Economy last Flashcards
(30 cards)
Why did farmers need to become more efficient?
- Population stagnation in the mid 1600s
What were 5 key examples of how farmers improved agricultural techniques?
- Floating water meadows to enhance grazing as water would protect them from frost.
- The extensive use of fertilisers and manure
- New ideas and techniques from Dutch farmers
- Better crop rotation
- Farming more land
How did England’s economic agricultural economy change by 1688?
- England became a net exporter of grain rather than a net importer.
How did London affect farming?m
- As the population was increasing, reaching 500,000 by 1688, there was more demand.
What agricultural focus did the north and west focus on?
- Pastoral farming of animals
What agricultural focus did the south and east focus on?
- Arable farming
What were 4 reasons for England developing a national economy?
- Better communication via the navigability of many rivers improving
- Specialisation where regions developed local specialities such as East Anglia and cloth.
- Finance
- Urban development meant that there was a wide range of goods to supply a growing consumer market.
How many people did the cloth trade employ?
- 200,000
Why was the cloth trade so successful?
- It could be split into separate processes which led to a greater division of labour, lowering costs and raising productivity.
How did the Dutch boost the cloth trade?
- The innovation of the ‘new draperies’, a lighter material from the old wool-based materials meant a greater diversity of market.
How many people in London by 1700?
- 500,000
What were 3 reasons for London’s growth?
- Deaths outnumbered births in London so migration was the biggest cause
- Servants and apprentices
- Rural-urban migration
How did London’s growth benefit British trade within the country>
- London required trade from farms miles away by river
- London required coastal trade such as coal from Newcastle acting as a crucial trade point when the Scots held Newcastle in 1640
How did London’s growth benefits entrepenuers?
- They were able to establish financial institutions such as Lloyd’s Coffee House/
What was private banking like during the 1600s?
- Non existent to a larger extent with the emergence only happening by 1688.
Why was insurance important in England?
- English ships were insured
- English property after the Great Fire was insured
How many people emigrated to North America in the 1600s?
- 300,000 people
Why did people emigrate to America?
- As puritans they wanted to worship freely
Why did England control Jamiaca?
- 1654, Cromwell attacked Spain’s Carribean colonies
What was the significance of North America and Jamaica?
- England was able to develop triangular trade.
What goods did England recieve from America, Jamiaca and India?
America - Tobacco
Jamaica - Sugar
India - Cotton
Stat about tobacco imports and their growth in weight between 1625-88?
- 20,000 pounds in weight before 1625
- 1.5 million pounds in weight (1629)
- 20 million pounds in weight 1688
When was the first Navigation Act released and what did it state?
Stated that all goods coming to England had to be carried on English ships or export ships.
- Passed in 1651 by the Rump
- Stated that all trade from England’s overseas possessions had to use English ships only.
What did the Second Navigation Act provide?
- 1600 - The act of 1660 provided that only British-built or British-owned ships of which the masters and three-quarters of the crew were British could import or export goods or commodities, regardless of origin, to and from the British colonies.
