A flourishing power
The long 18th century, from the Glorious Revolution until Waterloo, was the period in which Britain rose to a dominant position among European trading empires, and became the first western nation to industrialise.
The extent of economic change between 1688 and 1815 can be discerned through a glimpse at the state of economic and social conditions at home, and the growth of trade and empire at the beginning and end of that period.
In 1688 England and Wales had a population of 4.9 million, and the internal economy was still largely based on agricultural work and production.
Domestic industry flourished, with many workers pursuing dual occupations on a seasonal basis in industry and agriculture. English society contained a flourishing and more extensive middling sector than any other western country, including the Dutch Republic. This provided a strong platform for commerce with, and settlement in, far-flung territories.
' The long 18th century was the period in which Britain rose to a dominant position among European trading empires...'
Merchants sent out ships to trade with North America and the West Indies, where England had established a network of colonies, following on from the permanent settlement of Virginia in 1607 and the acquisition of Barbados in 1625. Some 350,000 people had emigrated from England across the Atlantic by the end of the 17th century.
In 1686 alone these colonies shipped goods worth over £1 million to London. Exports to the colonies consisted mainly of woollen textiles; imports included sugar, tobacco and other tropical groceries for which there was a growing consumer demand.
The triangular slave trade had begun to supply these Atlantic colonies with unfree African labour, for work on tobacco, rice and sugar plantations. It was based around the activities of the Royal African Company, with headquarters in London.
Trade and settlement also occurred in Asian waters. This was mainly based around the activities of the East India Company, a large joint-stock company based in London. The ships of the East India Company fleet traded mainly in bullion, textiles and tea with Bengal.
Overseas commerce was conducted within the mercantilist framework of the Navigation Acts, which stipulated that all commodity trade should take place in British ships, manned by British seamen, trading between British ports and those within the empire.
Despite these developments, in 1688 Britain was still a vulnerable competitor for stakes in overseas colonies and trade - her rivals were the trading empires of France and the Netherlands, as well as Spain and her client state, Portugal.
Published: 2001-05-01
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