Government
Elizabethan England was not particularly successful in a military sense during the period, but it avoided major defeats and built up a powerful navy. On balance, it can be said that Elizabeth provided the country with a long period of general if not total peace, and generally increasing prosperity. Having inherited a virtually bankrupt state from previous reigns, her frugal policies restored fiscal responsibility. Her fiscal restraint cleared the regime of debt by 1574, and ten years later the Crown enjoyed a surplus of £300,000. Economically, Sir Thomas Gresham's founding of the Royal Exchange (1565), the first stock exchange in England and one of the earliest in Europe, proved to be a development of the first importance, for the economic development of England and soon for the world as a whole. With taxes lower than other European countries of the period, the economy expanded; though the wealth was distributed with wild unevenness, there was clearly more wealth to go around at the end of Elizabeth's reign than at the beginning. This general peace and prosperity allowed the attractive developments that "Golden Age" advocates have stressed.
Read more about this topic: Elizabethan Era
Famous quotes containing the word government:
“A government which robs Peter to pay Paul can always depend on the support of Paul.”
—George Bernard Shaw (1856–1950)
“The root of the problem is not so much that our people have lost confidence in government, but that government has demonstrated time and again its lack of confidence in the people.”
—Jimmy Carter (James Earl Carter, Jr.)
“What shall we think of a government to which all the truly brave and just men in the land are enemies, standing between it and those whom it oppresses? A government that pretends to be Christian and crucifies a million Christs every day!”
—Henry David Thoreau (1817–1862)