Background

The East India Trading company was established by royal charter on December 31, 1600 by Elizabeth I. The company was given exclusive rights to trade in the “East Indies” (Southeast Asia). The British crown shared in some of their profits, so it was a mutually beneficial system. Over time, the company expanded. It began trading throughout Asia, though primarily in India and China. By the early 1800s, the company had become incredibly powerful. They had almost a complete monopoly on trade in these regions and were responsible for ruling large parts of India from 1757 to about 1858. 

The Charter Act

The company lost a lot of power with the Charter Act of 1813. At the time, Napoleon was ruling France. In an attempt to financially hurt Britain, Napoleon established the Continental System which blocked any French allies from trading with Britain. This system put a huge strain on every day British merchants as they were already blocked from lucrative trade in India and China due to The East India Trading company’s monopoly. In 1813, the East India trading company’s charter was renewed through the Charter act, but several stipulations were added to the renewal. This included ending the company’s monopoly over everything except trade in tea and with China. It also allowed Christian missionaries to go and teach in India. 

So, what did this have to do with the romantic era? First, it increased power and opportunities for merchants who were not connected with the East India Trading company. This, in turn, fed the social and economic tension between the landed aristocracy and the rising wealthy merchant class. This is something that we saw throughout Pride and Prejudice. Second, it helped to continue British colonial ambitions throughout Asia. The idea of expansion was heavily tied to ideas about nationalism and empire which we have seen throughout the poetry we studied, especially in Heman’s poetry.

Sources:

https://www.britannica.com/topic/East-India-Company

https://www.history.com/news/east-india-company-england-trade

https://www.thoughtco.com/the-continental-system-1221698

https://www.adda247.com/upsc-exam/charter-act-of-1813/

https://byjus.com/free-ias-prep/ncert-notes-charter-act-1813/