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What was the most important area of economic development, 1625-1688? -…
What was the most important area of economic development, 1625-1688?
Criteria
What was the biggest economic impact on the economy
What underwent the biggest change / growth
Empire and Global Trade (1)
North America and the Carribbean
Indentured servants reduced unemployment in the UK
Slaves boosted Triangular Trade
Virginian tobacco exports went from 50,000lbs in 1620 to 22 million lbs in 1700
Triangular Trade
In 1640 there were no slaves in the New World, By 1700 there were 120,000 of them
Liverpool and Bristol grow hugely over the period due to the slave trade
East India Company
Value of trade went from 100,000 pounds in 1640 to 600,000 a year in 1688
Counter Argument:
Before Cromwell stopped it, it was capped at 100,000 a year and after Charles restarted it it did well
Reduced Economic impact due to inconsistent funds
Domestic Trade Patterns (2)
Cloth Trade
CA: Not new and reduces in relative importance as the time period goes on
Grows from 600,000 pounds in 1560 to 1.5 million in 1660
Growth of London
Growing faster than population
By 1700 it handles 80% of imports
Spurs on Agricultural development:
Market Gardens developed to feed London
Infrastructure developed to feed london
New roads (Turnpike act 1663)
Specialisation developed to feed london
Banking and Insurance
Goldsmith Bankers
Started in 1640s after Charles seized money from the mint
Only became relevant after 1640
Interest rates fall which would have boosted the economy
Fell from 8% in 1640 to 4-6% by 1688
Overall less economic impact over a shorter period of time than developments in empire
Changes in Agriculture (3)
New farming techniques
Crop rotation: entered a 4 course crop rotation system from a 3 course system
Optimised agricultural output
New crops:
Frost Resistant Turnips
Soil improved by adding Nitrogen back into the soil
Many developments were only done in the Southeast and were only done in the interest of supporting London
Less nationwide impact
Farmers lower down the social ladder were more reluctant to try new techniques
Water Meadows
Kept fields damp during winter allowing for keeping of more livestock
300,000 horses in 1600 compared to 630,000 horses in 1700
However these had existed before
Specialised Farming
Aided significantly by the development of national infrastructure
Farmers able to grow crops more suited to their area - more productive -> more economic output
Did develop significantly but was mostly due to the growth of London and overall economic output would have been minimal when compared to other factors