Restoration England 1660-1685Topic Summary
Topic Summary: Trade and Economy in Restoration England 1660-1685
Part of Trade and Economy — GCSE History
This topic summary covers Topic Summary: Trade and Economy in Restoration England 1660-1685 within Trade and Economy for GCSE History. Revise Trade and Economy in Restoration England 1660-1685 for GCSE History with 8 exam-style questions and 4 flashcards. This topic shows up very often in GCSE exams, so students should be able to explain it clearly, not just recognise the term. It is section 14 of 14 in this topic. Use this topic summary to connect the idea to the wider topic before moving on to questions and flashcards.
Topic position
Section 14 of 14
Practice
8 questions
Recall
4 flashcards
Topic Summary: Trade and Economy in Restoration England 1660-1685
Key Terms
- Navigation Acts: Laws requiring colonial goods to be carried on English ships — designed to exclude Dutch shippers
- Triangular trade: Three-leg Atlantic trade: goods to Africa, enslaved people to Americas, raw materials back to England
- Joint-stock company: Business where many investors pool capital, sharing risk and profit — made long-distance trade viable
- Monopoly: Exclusive right to trade in a commodity, granted by royal charter (e.g. Royal African Company's slave trade monopoly)
- Mercantilism: Economic theory that national wealth depends on a trade surplus — the philosophy behind the Navigation Acts
- Enclosure: Consolidation of common land into private fields — increased agricultural productivity but drove rural poverty
- Coffee house: Penny-admission establishments for business information, news, and deals — birthplace of Lloyd's and the Stock Exchange
- Royal African Company: Joint-stock company founded 1660, monopoly on slave trade, patron was Duke of York, transported 100,000+ enslaved Africans
Key Dates
- 1600: East India Company founded — England's first major joint-stock trading company
- 1651: First Navigation Act — required goods to be carried on English ships
- 1652: First Oxford coffee house opens; First Anglo-Dutch War begins
- 1660: Restoration + Navigation Act reinforced + Royal African Company founded
- 1665–67: Second Anglo-Dutch War — fought over colonial trade routes; Great Plague 1665
- 1670: Hudson's Bay Company founded — fur trade from Canada
- 1672–74: Third Anglo-Dutch War
- 1698: Royal African Company loses monopoly — independent traders enter the slave trade, expanding it massively
Key People
- James, Duke of York: Patron of the Royal African Company; heir to the throne; enslaved Africans branded "DY" (his initials); later became James II
- Samuel Pepys: Diarist and Navy Secretary; his diary records coffee house life, trade gossip, and the economic impact of plague and fire on London's commerce
- Edward Lloyd: Owner of Lloyd's Coffee House on Tower Street, which became the centre of marine insurance and eventually Lloyd's of London
- Charles II: Granted the royal charters for trading companies; depended on customs revenue from trade to fund his government without Parliament
Must-Know Facts
- Royal African Company transported over 100,000 enslaved Africans (1660–1698)
- Duke of York was patron of the Royal African Company — slave trade had royal backing
- Navigation Acts (1660) required colonial goods on English ships — targeted Dutch dominance
- Three joint-stock companies: East India (1600), Royal African (1660), Hudson's Bay (1670)
- Triangular trade: "GAM" — Goods to Africa, Africans to Americas, Materials to England
- Lloyd's Coffee House became Lloyd's of London (insurance); Jonathan's became the Stock Exchange
- Three Anglo-Dutch Wars (1652–54, 1665–67, 1672–74) all fought over trade competition
- Most English people were agricultural labourers — wealth from trade was concentrated among London merchants and gentry
- Coffee house legacy — "LIS": Lloyd's, Information sharing, Stock trading
- Royal African Company monopoly ended 1698 — independent traders massively expanded the slave trade
Cross-Topic Links
- → Dutch Wars (Topic 52): The Dutch Wars were trade wars at their core — the Navigation Acts targeted Dutch commercial dominance and the conflict was fought to control colonial trade routes, making foreign policy inseparable from economic policy.
- → Charles's Court (Topic 50): Charles depended on customs revenue from trade to fund his government without parliamentary approval — commercial expansion was a political survival strategy as much as an economic one.
- → Culture & Theatre (Topic 56): Coffee houses served both cultural and commercial functions — the same spaces where playwrights debated ideas became the birthplace of Lloyd's of London and the Stock Exchange.
- → Great Plague & Great Fire (Topics 53-54): The 1665 Plague and 1666 Fire devastated London's trade, disrupted commerce, and drained royal finances — these crises worsened the financial pressures behind the Dutch Wars.
- → Exclusion Crisis (Topic 59): James's role as patron of the Royal African Company (with enslaved Africans branded "DY") added commercial interests to the political stakes of the succession crisis.