| Success/Achievements | Failure/Limitations |
Trade | Internal trade more valuable than foreign trade-coal shipping from Tyne to Thames increased. A wider range of foreign luxury goods became accessible to a broader population. New trade routes were established, such as those with Russia and the Ottoman Empire. Several trading companies were founded, including: Levant Company (1581) – successful in developing trade with the Ottoman Empire. East India Company (1600) – though initially weak, it laid the foundation for future capitalist expansion.
The shift in English wool trade from Southern to Northern Netherlands diversified trade markets.
| The Antwerp cloth market declined, forcing England to seek alternative markets. Attempts to establish new overseas markets (e.g., Russia) remained economically marginal. English financial institutions were underdeveloped compared to Dutch, German, and Italian counterparts. The East India Company struggled to compete with the wealthier Dutch East India Company.
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Explorers and Colonies | John Hawkins pioneered the English slave trade, making three expeditions (1562–1568), with royal and noble backing. Sir Francis Drake achieved major naval victories: Circumnavigated the globe (1577–80). Raided Spanish colonies, capturing valuable resources. Helped defeat the Spanish Armada (1588).
Early English colonisation attempts were made in North America: Sir Humphrey Gilbert and Walter Raleigh pushed for settlement in Virginia. Raleigh’s expeditions (1585, 1587) laid groundwork for later colonization.
England’s involvement in piracy and attacks on Spanish treasure fleets disrupted Spanish control in the New World.
| Hawkins’s third voyage (1568) ended in disaster, leading to open hostilities with Spain. Raleigh’s Roanoke colony attempts (1585–1587) failed due to poor organization and lack of royal priority. Spanish retaliation led to naval conflicts, increasing tensions between the two nations.
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Industry | Shipbuilding flourished in the first half of Elizabeth’s reign. Some towns, such as York and Norwich, saw economic growth. Relatively new urban centres like Manchester and Plymouth developed as industrial hubs.
| Many towns reliant on the cloth industry declined, such as Stamford and Winchester. English industry lagged behind European competitors in banking and finance. Regulations in incorporated towns hindered industrial development. The economic burden of war with Spain slowed industrial progress.
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Agriculture | Landowners benefited from rising incomes, acquiring new wealth and material possessions. Farmers (especially in Southeast England) experienced improved living standards due to rising agricultural prices. Increased agricultural production, except for periods of bad harvests.
| Frequent harvest failures (1550s, 1590s) caused food shortages and inflation. Real wages for laborers declined, leading to widespread poverty. Subsistence crisis (1596–97) due to consecutive poor harvests led to starvation, particularly in the north. Government efforts to regulate wages and prices were ineffective due to a lack of enforcement mechanisms.
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