1. Agriculture and Trade: England's economy was largely agrarian, with agriculture being the primary source of livelihood for a majority of the population. However, there was also a growing emphasis on trade, both domestic and international. London, in particular, emerged as a major hub of trade and commerce.
2. Mercantilism: The economic policy of mercantilism was gaining prominence during Shakespeare's time. This policy focused on increasing a nation's wealth and power through the accumulation of gold and silver, achieved by promoting exports, acquiring colonies, and regulating imports.
3. Economic Expansion and Growth: England experienced a period of economic expansion and growth during the Elizabethan era, which continued into Shakespeare's time. This was due to several factors, including the growth of trade, colonization, and the influx of wealth from plunder and exploration.
4. Trade Companies: Trading companies, such as the East India Company, played a significant role in England's economic growth. These companies were granted monopolies and engaged in overseas trade, expanding England's reach and influence.
5. Industrial Development: Although England was still primarily an agricultural society, there were pockets of industrial development, especially in the woolen industry. The production and trade of woolen goods played a crucial role in the economy.
6. Urbanization: The growth of cities, such as London, led to increased urbanization. London's population, for instance, experienced significant growth during this period, attracting people from rural areas seeking economic opportunities.
7. Social Structure: Shakespeare's time coincided with a highly stratified social structure. The society was divided into distinct social classes, with the landed gentry, merchants, and the working class representing different economic positions.
8. Price Inflation and Control: England also faced challenges, such as price inflation, which led to concerns about the cost of living. The government attempted to control prices, although with varying degrees of success.
Overall, the economy during William Shakespeare's time was marked by growth and transformation. England's shift from a primarily agrarian economy to a more diversified one, along with the rise of trade and mercantilism, laid the foundation for future economic prosperity.