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Was there a revolution in England's economy 1625-88 - Coggle Diagram
Was there a revolution in England's economy 1625-88
Criteria: How much each factor affected the English Economy
How much change each individual factor underwent including new technologies
Domestic Trade Patterns
Cloth Trade
Large part of Economy:
1560s: 600,000 pounds
However, reduced in relative importance
1660s 1,500,000 pounds
Impact of Migrants
Dutch migrants from the 1580s came to England and brought their cloth expertise with them
Led to Worsted Draperies in East Anglia like bays and says
were cheaper and appealed to a wider market
Brought Frame Knitting machine which greatly improved production speed - new tech
New Draperies
Demand for new types of cloth from Europe like silk or linen changed the makeup of the cloth trade
Growth of London
Higher growth rate than the country
Caused the revolutions and developments in other areas
Caused the agricultural revolution as things like specialisation were only developed to feed London
Enabled the development of Banking and Insurance
Acted as a perfect base for the imperial companies such as RAC and EIC
Very important to the economy
80% of imports, 69% exports, 86% re-exports
HOWEVER this was a continued trend from the tudor period
Banking and Insurance
Banking had been a thing since 1571
Money Scriveners developed as people needed loans as did goldsmith bankers
Insurance began during this time
Marine Insurance started, inspired by the dutch. Throughout the period rates fell by 75%
Fire Insurance developed, started in 1615
Grew in popularity after 1666 Great Fire
Edward Lloyd opened a coffee house which became the first insurance market itw
BUT was only starting out and did not come close to 18th century levels
HOWEVER
Lots of these points were not new and had just been developed - little change
More development than change but large effect on the economy: emergence of mercantile class and the economy was shifting way from agriculture
Empire and Global Trade
New World
Tobacco Trade
New - started in 1607
Rapid expansion - 1.6 millions lbs of exports by 1638
Extremely profitable for the economy
Indentured servants helped to lower unemployment in England at the time
Northern colonies developed the fur trade in the 1620s - less lucrative
Caribbean
Growing English presence culminating in taking Jamaica from the spanish in 1655
Lucrative sugar plantations
lots of slaves in Jamaica
1670: 7,000
1713: 55,000
Sugar and tobacco plantations requiring slaves
Triangular Trade
Started in 1562 so not new to the period but grew exponentially
Boosted by the RAC and CRA trading presence in africa
RAC allowed in 1672 to raise a standing army and set up military bases - allowed for more slaves to be transported -> 115,000 slaves by 1715
Lucrative wealth generated and cities like liverpool and Bristol increased in size and wealth
East India company
New expansion into India
Slow at first (100,000 pounds annualy until 1640)
After Charles reinstated it, it became an economic powerhouse
Often bringing in over 600,000 pounds a year by 1688
Huge change from before and large affect on economy
Agriculture
Lots of new changes
Specialisation of crops
New Crop rotations
Enclosure
Enclosure allowed for the experimentation of new types of crops such as frost resistant turnips
It also allowed for experimentation with nitrogen rich crops to rejuvenate the soil and have a 4 course system instead of a 3 course system
The new techniques revolutionized agriculture and made it much more efficient allowing for the exportation of goods to London and abroad
However these new techniques were expensive and so only affected rich farmers and were very London Centric
E.g Market gardens around London
Lots of change but little affect on national economy
Yes
There may have been more developments than outright revolutionary changes but the overall change to the economy is so great that it has to be a revolution