Overview of the Economy, Trade and Empire 1625-88
(L43 agricultural techniques and specialised farming)
- 1688 Britain's economy was in a strong position considering difficulties faced earlier in the century
- the British state and those engaged in trade were wealthier than ever despite over 40 years of war, revolution and religious conflict
- in 1688 Edward LLoyd began inviting merchants and ship owners to his coffee house in London, where he shared shipping news/ insurance deals
- this evolved to be the oldest insurance market in the world, Lloyds Bank
- as the population increased, to avoid famine there was a need to change agricultural techniques
- there was an increased investment in agriculture
- new methods and crops from abroad meant the fear of a bad harvest was less of a problem
- new skills/ techniques were evident in the cloth industry
- these included new methods, fabrics and skilled workers
- improved trading conditions improved the economy, especially after Civil War hostilities in 1650
- Britain fought the 1st Anglo Dutch war in 1652 leading to the Dutch having to accept Britains control of the sea
- 1674 war began, the Dutch defeated Charles' navy
- an advancement surrounding these wars was the passing of the Navigation Acts, these boosted British trade at the expense of the Dutch