U5 L4 English Mercantilism (PART 1) Flashcards
During which years did Mercantilism reach its height?
1600 to 1700
What are the three features of mercantilism?
- more gold/silver country has: more prosperous
- self-sufficiency
- existence of colonies
What are the three devices that make favorable balance of trade achieved?
- high tariffs to reduce exports
- bounties on exports
- encouraging to produce as many export goods as possible
What does it mean to have a favorable balance of trade?
- self-sufficient
- independent as possible of foreign supply
- export more goods than you import
Where were Mercantilistic policies largely adopted?
England during Elizabeth I’s reign
What were the Elizabethan laws?
- example of mercantilistic legislation
- eliminated idleness and stimulated production
What was the Statute of Artificers?
series of laws made by Elizabeth I in 16th cent
What did the Statute of Artificers provide?
- fixed prices
- regulate labor hours
- encourage every able-bodied person to do a useful trade
What was one provisions made by the Statute of Artificers?
- unmarried woman between 12-40
- had to spin wool for income
- called spinsters
Who passed the Navigation Act?
Cromwell
What was the purpose of the Navigation Act?
destroy Dutch dominance in carrying trade goods
What did the FIRST Navigation Act require?
all colonial exports be carried in English ships
When was the SECOND Navigation Act passed?
1661
What did the SECOND Navigation Act require?
exports go to England first before continental ports
How did Elizabeth improve the financial system?
minted standardized silver coins to replace old lead ones
