at the expense of Antwerp which remained under Spanish control.
What remained economically marginal?
Though attempts to establish new overseas markets did take place, for example in Russia, these remained economically marginal.
What was significant about the main centre of African trade?
The main centre of African trade was Guinea, and it was Guinea that became used as the starting point for John Hawkins’ move into the Americas.
What did John Hawkins invent?
The English slave trade.
What was John Hawkins English slave trade?
He made 3 expeditions from 1562, acquiring slaves in Africa that he then transported and sold in South America.
How successful were his first two expeditions?
Proved to be financially successful, although he succeeded in irritating the Spanish authorities.
By the time of the second expedition what had he secured?
In 1564, Hawkins had secured investment from prominent courtiers including the Earl of Leicester, as well as support from the queen who supplied ships- for a price.
What did the third expedition attract?
Attracted royal support but went disastrously wrong when Hawkins’s fleet was blockaded in the Mexican port of San Juan de Ulua, although some did get back to England.
What was the queen prepared to do and what did this show?
Elizabeth was prepared to become involved suggests that she was willing, for a profit, to run the risk of antagonising Philip II.
Where did the main markets for English wool move from and to?
Moved from the southern to the northern Netherlands and there was an increase in trade with the Ottoman Empire.
Describe The Muscovy Company.
It had been incorporated in 1555 to trade with Russia and northern Europe, though it failed in the long term to compete effectively with the Dutch.
Describe The Eastland Company.
Was set up in 1579 to trade in the Baltic but had a similarly limited effect.
Describe The Levant Company.
Founded in 1581 as the Turkish Company, enjoyed success in its attempts to develop trade with the Ottoman Empire.
