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Spanish and Portuguese colonies in the New World exported large quantities of silver and gold to Europe, some of which found its way Into the English money supply.There were multiple results that all helped expand and grow the English economy, according to Dr. The key features of the growth pattern included specialization and structural change, and increases in market participation.This reduced transaction costs, increased the coverage of the market, and opened incentives and opportunities to participate in cash transaction.Demand arose for luxury goods from Asia, such as silk and pepper, which created new upscale market demands.John Leland left rich descriptions of the local economies he witnessed during his travels 1531 to 1560.
Especially after 1600, the North Sea region took over the role of the leading economic centre of Europe from the Mediterranean, which prior to this date, particularly in northern Italy, had been the most highly developed part of Europe.Great Britain, together with the Low Countries, profited more in the long run from the expansion of trade in the Atlantic and Asia than the pioneers of this trade, Spain and Portugal, fundamentally because of the success of the mainly privately owned enterprises in these two Northern countries in contrast to the arguably less successful state-owned economic systems in Iberia.Following the Black Death in the mid 14th century, and the agricultural depression of the late 15th century, the population began to increase.The powerful Royal Navy protected its global holdings, while its legal system provided a system for resolving disputes inexpensively.Between 18, economic output per head of population in Britain and Ireland rose by 500 percent, generating a significant rise in living standards.
The high wages and abundance of available land seen in the late 15th century and early 16th century were temporary.