In early modern England, inspiration for commercial organization, growth and development was drawn from the practices and experiences of the late fifteenth century. In this earlier period, England was largely an agricultural country but the fact that she was strategically located and produced the finest wool in Europe made her a magnet for many foreign merchants. Merchants arrived from all over but the largest number came from the northern German cities and from many of the larger Italian cities such as Venice, Milan and Genoa. Merchants from Portugal, Ragusa, Brittany, Spain, France, Poland, Scandinavia and the Low Countries were also part of the English international trading scene. Given this intense interest, England became an international centre for trade that was both prolific and profitable by the early modern period.

England basically sold wool and cloth and in return purchased a great variety of needed goods from foreign merchants. Of the many foreigners that traded with England, the Germans and Italians were the most influential because they came in large numbers and with royal permission stayed and formed separate colonies. Each colony possessed individual qualities that required creative strategies to maximize profits while coexisting with the requirements of the host country. The Germans came from a collection of profit- seeking Baltic cities that were given special privileges in London including the right to administer a city-like zone called the Steelyard.