Elizabethan Economics
Economics in Elizabethan Times
London was Europe's most dynamic city at the end of the 16th century. It had grown from approximately 120,000 people in 1550 to 200,000 in 1600. (In comparison, Paris had only 70,000 people in 1600.) And London's growth had paralleled that of England, which had doubled in population between the 1520s and the 1640s. The English economy grew even more rapidly: agriculture prospered because of the significant increase in demand for food, and London became the leading center of the international woolen cloth trade after Antwerp was sacked in 1576. The overall European money supply had grown rapidly as a result of the gold and silver being brought in by Spain from Latin America; the resulting inflation had proved good for capitalists because it lowered the cost of labor and debt. The great merchants had prospered mightily during this "Age of Exploration"--a prosperous London merchant could earn 2-3000 pounds a year, making him the financial equal of an......
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