Stuart Britain- Economy, trade and empire, 1625-88

What was capital investment in agriculture like?

Population rise early in the century meant that landowners could increase productivity through more workers. However, population stagnation after 1656 reduced the size of the labour market and led to a general rise in wages. Landowners looked to exploit land better through capital investment in order to increase productivity. Woodlands were cleared and converted to pasture, e.g in the fenlands of East Anglia where 400 Dutch drainage experts cultivated the land.

How did agricultural techniques change?

Population stagnation caused farmers to develop more efficient techniques. This included floating water meadows to enhance grazing, improved drainage, better rotation of crops, selective breeding etc. From 1670, as a result of changes in agriculture, England ceased to be a net importer of grain and became an exporter.

How was specialised farming developed?

Growth of urban employment required specialised farming to increase production with less farm labour. There wasn't an agricultural revolution. Developments were not made systematically, like enclosure, growth of a wider range of crops, more commercial farms and new techniques from the Netherlands. The growth of London increased demand and spurred specialised regional farming and commercialisation that developed a national market.Regional specialisation was linked to the geography and climate of England. The north and west were for pastoral farming whereas the south and east focused on arable farming. There was further specialisation based on local climate or soil, e.g north-west Norfolk was arable while south-east was wood pasture.

How did a national market emergence?

Better communication- rivers were easier to navigate, allowing for a quicker movement of goods. Specialisation- as communication improved many regions developed local specialities (e.g Wiltshire and cheese). Finance- a more sophisticated financial structure began to emerge with the development of banks and other financial institutions. Urban development- in 1625 goods could only be bought from the markets in different towns, but by 1688 there were shops all around the country selling a wide range of goods. The creation of a national market was limited to England and Wales as Scotland didn't have good land or transport links.

What was the cloth trade like?

It was the largest manufacturing concern, employing approx. 200k workers. It had a national and international market. It was so prominent because its whole sequence could be split up into separate processes, leading to a greater division of labour, which lowered costs and raised productivity. It also fitted family structure, with all members having specified roles. The textile industry spread from its initial centres Norwich and Colchester and was established in Manchester and the north-west.

How did 'new draperies' and Protestant refugees affect the market?

The English textile staple was woollen broadcloth- the 'old draperies.' 'New draperies' were introduced by Dutch immigrants and were lighter. These draperies revived the English textile market. Norwich and Colchester had strong trading links with the Netherlands, establishing East Anglia as a major centre for new draperies. Louis XIV persecuted Protestants so Dutch and French protestants emigrated to England. They helped in the development of lighter fabrics, including silk. The smaller Dutch loom also helped to develop them, allowing the production of more delicate items which were becoming popular.

How much did London grow and why?

It went from 120k to 500k from 1550-1700. Death outnumbered births in London, showing migration was the principal reason behind London's population increase. London attracted lots of servants and apprentices. Poverty in the countryside encouraged migrants to London in the hope of finding employment.

What impact did the growth of London have on economic development?

The growth stimulated agricultural trade. Urban growth caused a rise in agricultural productivity. Food would come from lots of farms, often far away. Other goods came from the river trade and the new turnpike roads. The development of banking and finance secured London's dominance in the social, economic and political life of Britain. Goods passed through London's docks for redirection to across the country. By 1688 banking and finance had created a new class of rich entrepreneurs.

How did banking and insurance grow?

Business and commerce needed a flexible credit system. Credit came from Bills of Exchange that were given instead of payment, with interest charged too. Over time Bills of Exchange were used to pay off debts instead. This developed a banking system as London merchants and goldsmiths accepted the Bills and offered credit to businessmen by opening accounts for deposit or withdrawal of cash. Other provincial centres did the same, leading to a national banking system. There were two forms: private and business, and insurance.

What is private banking?

Only started to develop in London by 1688. It developed as a result of the development of business and insurance banking. They helped to finance overseas conflict, especially the Anglo-Dutch wars.

What is business and insurance?

England emerged as a leading trading country which stimulated the banking and insurance sectors. English ships carrying goods were insured by banks or insurance companies. Property insurance developed, particularly due to the Great Fire, also fire insurance. Joint stock companies increased as overseas trade expanded. The insurance business reinforced the importance of London in the national economy.

What was the significance or North America and Jamaica?

300k people emigrated to North America in the 17th century with many establishing settlements on the east coast and West Indies. Puritans established settlements in New England to avoid religious discrimination and Catholics settled in Maryland. Control over both areas allowed Britain to develop control of the triangular trade (movement of slaves). Caribbean was valuable for raw material e.g sugar, tea and tobacco. Tobacco export in pounds grew by 9900% 1625-88. This further focused England's interest in the slave trade.

How did the Navigation Acts develop mercantilism?

1651 Act meant all goods coming to England had to be carried in English ships or the ships of the exporting country and all trade from English colonies had to use English ships only. 1660 Act extended protection to English trade, allowing the expansion of overseas trade. 1688 the country re-exported goods to Europe, 49% from the Americas and Far East and 31% re-exported to England. Structures were put into place which would cause the creation of the British Empire.

What were the effects of the Anglo-Dutch commercial rivalry?

Pre 1650 the Dutch (especially Amsterdam) dominated trade in world markets. Rump considered a formal union with them but after the 51 Navigation Act they went to war. This was the start of a commercial and military struggle with a further two conflicts where England tried to achieve dominance in world trade. The Glorious Rev led to English world dominance.

What role did the East India Company have?

It was established to establish English economic interest in Asia. It was given the right to have an army and established control of the tea and coffee trade. £100k to £700k in trade worth from 1640-1700. It had its charter removed due to royalist views but regained it under Charles II. It was allowed to have its own coinage and to declare war. Catherine, Charles' wife, had the islands of Bombay as dowry so they were rented to the company by Charles for £10 a year, so the restoration benefitted them.

What was the significance of the control of the triangular trade?

It enabled them to challenge Dutch world dominance in colonial trade. Ports on the west coast developed as trade outside of Europe developed, e.g Bristol, Liverpool. The Staple Act of 1663 was designed to increase crown income from colonial trade. The Royal African Company was established to use the navy to secure control of much of the West African coast. 1680s- about 50k slaves a year were transported to the Caribbean and North America from Africa.