Elizabethan economy Flashcards
What was the pattern of internal trade like?
Internal trade expanded rapidly – particularly in luxury goods- became more affordable- biggest single development was shipping of coal from Newcastle to the Thames
Exceeded foreign trade
What was the pattern of external trade like?
External trade had also expanded with 80% of trade focusing around the cloth trade.
What factor increased the market for consumer goods?
Population growth
What was the cloth trade like under Elizabeth?
Slumps in the cloth trade under Edward and hostilities with Spain meant that England had to begin trading cloth with cities other than Antwerp. Emden in Germany became a new centre of the trade.
What external factor damaged England’s trade?
Spanish control over key ports in the Netherlands led to issues in terms of English trading.
How did Edward’s exploration link to Elizabeth’s reign?
Edward VI’s backing of Sebastian Cabot led to the discovery of a passage to Moscow via the White Sea. The Muscovy Company was set up in 1551 and continued to trade with Russia and North Sea countries through the reign of Elizabeth breaking the dominance of the Hanseatic league.
Who explored Canada in 1576/77/78?
Frobisher
Who circumnavigated the globe in 1577-80?
Sir Francis Drake
Who in 1585-1588 mapped the artic?
John Davis- his journey would help the discovery of Hudson Bay in the C17th.
Who was John Hawkins?
John Hawkins attempted to break the monopoly of Portugal and Spain in the New World. In 1562 he travelled to Guinea in West Africa for trade before picking up slaves which he sold onto the Spanish in the West Indies. He returned with money and sugar and was funded for a second journey by Leicester and Elizabeth.
Sir Walter Rayliegh expedition?
In 1585 and 1587 Sir Walter Raleigh led attempts to set up the English colony of Virginia. The first settlement Roanoake was a failure but four years after Elizabeth’s death James Town, Virginia was successfully colonised.
English slave trade?
John Hawkings- based in Guinea- made 3 expenditures to African where he acquired slaves and sold them to South America- first 2 expeditions were financially successful
Who invested in Hawkings?
Leicester
Support from Queen who provided ships- for a price
1580’s trading pattern changes?
Wool markets moved from Southern to Northern Netherlands and there was an increase in trade with the Ottoman empire
Levant company - 1581 aided such trade
Muscovy Company?
1555- trade with Russia and Northern Europe- failed in long term to compete with Dutch
