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:
“Freedom of men under government is to have a standing rule to live by, common to every one of that society, and made by the legislative power vested in it; a liberty to follow my own will in all things, when the rule prescribes not, and not to be subject to the inconstant, unknown, arbitrary will of another man.”
—John Locke (1632–1704)
“The government is not God. It does not have the right to take away that which it can’t return even if it wants to.”
—Anton Pavlovich Chekhov (1860–1904)
“If the dignity as well as the prestige and influence of the United States are not to be wholly sacrificed, we must protect those who, in foreign ports, display the flag or wear the colors of this Government against insult, brutality, and death, inflicted in resentment of the acts of their Government, and not for any fault of their own.”
—Benjamin Harrison (1833–1901)