EXTENT OF ECONOMIC CHANGE
How far do you agree that the British economy was transformed in the years 1625-85?
Criteria for “transformed”- Widespread, long lasting, radical departure for what came before
Criteria for “economic change”- Diverse employment opportunities, change in wealth, different
ways to make money, changes to imports/exports.
AGRICULTURE
Enclosure= change in employment as tenant farmers, better yield due to efficiency
Water Meadows= increased efficiency, yield. Supports urbanisation, increases profit.
New crops and rotation increases profit- less time fields left fallow
Market gardens allowed sale of crops- change in employment, wealth
- Crop rotation and new crops. (Frost resistant turnip, nitrogen rich clover, asparagus) meant
less land was left fallow, new crops to replenish nutrients= better yield. 1700 only 1.8 million
acres left fallow at any one time, down from 3 million in 1420.=Better yield, more profit, people
get more rich and have more opportunities to make money, which they can then spend on
other services.
- Enclosure. Fencing of common land and small holdings into larger blocks, number of farms
over 100 acres increased- 32.2% (1600) to 53.6% in (1700) BUT majority of farms still small
farms.
- Water Meadows. Diverted water from rivers and streams into fields, meant soil was always
damp which reduced frost in early spring, made grass grow earlier, can keep more cattle and
horses. Number of working horses doubled from 300,000 in 1600 to 630,000 in 1700.
- Meant crop production was not duplicated (fewer rivals), farms specialise.
- Bigger farms meant they were more likely to try out new crops and accept risk of wasting
some land (change in exports- facilitated new crops.)
- Long lasting, improved efficiency and thus yield, making farmers wealthier.
- Change in employment (wage farming rather than landowners)
- Market gardens- food supplied to London (eg grain) which starts development of National
Markets (coal from Newcastle to London, grain from Oxfordshire) = allowed sale of crops for
profit rather than just deeding families. Economic growth.
Eval/judgement- Not that radical or widespread. National Markets were mostly regional (not
widespread,) enclosure and water meadows had been used before, just expanded here, no changes
to Scotland or Ireland really.
, OVERSEAS TRADE AND COLONIAL EXPANSION (slave trade/RAC, EIC, Virginia and Jamaica
tobacco)
Evidence- East India Company had profits of £600k by 1680. Spices, Calico textiles, tea.
Analysis- Merchants and their investors make money (everyone richer), more investment in banking
and finance grows employment opportunities in these areas and wealth as investors make money,
new imports and exports provide new opportunities to make money.
Evidence- Cash crops in Virginia and Jamaica. 55,000lbs of tobacco from North American colonies to
Britain in 1620 up to 22 million lbs in 1700.
Analysis- Very lucrative, made money for merchants and their investors. Changed imports and
exports to Britain.
Evidence- Slave trade- Royal African Company set up in 1672, growth in British involvement
(120,000 enslaved people in English colonies, mostly in Jamaica and Barbados)
Analysis-
- Enslaved people sold= profits to grow cities such as Bristol, London (15 mayors of London
and 25 sheriffs were shareholders in the Royal African Company)
- Banking and finance grow as people become wealthier and need somewhere to store money,
invest
- Levied private army for military bases to control enslaved people= more employment opps
and opps to make money.
Eval and judge- Overseas trade helped to facilitate banking and insurance, diversification in imports
and exports, created new employment ops, made people wealthier. Radical as in 1640 there were no
enslaved people in English colonies (transformative). Widespread- impacted people from all classes
(jobs in investment, merchants, sheriffs)
BANKING AND INSURANCE
Evidence- Marine insurance due to growth in overseas trade. Prices dropped 75% as industry
became established= more people use it
- City Mercury paper published shipping announcements, and from 1680, insurance ads
appeared.
- 1688 Edward Lloyd opened a coffee house hub for insurance brokers and merchants to make
deals.
Analysis-
- Previously existed, but the first insurance companies- organised and formal began here.
- Helped grow overseas trade as people more confident in investing
- Profit for insurance brokers
- BUT confined to London (not widespread, EIC didn’t use it), already established by Italian
Merchants (Philipo Boromei in 1483)
Evidence- Banking
- Legal interest rate lowered from 10% in 1624 to 8% in 1651 to 6% in 51-74= more borrowing
- Money Scriveners- lends money or arranges it. Robert Abbot founded the first firm in 1636-
men with wealth offered capital as loans to Royalist landowners. Abbot made £1,137,646
between 1652 and 1655 from fees as a broker.
Analysis- Cycle of investment- banks grow, make profit off interest, more people take out loans,
invest in their businesses, banks grow even more. Bankers wealthy, money scrivening firms new
employment, long lasting (modern day banking) Therefore even though Royal Exchange opened
earlier and it was concentrated in cities, it still constituted a radical change- first formal banking firms.
REASONS OVERSEAS TRADE GREW
How significant was the role of the East India Company in the expansion of overseas trade in the
years 1625-88? / How significant were the Navigation Acts in the expansion of overseas trade in the
years 1651-85?
Criteria/ definition for “expansion in overseas trade”- Increased profits from overseas trade,
countries England is trading with, widespread/transformative/long lasting
How far do you agree that the British economy was transformed in the years 1625-85?
