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:
“Plato says that the punishment which the wise suffer who refuse to take part in the government, is, to live under the government of worse men; and the like regret is suggested to all the auditors, as the penalty of abstaining to speak,—that they shall hear worse orators than themselves.”
—Ralph Waldo Emerson (1803–1882)
“The Republican form of government is the highest form of government; but because of this it requires the highest type of human nature—a type nowhere at present existing.”
—Herbert Spencer (1820–1903)
“I thought it a pity that some poor student did not live there, to profit by all that light, since he would not rob the mariner.... Think of fifteen Argand lamps to read the newspaper by! Government oil!—light enough, perchance, to read the Constitution by! I thought that he should read nothing less than his Bible by that lamp.”
—Henry David Thoreau (1817–1862)