Foreign trade of England in the 10th and 17th centuries
Foreign trade played a vital role in the economic development of England during the 10th and 17th centuries. In the 10th century, England’s economy was primarily based on agriculture and domestic trade. However, by the 17th century, England had become a major player in international trade, thanks to the growth of the wool and cloth industries, as well as the expansion of the British Empire.
In the 10th century, England’s foreign trade was primarily conducted with continental Europe. The Anglo-Saxons traded primarily in luxury goods such as glassware, precious metals, and textiles. They also traded in raw materials such as tin and timber. The Vikings, who controlled much of the north and east of England, were also significant traders, and they established trade routes with the Islamic world and the Byzantine Empire. However, the scale of foreign trade was relatively small, and the economy was still mostly based on agriculture and domestic trade.
During the 17th century, England’s foreign trade grew significantly. The wool and cloth industries had become major sources of income for the country, and England began exporting large quantities of wool and cloth to continental Europe. The expansion of the British Empire also provided new markets for English goods. The colonization of North America and the establishment of trading posts in India and the Far East opened up new opportunities for trade.
Examples of England’s foreign trade during the 17th century is the East India Company. The company, established in 1600, was granted a monopoly on English trade with the East Indies. It quickly became one of the most powerful and profitable trading companies in the world, and it played a key role in the expansion of the British Empire. The company’s trade in Indian textiles, spices, and tea helped to fuel the growth of the English economy.
Another example is the trade of slaves, which was an important source of income for England during the 17th century. The transatlantic slave trade, which began in the 16th century, brought millions of enslaved Africans to the Americas to work on plantations. English merchants played a significant role in the trade, and the profits generated by the sale of enslaved Africans helped to fuel the growth of the English economy.
Foreign trade played a crucial role in the economic development of England during the 10th and 17th centuries. While in the 10th century, foreign trade was relatively small and domestic trade was more important, by the 17th century, England had become a major player in international trade, thanks to the growth of the wool and cloth industries and the expansion of the British Empire. The East India Company and the transatlantic slave trade were some of the examples of how England’s foreign trade helped to shape its economy.
Works Cited
“Anglo-Saxon England,” Oxford Research Encyclopedia of History, Oxford University Press, 2018
“The East India Company: The Original Corporate Raiders,” The Guardian, 12 Sep. 2018
“Transatlantic slave trade,” Encyclopædia Britannica, Encyclopædia Britannica, Inc., 2020.
