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.
- Henry 7th and 8th had no interest in developing the Atlantic trade
- 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
- The Lost Colony
- Prosperity and Depression
- Inflation
- prices of goods increased by 400% because of
- rise in population
- increased govt spending
- debased coinage from the 1540s
- prices of goods increased by 400% because of
- 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
- new urban centres were developing e.g. Plymouth
- Inflation
- Trade
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