'Price Revolution'. â¢ Agriculture. â¢ Trade ... 'Price revolution'. â«. Thirsk â consumer society ... 'Commercial revolution' â only after 1650? â«. Coleman â 'English ...
Economic Change • • • • • • • •
Key Dates Trends Population ‘Price Revolution’ Agriculture Trade New World Industry
1550s – wool trade slump 1650 – significant changes only in the later 17th century? ~ Evident before but increased in momentum after 1650 1670 – became exporter of grain
Growing industrialisation Integration of the English economy New imports and trading companies ‘Price revolution’ Thirsk – consumer society Regional specialisation in England but not in Ireland – did not have skills due to easy availability of land Severn-Wash line – richer area south of this line Late 17th century growth in northern wealth Consumerism and conspicuous consumption Transition from feudalism to capitalism Lack of conception of innovation to create economic growth – more common at end of period More innovations from 1650 when less labour – yet not in Ireland English mercantilism e.g. Woollen Act of 1699 forbidding Irish exports of wool Growth of London and immigration – parasitical or beneficial?
3 long term forces – population growth, internal redistribution of resources and dramatic commercialisation of economy
Coleman – mid 17th century turning point in population and prices ~ Stagnation of population growth and fall in overall food prices Kerridge – ‘agricultural revolution’ ‘Commercial revolution’ – only after 1650? Coleman – ‘English mercantile advance’ after 1650 Hobsbawm – ‘General Crisis of the 17th century’ – yet England was an anomaly with decisive advances Sharpe - may not be a crisis but were a number of significant changes in the second 1/3 of the 17th century