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Changes in English Overseas Trade - Essay Example

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Changes in English overseas trade Name: Instructor: Task: Date: Changes in English Overseas Trade This argumentative paper is going to discuss the various key changes that happened during 1500-1700 concerning the English and their trade. There are various conflicting points by both the proponents and opponents of the effects of the trade on market expansion, increase of commodities and commercial organization among others (Coclanis 2005, p.134)…
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Changes in English Overseas Trade
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Download file to see previous pages For example, this group maintains the English tradesmen manipulated the Civil War that affected the Dutch in taking over the textile industry and the woolen sector of Italy. In addition, the paper looks at their other claim that the economic dominance of the English was because of political power and favoritism (Luu 2005, p.47). On that aspect, this paper provides evidence proving that the market expansion and increase of commodities came because of business strategies that other nations could foresee. Furthermore, the argumentative paper gives the economic benefits that England enjoyed because of being an economic powerhouse and implications of powers to its citizens. There have been several debates whether there have any changes or not in the English overseas trade. This concerns changes in the markets, commodities and commercial coordination among the traders who conducted business between 1500-1700. Those who are against the changes state that there were no increase in imports and exports in during the English trade. Alternatively, those in support point that there were significant alterations in trade of the English tradesmen during the sale of their commodities and other businesses such as merchanting, warehousing, banking and insurance among others. On that account, there were many changes in English overseas trade during the period of 1500-1700 (Coclanis 2005, p.134). These changes pertain to markets, commodities and influences in commercial organization. For example the joint annual value called free on board consisting of exports, imports and re-exports inclined in the years of 1663-69 to 1699-1701 from ?8.5 million to ?12.3 million. Around this period, there were alterations in the geographical directions and the composition of commodities concerning English trade. Furthermore, the year of 1621 saw the northern Europe record a total of 62.4 percent of London imports while the southern Europe registered 31.2 percent. However, only 6.4 percent of imports came from outside Europe. These imports accumulated to 35.7 percent, 29.7 percent and 34.7 percent in all the three regions (Divitiis 2003, p.99). Additionally, there was domination of woolen textiles of varying types sold overseas by England in the beginning of 1600s. There was also the presence of re-exports entailing produce of colonial nature from the East Indian colonies and the Americas in the period of 1699-1701. These exports accrued to a total of 30.9 percent while the woolens registered 47.4 percent. However, those in opposition of the main changes in English overseas trade argue that between 1500-1700, the changes were meant to save labor and to control forces of nature and not trade. On that note, they argue that the change in the national income per person was not because of the increase in the exports and imports but due to transformations in employment (Fisher et al 2004, p.11) On that aspect, this is untrue because the saving of both human and capital labor came as result of the accrued profits in the sale of commodities and changes in the markets. Furthermore, contrary to the assumption that the national income per head did not increase because of the rise in exports and imports during overseas trade, the truth is that alterations in the ...Download file to see next pagesRead More
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