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Episode 55: The British East India Company
Manage episode 360875165 series 3001077
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On December 31, 1600, Queen Elizabeth I granted a charter to a group of London merchants for exclusive overseas trading rights with the East Indies. The new English East India Company was a monopoly in the sense that no other British subjects could legally trade in that territory, but it faced stiff competition from the Spanish and Portuguese, who already had trading outposts in India, and also the Dutch East Indies Company, founded in 1602.
Before the East India Company, most clothes in England were made out of wool and designed for durability, not fashion. But that began to change as British markets were flooded with inexpensive, beautifully woven cotton textiles from India, where each region of the country produced cloth in different colors and patterns. When a new pattern arrived, it would suddenly become all the rage on the streets of London. After the Battle of Plassey in 1757, the EIC earned rights to collect land revenue in Bengal. diversifying it into a tax collector.
With the colonization of North America, a vast global market opened up for trade in goods across various colonial regions.
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