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This reduced transaction costs, increased the coverage of the market, and opened incentives and opportunities to participate in cash transaction.
Demand arose for luxury goods from Asia, such as silk and pepper, which created new upscale market demands.
The economic history of the United Kingdom deals with the economic history of England and Great Britain from 1500 to the early 20th century.
This enabled them to import a large range of foreign goods.John Leland left rich descriptions of the local economies he witnessed during his travels 1531 to 1560.He described markets, ports, industries, buildings and transport links.The export of woollen products resulted in an economic upturn with products exported to mainland Europe.Henry VII negotiated the favourable Intercursus Magnus treaty in 1496.
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The high wages and abundance of available land seen in the late 15th century and early 16th century were temporary.