Elizabeth & Economic Development

Test yourself

Trade and Elizabeth I

Empire-building began with Elizabeth I. Her empire was largely driven by international trade.

Transatlantic trade

Exploring the New World was contentious because Spain and Portugal claimed it.
In 1562 and 1564, John Hawkins made large profits from the Triangular Trade.
Drake conducted raids against Spanish ships and colonies in the New World. He brought back huge sums in 1572-3 and after his circumnavigation 1577-80.

Angering Spain

Elizabeth hoped English privateers could distract Spain as well as disrupt its flow of silver and resources from America. Instead, they angered him.
Spain attacked John Hawkins’ fleet in 1568 for trying to break Spain’s monopoly in the trans-Atlantic slave trade.

Rivalry and relevance of Antwerp

In 1550, most of England’s trade was exporting wool to Antwerp (which was a port controlled by Spain).
As relations with Spain got worse, trading through Antwerp became harder.
- This encouraged exploration and the discovery of new trade routes.

Trading companies

The East India Company was created in 1600 and it had a monopoly to trade with Asia.
Trade with Asia was helped when James Lancaster discovered a route to Asia around the Cape of Good Hope (South Africa) to Asia.
The Spanish company was created and had a monopoly on trade with Spanish colonies.
The Muscovy Company helped break the monopoly of the Hanseatic League in the Baltic.

Exploration and Colonisation During Elizabeth I's Reign

By the end of Elizabeth I's reign, England was established as a seafaring nation. But England's exploration damaged her relations with Spain.

Sir Francis Drake

Between 1577-1580, Drake became the first person to circumnavigate the globe. This included raiding Spanish ports in the Americas, and losing several ships from his fleet in storms around the globe.
- For example, he captured £40,000 of Spanish treasure in Panama.
He was knighted on his return. The wealth from Drake’s travels and his knighthood encouraged more British sailors.
Elizabeth I also took a large chunk of the treasure that Drake brought home from his journey.

Sir Walter Raleigh

In 1584, Elizabeth I gave Sir Walter Raleigh permission to colonise (seize control of) any part of the Americas not ruled by Christians.
In fact, he sent others to try to establish the colonies there (like New Albion in California). Humphrey Gilbert tried to create a colony in Newfoundland, Canada, but he failed.
But the colonies established on the east coast of America in the 1580s did not last.

Sir John Hawkins

In 1562 and 1564, Hawkins made profits from the Triangular Trade for figures such as Cecil, Leicester and Elizabeth I.
In 1568, his ships were attacked by the Spanish in Mexico. This was in response to him trying to break Spain’s monopoly in the trans-Atlantic slave trade.

The Lost Colony

In 1585, Raleigh set up a colony on Roanoke Island, Virginia. But most of the 108 settlers returned to England in 1586. By 1590, there was nobody in the colony.
Roanoke Island was then called the Lost Colony. There were not enough supplies and Roanoke did not have good land for farming.

Prosperity and Depression During Elizabeth I's Reign

As the population grew, so did demand, prices and profits. Overall, the gap between rich and poor grew and the 1590s was an especially hard decade.

Inflation

On average, the price of goods increased by 400%.
This was caused by a number of factors:
- The rise in the population, which meant goods were more in demand.
- Increased government spending, which put more money in circulation.
- The debasement of coinage in the 1540s, which meant the purchasing power of money decreased.

Urban growth

There was a period of stability in towns in Elizabeth’s reign until the return of high taxation and bad harvests led to social unrest in the 1590s.
London grew faster than anywhere else. New urban centres began in some places (e.g. Manchester, Plymouth). Some towns declined (e.g. Winchester).
New urban centres grew because of manufacturing, although it was still small-scale. Examples of cottage industry: soap, nails, hosiery.
House building and entertainment did well in many towns.

Impact of urban growth

Employers, merchants and professionals became wealthier. Ordinary workers and labourers saw real wages fall and living standards decline.

Rural landowners

The rising price of food benefitted landowners. They could afford enclosure and new techniques helping drainage and animal breeding.
Enclosure was actually limited but caused great upset where it happened. There was a spate of enclosures in some areas 1591-7.
Parliament passed two Acts in 1598 to restrict enclosure and prevent more land being taken away from crops and given over the animals.

Rural tenants

People renting land faced increased rents when leases expired. Traditionally, leases were long-term. But as rents rose, they became shorter-term.
Farm labourers suffered from falling wages and rising prices. Their standard of living fell. When times were very bad (e.g. 1594-7) many migrated to towns.

1Consolidation of the Tudor Dynasty 1485-1547

1.1Henry VII 1485-1509

1.1.1Henry VII's Consolidation of Power

1.1.2Henry VII & Succession

1.1.3Henry VII's Councils & Parliament

1.1.4End of Topic Test - Henry VII Part 1

1.1.5Henry VII & Justice, Finance & Policies

1.1.6Henry VII's Relationship with Foreign Powers

1.1.7Henry VII & Society

1.1.8End of Topic Test - Henry VII Part 2

1.1.9Henry VII & Regional Issues

1.1.10Henry VII & Economic Development

1.1.11Henry VII & Cultural Development

1.1.12End of Topic Test - Henry VII Part 3

1.2Henry VIII 1509-1547

1.2.1Henry VIII's Consolidation of Power

1.2.2Henry VIII & His Government

1.2.3Henry VIII & His Government 2

1.2.4End of Topic Test - Henry VIII Part 1

1.2.5Henry VIII & Succession

1.2.6Henry VIII's Relationship with Foreign Powers

1.2.7Henry VIII & Society

1.2.8End of Topic Test -Henry VIII Part 2

1.2.9Henry VIII & Society 2

1.2.10Henry VIII & Economic Development

1.2.11Henry VIII & Religion

1.2.12End of Topic Test - Henry VIII Part 3

2England: Turmoil & Triumph 1547-1603

2.1Instability & Consolidation 1547-1563

2.1.1Edward VI, Somerset & Northumberland

2.1.2Edward VI & Authority

2.1.3Edward VI & Relations with Foreign Powers

2.1.4End of Topic Test - Edward VI Part 1

2.1.5Edward VI & Rebellions

2.1.6Social Impact of Religious & Economic Changes

2.1.7Edward VI & Cultural Developments

2.1.8End of Topic Test - Edward VI Part 2

2.1.9Mary I & Her Rule

2.1.10Mary I & Relations with Foreign Powers

2.1.11The Social Impact of Religious & Economic Change

2.1.12End of Topic Test - Mary Part 1

2.1.13Elizabeth I & Her Rule

2.1.14Elizabeth I & Relations With Foreign Powers

2.1.15Impact of Economic, Social & Religious Change

2.1.16End of Topic Test - Elizabeth I Part 1

2.2The Triumph of Elizabeth 1563-1603

2.2.1Elizabeth I & Court

2.2.2Elizabeth & Government

2.2.3Elizabeth I & Succession

2.2.4End of Topic Test - Elizabeth I Part 2

2.2.5Mary Queen of Scots

2.2.6Relations with Spain

2.2.7End of Topic Test - Elizabeth I Part 3

2.2.8Elizabeth I & Society

2.2.9Elizabeth I & Rebellion

2.2.10Elizabeth & Economic Development

2.2.11End of Topic Test - Elizabeth I Part 4

2.2.12Elizabeth I & Religious Developments

2.2.13The English Renaissance

2.2.14Elizabeth's Last Years

2.2.15End of Topic Test - Elizabeth I Part 5

Jump to other topics