exploration, trade and colonisation beyond europe were responsible for economic growth in England in the reign of Elizabeth I- Assess the validity of this view

Intro

• economic growth- increase in finances stable economy

• whilst economy and wealth increased due to new methods of finance this was arguably increased by exploration trade and growth

Exploration

• main explorers- raleigh anf Drake we mortivated by attempts to find new land and attempted to benefit from raw materials and silver from portuguese and spanish- voyages of exploration and trading lists were achieved by companies which helped develop further captial ventures and add value to the eocnomy

• → howvwer, no return on their investements on colonies in the aeas explored by raleigh and the one colony establoshed by him was a distaster and provided no economic growth

Trade

• Trading merchants developed w/ the guinea coast, russian and ottoman empire sccessful trading to merchants in the east

• privateering was a source of foreign silver which entered english market and increased economic growth

• → caused some inflation which weakened the economyvbut provided significatn wealth

• → antwerp market heavily disrupted and wollen cloth trade remained main staple of economy

Colonisation

• Funding of voyages and aimed to increase trade'

• exploration to America America to attempt ot colonies and acheived by joint-stock countries

• → failure of ralieghs colony and colonisation couldnt fully develop until the reign if James IV

Conclusion

Trade and exploration were more successfuly whilst colonisation was largely a failure - eocnomic growth was undoubtedly improved w/ use of foreing silver and raw materials