Economy and Finance Mind-Map

Created by: evaludlow
Created on: 06-07-20 11:06

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ECONOMY and FINANCE
- Agriculture
  - Population Growth
    - increasing
    - less plague
    - an increasing population increased demand
      - this led to the development of more advanced farming terchniques
  - New Methods and New Crops
    - Clover: increased Nitrogen levels in fields
    - artichokes and asparagus
      - these new crops had an imact on the lives of the rich but not the poor
      - variation in diet
  - Increasing output
    - in the 1640s, Britain was the 2nd highest argicultural producer in Europe
  - Enclosures
    - made land more private
      - good for rich landowners, bad for the poor
  - Water Meadows
    - light flooding of fields to prevent frost
      - grew grass earlier
        more livestock
        330,000, 1600-1700
      - by diverting rivers/streams
  - Farming Techniques
    - increase in production of crops for industry
    - increased literacy allowed for knowledge to be shared
    - new techniques brough in by dutch immigrants
  - National Markets
    - specialised farming
      - farming specific to geographical conditions
        north: pastoral; south: arable
    - better roads and transport
      - Turnpike Act 1663
      - Stagecoach and water transport
        canal and coastal
    - London Markets
    - didn't dominate trade until the 17th and 18th centuries
    - not in Scotland or Ireland
  - Employment Growth
    - domestic system
    - population growth
    - enclosure forced small free holders to become farm labourers
      - inflation decreased wages
    - Settlement Act (1662) increased temporary labour
    - 7 year apprenticeships led to job securitu
  - Capital Investment
    - farmers needed investments to allow them to experiment with new techniques
    - investments given by gentry or aristocracy
      - 'investing in large scale modernisation
        farmers needed investments to allow them to experiment with new techniques
      - the increase in production made land owners richer
      - it made tennaant farming more profitable
    - good for large farms
    - helped by delfation: everything was cheaper
    - led to the emergence of 'superfarms
    - most popular regarding wheat and livestock
  - Transition from Feudalism to Capitalism
    - rich land owners investing for profit
      - investments given by gentry or aristocracy
        'investing in large scale modernisation
        
        the increase in production made land owners richer
        
        it made tennaant farming more profitable
    - was the new tennant farm system any different from feudalism?
  - IMPACT ON THE ECOMOMY
    - no need to outsource for food
    - could trade abroad
    - national markets helped the national economy
- Domestic Trade Patterns
  - Changing Cloth Trade
    - worth £1.5milion in the 1660s
    - 74% of exports in 1660
    - Industry value increased 15 times
    - immigration and populatin growth
  - New Draperies
    - Changing Cloth Trade
      - worth £1.5milion in the 1660s
      - 74% of exports in 1660
      - Industry value increased 15 times
      - immigration and populatin growth
    - better fabric meant there was a higher demand,
      - especially from abroad
    - linen, cotton, silk
    - East Anglia
  - Protestant Refugees
    - French Hugenots
      - silversmiths
      - watchmakers
      - gardeners
      - weavers
    - more workers = more money
    - Dutch Immigrants
      - v.skilled
  - Growth of London
    - 1650: largest city in Europe
    - population: 400,000 - 575,000
    - base of banking and insurance
    - base fof EIC, allowed for networking
      - importance in world trade
  - Banking and Insurance
    - more employment
    - capital investment
    - based in London
    - skilled workers went to London
      - Growth of London
        1650: largest city in Europe
        
        population: 400,000 - 575,000
        
        base of banking and insurance
        
        base fof EIC, allowed for networking
        importance in world trade
- Imperial Expansion
  - North America and Jamaica
    - tobacco
      - cash crop
        very profitable
    - taxed goods
      - very profitable
  - Navagation Acts
    - 1651
      - English ships with an a 50%+ English crew
    - 1660
      - tied up loose ends and loopholes
        banned exports on non-English ships
        monopolised certain goods
  - Mercantilism
    - restricting trade between colonies
    - gave England more wealth and power
    - self sufficient economy
  - Anglo-Dutch Rivalry
    - EAST: spice trade
    - WEST: American colonies and cloth trade
    - Wars
      - 1652-54
      - 1665-57
      - 1672-74
    - strength of the navy
  - East India Company
    - est. 1600
    - trade in
      - saltpetre
      - pepper
      - calico
      - tea
    - power climaxed after the fall of the Muhgal empire in
  - Triangular Trade
    - tobcco and sugar plantaions worked by African slaves
    - good geographical placement
    - Bristol case studies
    - VERY profitable
Triangular Trade
- tobcco and sugar plantaions worked by African slaves
- good geographical placement
- Bristol case studies
- VERY profitable

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Economy and Finance Mind-Map

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