economy

what was far more important than foreign trade

internal trade

what was the the most significant development in trade and what especially

the coal trade

especially shipping coal from the tyne to london to meet rising demand

what sort of imports increased and what did this suggest

luxury goods such as silk and purses

suggests rising living standards for some and a growing consumer market

what declined in relative importance

the cloth trade

what percentage of exports did the cloth trade between london and antwerp account for

75%

what custom duties did the cloth trade between antwerp and london bring in per year

between £35,000 and £50,000

what did sir william cecil encourage

diversification for political and economic reasons and he was anxious to depend on a single market

where did trade shift to

emden and increasingly to amsterdam which rose to a major commercial centre

where did the main markets for english wool move from

the southern to the northern netherlands

an increase in trade with the ottoman empire

examples of trade companies that were established

muscovy company

eastland company

levent company

east india company

when was the muscovy trade company established and what did it do

1555

traded with russia

limited long term success

when was the eastland company established and what did it do

1579

baltic trade - 75% of englands exports were cloth

limited impact

when was the levent company established and what did it do

1581

successful trade with the ottoman empire

mainly traded english cloth for raw silk but also exported some lead and tin

when was the east india company established and what did it do

1600

trade with asia but struggled initially against stronger dutch competition

laid the groundwork for english involvement in the spice trade and future colonial expansion in asia

what percent of imports still came from the netherlands

74%

what sort of enterprise was the expansion into new markets

long-term enterprise

what sort of companies were they and what were they an important development for

joint-stock companies

an important development for future capitalism

example of elizabeth seeing the need for quick profits

she did nothing to prevent men like drake from attacking spain’s monopoly in the new world

when was drakes circumnavigation of the globe

1577

how was elizabeth involved in drakes circumnavigation

he had royal backing

he sailed with instructions from elizabeth to attack the spanish empire which were kept secret from cecil

who pioneered the english slave trade

sir john hawkins

how many voyages did sir john hawkins make from 1562 and where to

three

to the guinea coast

what was the aim of sir john hawkins

to acquire africans to transport aross the atlantic and sell in south america

when were his first two voyages and what was their success

1562 and 1564

financially successful

what happened on hawkins third expedition

his fleet was blockaded in the mexican port of san juan de ulua

what did sir john hawkins activities worsen and what did this show

relations with spain

showed elizabeths willingness to risk conflict for profit

when did exploration become more significant

from the 1550s

what was the drive for colonisation promoted by

• sir humphrey gilbert who first proposed american settlement

• richard hakluyt argued that colonisaton would bring wealth, power and protestant influence’

who attempted to find a northwest passage to asia

martin frobisher

john davies

what was the result of expeditions to northwest passage of asia

they did not succeed

they increased english knowledge of the artic regions

when did walter raleigh receive a royal patent to establish a colony in virginia

1585

what were the results of raleighs efforts in virginia

• two expeditions settled on roanoke island

• the colonies failed due to poor planning, lack of supplies and elizabeth’s focus on war with spain

• permanent colonisation only succeeded later under james i

what were the results of exploration

they were economically insignificant in the short term

they laid the foundations for future global trade and empire

examples of landowners benefiting the most

• rising rents and land values increased income

• many benefitted earlier from land sold cheaply after the dissolution

• wealth was displayed through a building boom of great houses and smaller country houses

examples of great houses in the building boom

hardwick hall

longleat house

examples of farmers experiencing an increase in living standards

• agricultural prices rose

• william harrison noted improved conditions for many farmers

• inventories show increased ownership of goods

• however prosperity was uneven and interrupted by poor harvests

examples of varying urban prosperity

• some towns e.g. norwich and york continued to grow

• new centres like manchester and plymouth developed

• older towns such as stamford and winchester declined

• londons growth benefitted some regions e.g. newcastle but harmed others

according to david palliser how many harvests were poor

9 of 44

when did the harvest crisis peak

between 1594-97

four consecutive bad harvests

what were real wages like by 1596

fallen to less than half of their 1587 level

where were the areas affected most by the subsistence crisis

the north of england

how many homeless people who had starved did newcastle report burying

25

depression in elizabeths reign

• real wages fell, especially for labourers

• harvest failure was a major cause of hardship

which parts of england were the wealthiest

south east england

norfolk

suffolk

parts of the west country

where were poorest and most vulnerable to crisis

the north

west midlands

what did evidence in inventories of goods left by labourers from hertfordshire suggest

they left goods worth almost three times their counterparts in northern england

what did enclosure and rising rents lead to

• tenant evictions

• growth in number of landless labourers and struggling smallholders

what proportion of the population lived near subsistence

2/5s

overall judgement for economy in elizabethan england

• experienced limited but uneven economic change

• trade and exploration expanded but immediate impact was modest

• landowners and farmers generally gained whilst labourers and the poor faced insecurity

• the period laid the foundation for later commercial and imperial expansion