ABSTRACT
In trade and commerce, too, the sixteenth century was a restless period, an age of marked advances and disastrous depressions, but in general of improvements. Trade expanded-at first through the old continental markets and later through new markets in the opening \vorld. The difficulties of the government and the selfishness of established merchants encouraged a restrictive policy whose worst effects \.vere only avoided because it could never be rigorously enforced. The age was not-as some would have us believe-one of unhindered and lavish expansion. Indeed, to the Elizabethans themselves it seemed dark and distressful, with war and depression destroying England's commerce and wealth. In fact it laid sound foundations for later expansion in industry and trade. To the best of our knowledge national wealth increased markedly. In part this resulted from legitimate trade and in part from the piracy which made up for the ruin it caused to trade by importing stolen bullion; but the most solidly prosperous part of English life was its booming agriculture. Altogether, the price inflation, while it brought much hardship and many problems, also offered fine chances which did not go begging.
