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Elizabeth I - economy - Coggle Diagram
Elizabeth I - economy
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trade and exploration
attempts to expand trade
John Hawkins
essentially started the English slave trade - main centre of African trade was Guinea, which he used as a starting point to move to the Americas
second expedition 1564 - secured investment from the queen to provide ships and prominent courtiers eg. Earl of Leicester - also proved financially successful but irritated Spanish authorities
first expedition 1562 - acquired slaves in Africa then transported and sold them in South America - financially successful
third expedition - failed - Hawkin's fleet was blockaded in San Juan de Ulúa port, but some gold made it out - further strained relations between Spain and England, but Elizabeth continued to support him
Trading Companies
Eastland Company, set up in 1579 to trade in the Baltic - ineffective
Levant Company, set up in 1581, successful in trading with the Ottoman empire
Muscovy Company, set up in 1555 to trade with Russia and northern Europe - failed long-term to compete with the Dutch
East India Company, set up in 1600 to trade with Asia, found it difficult to compete in the short term but was highly effective in the long term
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pattern of trade
wider range of foreign luxury goods were imported and they became more affordable for a wider range of the population
cloth trade with the Netherlands declined (linked to conflict with Spain) - Antwerp cloth marker declined from the early 1550s and trade with Amsterdam was encouraged instead
internal trade was more valuable than foreign trade eg. shipping coal from the Tyne to the Thames - big development to meet demand of growing London market
there were attempts to establish new overseas markets eg. with Russia, but these were unsuccessul