Elizabeth I- Economic Development

  • Created by: wanjikar
  • Created on: 23-05-22 09:26
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  • Elizabethan Economic developments
    • Trade
      • Henry 7th and 8th had no interest in developing the Atlantic trade
        • "England at this stage could not afford to antagonise her Habsburg allies by breaking their monopoly on American trade": Nigel Heard
      • John Hawkins pioneered the slave trade in the 1560s
        • captured/ purchased slaves in Africa and sold in the Caribbean
      • The East India Company 1600
        • had a monopoly to trade with Asia
        • James Lancaster discovered a route around the Cape of Good Hope
      • The Muscovy Company
        • broke the monopoly of the Hanseatic League in the Baltic
      • The Spanish Company 1577
      • Drake in 1572- 73
        • led an expedition and captured  Spanish silver at Nombre de Dios
        • Drake's voyage around the world dented Spain's sea rep.
    • Exploration and Colonisation
      • The Lost Colony
        • 1588 Raleigh set up a colony on the Roanoke Island, Virginia
        • Most of the 108 English settlers returned to England and by 1590 there was no one
      • Drake's Circumnavigation 1577- 1580
        • encouraged other English sailors
        • raided Spanish ports
          • captured 40K in Panama
      • John Hawkins
        • Triangular Trade in 1562 and '64 making profits for Cecil, Liz and Leciester
    • Prosperity and Depression
      • Inflation
        • prices of goods increased by 400% because of
          • rise in population
          • increased govt spending
          • debased coinage from the 1540s
      • Urban growth
        • new urban centres were developing e.g. Plymouth
          • grew because of manufacturing
        • some declined e.g. Winchester
        • labourers living standards and wages declined
        • employers, professionals and merchants became wealthier


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