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.
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Famous quotes containing the word government:
“The government of the world I live in was not framed, like that of Britain, in after- dinner conversations over the wine.”
—Henry David Thoreau (1817–1862)
“Whenever the society is dissolved, it is certain the government of that society cannot remain ... that being as impossible, as for the frame of a house to subsist when the materials of it are scattered and dissipated by a whirlwind, or jumbled into a confused heap by an earthquake.”
—John Locke (1632–1704)
“Every government degenerates when trusted to the rulers of the people alone. The people themselves are its only safe depositories.”
—Thomas Jefferson (1743–1826)