Black Corporation: Joseon [EN]: Chapter 774

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774. A Self-Inflicted Disaster… (9)

Edward IV, who seized the throne during the War of the Roses, needed to revitalize the economy, which had been devastated by the protracted Hundred Years’ War. He also needed to find a way to control the nobles, especially Richard Neville, the Earl of Warwick, who now sought to share power with him.

During this period, England’s primary export was wool.

The wool from English manors was shipped to Italian city-states like Florence.

These cities processed the wool into high-quality woolen fabrics and then re-exported them to England.

This created a trade imbalance that disadvantaged England.

The English kings were aware of this and implemented protectionist policies and supported domestic artisans, albeit in a limited way.

To bolster the woolen industry, they encouraged foreign artisans—mainly from Italy—to immigrate and share their skills.

Subsequently, they promoted the use of English-made woolen fabrics, banned the import of foreign woolen fabrics, and enacted policies to prohibit the export of raw wool.

Through these measures, England’s woolen fabric industry grew steadily. Simultaneously, wool smuggling also increased.

Because Italian woolen fabrics were highly regarded, smugglers could earn substantial profits.

However, the ban on wool exports was temporarily lifted during the Hundred Years’ War.

England exported wool to neighboring countries, excluding France, to secure military funding and diplomatic leverage.

After the Hundred Years’ War, Edward IV, having gained the throne through the War of the Roses, reinstated the ban on foreign woolen fabric imports in 1464 and began drafting legislation to reimpose the ban on wool exports.

His aim was to strengthen government finances and create jobs in the domestic woolen fabric sector.

“The problem is that relying solely on woolen fabrics makes it difficult to achieve true prosperity.”

Edward IV analyzed the situation pragmatically.

The woolen fabrics produced in England were still inferior in quality to those from Italy.

The high-end woolen fabric market, where the most significant profits were made, remained dominated by the Italian city-states.

“We will catch up eventually, but time and resources are a concern.”

Domestically, commercial capital and the market were expanding, but there was still considerable progress to be made.

Moreover,

Portugal and Italy—particularly Florence—held another advantage.

They profited immensely by brokering goods from the “Flower Country” [a common historical term for China, referring to its exquisite porcelain and silk].

The challenge for England was that banning imports from the Empire [referring to China] was nearly impossible.

Edward IV’s own chambers and offices were filled with goods from the Empire, and a crystal chandelier made in the Empire adorned the Buckingham Palace banquet hall.

Many items from the Flower Country were irreplaceable, boasting superior quality and widespread popularity. Therefore, abruptly blocking imports would only lead to various losses.

“This is why…”

Edward IV contemplated the Flower Country, a problem whether ignored or confronted, and pondered further.

* * *

Edward IV, who had been struggling with sleep due to economic and political pressures, was jolted awake by a rumor about the Western Route [a hypothetical sea route to Asia across the Atlantic].

“This is it!”

Everyone knew that importing goods from the Flower Country was highly profitable.

If the Western Route were discovered, the nation controlling it could immediately rise to become a central power in Europe.

Moreover,

As exemplified by Prince Henry the Navigator, pioneering a new route required substantial capital investment.

Achieving success on the first attempt was nearly miraculous, and one had to be prepared to lose lives, ships, and capital.

Of course, successful exploration promised immense profits.

Ultimately, investing in exploring and pioneering a new route was less of an investment and more of a high-stakes gamble.

Edward IV saw this as an opportunity to curb the power of the nobles.

“The only ones who can afford to invest such large sums right now are the nobles! If it’s for the Flower Country, they’ll readily open their coffers!”

Edward IV, devising a plan to deplete the nobles’ wealth through Western Route exploration, immediately began to implement it.

The first step was to task his trusted advisors with finding a captain with the necessary experience and skills. Then, he subtly spread rumors among the nobility and in the marketplace.

– The King is seeking a captain to discover the Western Route!

– Not only is he looking for a captain, but he has also commissioned a shipyard to build a ship!

This was only partially true.

He had indeed signed a ship construction contract with a shipyard.

However, it was intended for the trade route between Calais and Italy, not for finding the Western Route.

The search for a captain was merely a facade.

However, Edward IV never revealed this.

“No, they wouldn’t believe me even if I did tell them.”

Edward IV muttered with a satisfied smile. Now that the rumors were circulating, few nobles would believe him even if he told the truth.

– Regardless of what anyone says, power ultimately rests on force. And maintaining that force requires wealth.

– If he could secure an exclusive trade route with the Flower Country, Edward IV could successfully monopolize power.

– Trade with Italy is nearly stagnant. It makes no sense to deploy a new trading ship there.

The nobles of England, regardless of their political affiliations, reached similar conclusions.

And soon, investment proposals with similar content began appearing on the London stock market.

– Seeking investors for the Western Route Exploration Team!

This marked the beginning of a large-scale speculative venture that would later be known as the Atlantic Bubble.

* * *

As Edward IV had anticipated, the nobles were the most enthusiastic investors in the expedition.

Commercial capital, still in its early stages of development, was outmatched by the nobles in many respects, and consequently, it was the first to withdraw.

“It’s easier now that those who were just going to dilute the shares have dropped out!”

The nobles, having eliminated their competitors, soon formed investment groups—clans—of three to five members.

Having amassed capital in this manner, the nobles began searching for capable captains.

However, the captains’ responses were largely negative.

“Let me see… just one caravel [a small, highly maneuverable sailing ship]? You expect me to cross the uncharted ocean with a single caravel? I refuse!”

“You want me to sail to a place without a map? If I get lost in the middle of the ocean, I’ll simply die. Why would I do something so foolish?”

“You want me to undertake such a crazy endeavor for such meager pay? Absolutely not!”

“Success bonus? If I die, it’s all for naught. No way! I won’t do it without an advance!”

While some readily embraced the unprecedented challenge of crossing the Atlantic, most sailors declined to participate.

Even with the incentive of a success bonus offered by the clans, the situation remained stagnant.

Ultimately, the clans and captains were forced to consider an alternative.

“Let’s acquire slaves.”