Brtish economy Flashcards
(12 cards)
What were Water meadows ?
An area of land periodically flooded by a stream or river to help crops grow
What were the new crops which came into Britian in the early 1620s ?
Clovers, Asparagus and turnips
What were market gardens and what did they do ?
Market for selliing agricultural products, played a significant role in nations economy
What was Britians largest manufacturing sector ?
Cloth trade, employed 200,000 people. In 1640 Cloth accounted for 92% of Londons exports.
What was Fire insurance
Insurance of ships and fires, In 1627, an office within the Royal exchange had been created to deall with ships and fires.
What was Marine insurance ?
Finanacial coverage provided against risks to shipping including loss or theft. Marine insurance was introduced in 1601.
When was the East India company founded and what did it specialise in ?
Founded in 1600, spcialised in the trade of goods. By 1688, EITC was returning profits over roughly £600,000 per year.
What was the most valuable crop by mid 17th century?
Sugar, produced by colonies in North America and Jamacia
How was carribbean expansion beneficial to the British economy ?
Slaves began to replace indentured servants. In 1670, slave count in Jamacia was 7000 this grew to 55,000 by 1713
Why were the Navigation acts created ?
Intended to finanacially aid Britian. E.g Ships not from Britian that weere passing through had to stop at British port and were taxed. Also, the Navigation acts excluded the Dutch from trade, which benefitted the British economy.
What was mercantilism ?
An economic policy that aims to increase a countrys wealth by maximizing exports and reducing imports.
What was the staple act of 1663 ?
Ships going to colonies to trade or import had to pass through British ports first to be inspected.
