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The nation that Elizabeth had inherited was experiencing a steady increase in population. During the 16th century the population of England and Wales would roughly double, and by the
time of Elizabeth’s death, in 1603, it would reach 5 million. The ongoing
growth in population put stains on the economy, which was made worse by severe harvest failures in every decade of Elizabeth’s
reign. Costs for food and clothing skyrocketed in what became known as the Great
Inflation. The 1590s were the worst years of the century, marked by starvation,
widespread disease, and roaming band of vagrants looking for work. Elizabeth’s
government enacted the legislation, which is known as the Poor Laws, which made every local parish responsible for it’s
own poor, created workhouses, and strictly punished hopeless beggars. Parliament
also passed bills to ensure fair prices in times of shortage and to regulate pays in time of unemployment. One of the queen’s most important economic decisions was to issue a new monetary system that contained
a standard amount of valuable metal. This raised confidence in the currency and
also permitted businesses to enter into long-term financial contracts. During
Elizabeth’s reign, England increased trade overseas and the merchant community grew.
Private shipbuilding boomed and navigational improvements long sea trips a lot safer.
England’s main article of trade was woolen, traded mostly at the Dutch port of Antwerp for finished goods such
as French wines.
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