English Economies

Ancient and Roman Economies of Britain

Despite their separation from Continental Europe, the inhabitants of the British Isles were never isolated. Trade between the ancient people of Britain and Europe likely began around the same time they built monuments such as Stonehenge, around 5,000 years ago. Within a few thousand years, these Neolithic farmers had progressed to bronze working and mining. The British Isles are home to significant deposits of both tin and copper, the necessary ingredients of bronze. Cornish tin in particular became a major British export by 2,000 BCE. Other metals like gold and silver also entered the region; burial goods from Wessex at this time show a culture already familiar with decorative metalworking.

Trade in Britain continued to rely on its mineral wealth up to Roman times. The Iron Age, in place by 500 BCE, brought new advances in farming as well as warfare. Captured slaves grew to be a second major export of the isles. When the Romans invaded and conquered the island, they were tapping into an economy about as old as their own. Roman authority brought centralization and new priorities to British trade. They extracted metals like lead and gold with careful efficiency. In exchange, they imported luxury items like wine, olive oil, and fine pottery. Roman transplants carried with them new fruits and vegetables that would later become English staples. The invaders expanded industry in Britain for about 400 years. Then, faced with their own decline in Rome, they withdrew, leaving the people of Britain to fend for themselves.

The Anglo-Saxon and Norman Economies

It was not long before another round of conquest in England began. A collection of Germanic peoples, now known as the Anglo-Saxons, set sail for the island during the 5th and 6th centuries. They established themselves as kings in the wake of Rome and eventually converted to Christianity. The early Anglo-Saxons built emporia, or wics, as their centers of trade. These coastal communities appear to have been planned with trade, minting, and manufacturing in mind. They received goods from as far as India and China, including exotic spices and textiles. Remnants of the emporia can be seen in modern English place-names like Ipswich, Dunwich, and Sandwich.

The Norman Conquest brought further economic change to England. When William the Conqueror defeated Harold in 1066, he instituted major reforms to its society and trade. Lands stripped from Saxon lords consolidated under a smaller collection Norman barons. They revitalized England’s infrastructure, expanded its trade, and improved organization from top to bottom. Like the Anglo-Saxons, local economies revolved around wealthy landowners. Common people were tied to the land, which they worked in part to feed themselves and in part to pay obligations to their lord. This system, known as feudalism*, *would continue throughout England’s Middle Ages.

The Age of Exploration and Colonialism

By the end of the Middle Ages, around the reign of King Henry VIII, the powers of Europe began looking overseas for new sources of wealth. In the British Isles, this process arguably began with the colonization of Ireland. Early Spanish colonies in the Americas prompted other kingdoms to transition into empires. In 1607, England settled its first colony in Jamestown, Virginia. It soon expanded its hold over much of what is now the Atlantic coast of the United States of America. The colonies produced valuable goods for the British Empire, including food crops, timber, tobacco, and indigo. Over the next few centuries, its colonial holdings expanded to include large areas of modern Africa, India, Australia, New Zealand, Canada, and Southeast Asia, among others.

Industrialization in England

During its era as the British Empire, England underwent a social shift that would shape the future of global commerce. Industrialization is the process by which a nation transitions from a mostly agrarian base to one of organized special industry. In England, it occurred in the 18th and 19th centuries due to a number of factors. The empire possessed abundant raw resources from its colonies and a rapidly expanding population at home. Additionally, the decline of feudalism had left many farming families landless and impoverished. They found work instead in coal and iron mines, which powered railroads, mills, and steam engines. All of these led to the growth of urban factories and a consumer class ready to purchase goods instead of make them.

Modern Economics of England

The industrial revolution laid the foundations for the modern economy of the United Kingdom. Even as colonies broke loose and its empire disintegrated in the 20th century, London in particular remained a major center of commerce. The United Kingdom as a whole was hit especially hard by the global financial crisis of 2008. Today, it claims the third-largest economy in Europe behind Germany and France. In 2016, the nation narrowly voted to leave the European Union. The referendum, commonly known as ‘Brexit’ has since caused economic uncertainty and slowed growth within the UK.

References

Dyer, Christopher. Everyday Life in Medieval England. Cambridge University Press. 2000.

Hibbert, Christopher. Life in Victorian England. New Word City. 2015.

Hunt, Alex, and Brian Wheeler. “Brexit: All You Need to Know about the UK Leaving the EU.” BBC News, BBC, 17 Dec. 2018, www.bbc.com/news/uk-politics-32810887.

Higham, Nicholas and M.J. Ryan. The Anglo-Saxon World. Yale University Press. 2013.

Jenkins, Simon. A Short History of England. Profile Books. 2011.

Kumar, Krishan. The Idea of Englishness: English Culture, National Identity and Social Thought. Ashgate Publishing. 2015.

Oliver, Neil. A History of Ancient Britain. Orion Publishing Group. 2011.

Olsen, Kirstin. Daily Life in 18th-Century England. 2nd Ed. ABC-CLIO. 2017.

“The World Factbook: United Kingdom.” Central Intelligence Agency, Central Intelligence Agency, 12 July 2018, www.cia.gov/library/publications/the-world-factbook/geos/uk.html.

White, R.J. A Short History of England. Cambridge University Press. 1967.

TOTA

Traditions of the Ancestors

This group is for articles produced or approved by TOTA staff, covering a wide variety of cultures and topics.

View Group