Criteria for “transformed”- Widespread, long lasting, radical departure for what came before
Criteria for “economic change”- Diverse employment opportunities, change in wealth, different
ways to make money, changes to imports/exports.
AGRICULTURE
Enclosure= change in employment as tenant farmers, better yield due to efficiency
Water Meadows= increased efficiency, yield. Supports urbanisation, increases profit.
New crops and rotation increases profit- less time fields left fallow
Market gardens allowed sale of crops- change in employment, wealth
- Crop rotation and new crops. (Frost resistant turnip, nitrogen rich clover, asparagus) meant
less land was left fallow, new crops to replenish nutrients= better yield. 1700 only 1.8 million
acres left fallow at any one time, down from 3 million in 1420.=Better yield, more profit, people
get more rich and have more opportunities to make money, which they can then spend on
other services.
- Enclosure. Fencing of common land and small holdings into larger blocks, number of farms
over 100 acres increased- 32.2% (1600) to 53.6% in (1700) BUT majority of farms still small
farms.
- Water Meadows. Diverted water from rivers and streams into fields, meant soil was always
damp which reduced frost in early spring, made grass grow earlier, can keep more cattle and
horses. Number of working horses doubled from 300,000 in 1600 to 630,000 in 1700.
- Meant crop production was not duplicated (fewer rivals), farms specialise.
- Bigger farms meant they were more likely to try out new crops and accept risk of wasting
some land (change in exports- facilitated new crops.)
- Long lasting, improved efficiency and thus yield, making farmers wealthier.
- Change in employment (wage farming rather than landowners)
- Market gardens- food supplied to London (eg grain) which starts development of National
Markets (coal from Newcastle to London, grain from Oxfordshire) = allowed sale of crops for
profit rather than just deeding families. Economic growth.
Eval/judgement- Not that radical or widespread. National Markets were mostly regional (not
widespread,) enclosure and water meadows had been used before, just expanded here, no changes
to Scotland or Ireland really.
, OVERSEAS TRADE AND COLONIAL EXPANSION (slave trade/RAC, EIC, Virginia and Jamaica
tobacco)
Evidence- East India Company had profits of £600k by 1680. Spices, Calico textiles, tea.
Analysis- Merchants and their investors make money (everyone richer), more investment in banking
and finance grows employment opportunities in these areas and wealth as investors make money,
new imports and exports provide new opportunities to make money.
Evidence- Cash crops in Virginia and Jamaica. 55,000lbs of tobacco from North American colonies to
Britain in 1620 up to 22 million lbs in 1700.
Analysis- Very lucrative, made money for merchants and their investors. Changed imports and
exports to Britain.
Evidence- Slave trade- Royal African Company set up in 1672, growth in British involvement
(120,000 enslaved people in English colonies, mostly in Jamaica and Barbados)
Analysis-
- Enslaved people sold= profits to grow cities such as Bristol, London (15 mayors of London
and 25 sheriffs were shareholders in the Royal African Company)
- Banking and finance grow as people become wealthier and need somewhere to store money,
invest
- Levied private army for military bases to control enslaved people= more employment opps
and opps to make money.
Eval and judge- Overseas trade helped to facilitate banking and insurance, diversification in imports
and exports, created new employment ops, made people wealthier. Radical as in 1640 there were no
enslaved people in English colonies (transformative). Widespread- impacted people from all classes
(jobs in investment, merchants, sheriffs)
BANKING AND INSURANCE
Evidence- Marine insurance due to growth in overseas trade. Prices dropped 75% as industry
became established= more people use it
- City Mercury paper published shipping announcements, and from 1680, insurance ads
appeared.
- 1688 Edward Lloyd opened a coffee house hub for insurance brokers and merchants to make
deals.
Analysis-
- Previously existed, but the first insurance companies- organised and formal began here.
- Helped grow overseas trade as people more confident in investing
- Profit for insurance brokers
- BUT confined to London (not widespread, EIC didn’t use it), already established by Italian
Merchants (Philipo Boromei in 1483)
Evidence- Banking
- Legal interest rate lowered from 10% in 1624 to 8% in 1651 to 6% in 51-74= more borrowing
- Money Scriveners- lends money or arranges it. Robert Abbot founded the first firm in 1636-
men with wealth offered capital as loans to Royalist landowners. Abbot made £1,137,646
between 1652 and 1655 from fees as a broker.
Analysis- Cycle of investment- banks grow, make profit off interest, more people take out loans,
invest in their businesses, banks grow even more. Bankers wealthy, money scrivening firms new
employment, long lasting (modern day banking) Therefore even though Royal Exchange opened
earlier and it was concentrated in cities, it still constituted a radical change- first formal banking firms.
REASONS OVERSEAS TRADE GREW
How significant was the role of the East India Company in the expansion of overseas trade in the
years 1625-88? / How significant were the Navigation Acts in the expansion of overseas trade in the
years 1651-85?
Criteria/ definition for “expansion in overseas trade”- Increased profits from overseas trade,
countries England is trading with, widespread/transformative/long lasting
