elizabeth 1 economy

What were the primary economic challenges Elizabeth I inherited upon her accession in 1558?

She inherited a throne under strain from bad harvests, high mortality, coinage debasement, and a significant decline in real wages.

How did Elizabeth re-stabilise the English currency early in her reign?

She announced a scheme to withdraw debased coins and replace them with soundly minted coins.

What were the main objectives of the Statute of Artificers (1563)?

It aimed to fix prices, impose maximum wages, restrict workers' freedom of movement, and regulate training through compulsory seven-year apprenticeships.

How did the value of internal trade compare to foreign trade during the Elizabethan era?

The value of internal trade considerably exceeded foreign trade.

Why did the government move the cloth trade away from its traditional market in Antwerp?

Sir William Cecil wanted to end dependence on a single market for political reasons.

What was the significance of the organisational model used by new trading companies like the East India Company?

They were joint-stock companies owned by shareholders, essential for future capitalist development.

Which trading company was established in 1581 and proved to be reasonably successful in its dealings with the Ottoman Empire?

The Turkish Company, which later became the Levant Company.

What 1580 event highlighted the potential for new trading lands and the acquisition of wealth through exploration?

The return of Sir Francis Drake from his three-year circumnavigation of the globe.

How did economic prosperity vary across different regions of England?

The south experienced relative stability and prosperity, while the north fared less well.

Why did Elizabeth's government face a financial and military crisis in the 1590s?

The government's annual income of approximately £300,000 was insufficient to handle the heavy financial demands of war.

What was the economic impact of the subsistence crisis of the 1590s?

A series of poor harvests led to increased food prices and starvation, resulting in the reform of the Poor Laws.

Which specific group of people had the greatest opportunities to build profits and buy land during the Elizabethan period?

Lawyers and merchants often used their built-up profits to acquire land.