Topic 4: Economy, Trade, and Empire (1625-1688)

Key Areas of Economic Change

• Agriculture

  • Importance due to rural population and urbanization
  • Key word: Efficiency
  • New techniques and crops: Water meadows, crop rotation, selective breeding
  • New crops like clover (nitrogen-rich) and frost-resistant turnip
  • Mostly a continuation, not drastic change

• Cloth Trade and National Markets

  • Dominant in the 17th century, 92% of London's exports in 1640
  • Influence of Dutch and French immigrants
  • Starting to be overtaken by overseas trade
  • Important precursor to the Industrial Revolution

• London's Growth and Banking

  • Largest city in Western Europe
  • Growth of merchant class, banking, and insurance
  • Developments like goldsmith bankers, marine, and fire insurance
  • Limited confidence due to political issues (e.g., stop of the exchequer)
  • Significant but still in infancy

• Imperial Expansion

  • East India Company, North America, Jamaica
  • Triangular trade, Royal Africa Company
  • Key word: Profit
  • Development of British Empire, particularly profitable sugar trade

• Mercantilism and Anglo-Dutch Rivalry

  • Navigation Acts of 1651 and 1660
  • Example of mercantilism: Policies to boost overseas trade
  • Anglo-Dutch wars as a catalyst for economic growth

Common Essay Questions

1. Factors in Economic Change (1625-1688)

   • Plan essays with three paragraphs on imperial expansion, agriculture, cloth, banking.

2. Radical Economic Change

   • Focus on the extent of change by factor: imperial expansion, agriculture, cloth, banking.

3. British Agriculture Transformation

   • Discuss techniques, new crops, specialized farming, capital investment.

4. Overseas Expansion Causes

   • East India Company, mercantilism, triangular trade, banking, and insurance.

Essay Technique

• Focus on change vs. continuity.
• Use terms like radical, limited, widespread, narrow.
• Structure essays with clear arguments, precise evidence, and summaries.

Exemplar Essay Highlights

• Use of analytical language (e.g., transformative, catalyzed).
• Precise evidence (e.g., banking details, specific laws).
• Clear argument and structured paragraphs.

Conclusion

• Emphasize the importance of understanding economic dynamics and change during this period.