William Shakespeare

The Elizabethan era is a time from when Queen Elizabeth ruled Britain, lasting from 1558 to 1603. The English Renaissance happened in this era; music, art, literature, and theater rapidly evolved. This period is also considered Shakespeare's era, a playwright renowned for his unique take on theater.

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During this era, Britain was very well off compared to the other European powers. The Italian Wars had just ended, which extinguished the flames of Renaissance and left the once great peninsula impoverished. This war also left the Holy Roman Empire weak, and France was in the middle of a 36-year war (The French War of Religion).

After Queen Elizabeth inherited the throne, Britain was nearly bankrupt. During her rule, she restored the treasury with help from capturing Spanish ships from the new world, participating in the slave trade, and raiding underdefended settlements for loot. She raised Britain out of debt, and ten years after she took rule, the treasury had an excess of 300,000 pounds. In modern times, that number would be 46 million pounds ($60,000,000 USD).

During the Elizabethan era, the first stock exchange was opened. The taxes were some of the lowest in Europe, which caused rapid economic expansion. 

Before the Elizabethan era, Britain had a navy, but it was weak. During the era, the navy was reformed, and many new innovations were made. In 1588, using these new innovations and their rapidly growing navy, the British were able to fend off the Spanish Armada (the largest in the world at the time). Nearly one third of the population was in poverty during this time. 

1602 

Shakespeare wrote his play Twelfth Night in 1602, just before the era ended. In 1602, the first explorer reached Cape Cod, which would later become the spot of the Massachusetts Bay colony.  Oxford opened the Bodleian Library, which is one of the oldest libraries in Europe.