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In the early 1500s, the value of wool in the world economy was highly profitable. One reason for this was the fabric markets of Antwerp. Because of how much money there was to be made on wool, landlords converted their tenant farmer's fields into pastures for sheep, causing farmers everywhere to lose their livelihood and food production in England to drop, even as the country's population continued to grow

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The rise of the wool demand caused a booming market in the clothing industry. This would let merchants sell refined goods to a domestic and an international market. The large success of this would allow merchants to join forces and create companies. These companies would receive charters from the monarch which only allows them to deal in a certain region. Trading wool goods for exotic items made this a lucrative venture.

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Capitalism and the Dutch East India Company: Crash Course World History 229

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Want to help keep CrashCourse going? Consider becoming a Patron and help us keep making awesome content for such awesome people. SUBBABLE SUBSCRIBERS READ FURTHER ↓ https://www.patreon.com/crashcourse In which John Green teaches you about the Vereenigde Oostindische Compagnie, doing business as the VOC, also known as the Dutch East India Company.

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Finally, the British needed a new
solution. Their food stores were not big enough to supply their population, the wool market in Antwerp had collapsed and left the production of wool a dead end, and unemployed, impoverished people roamed in gangs, begging for charity and sometimes even stealing to survive.  The idea of starting colonies in the New World was beginning to sound like a good idea. With colonies in the west, the British would be able to keep all trade inside of the nation, allowing the Crown to continue to control as much bullion as possible, just like mercantilism required. An Oxford clergyman by the name of Richard Hakluyt, a proponent of colonization, saw it as an opportunity to allow the country to push its surplus population to a place where they would benefit the nation and live better quality lives.

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The whole idea of Mercantilism was to find markets for its exports while limiting what was imported. As a result of this many European countries, like Britain, would become attracted to colonizing new lands. By doing so they figured, they would gain sources from their new lands that they originally had to buy off of other nations. An Oxford Clergy Man, Richard Hakluyt suggested that the British colonize because it will alleviate poverty and unemployment and end the surplus problem occurring in England.