In the years leading to 1707, Scottish economy was lagging behind not only from the impact of wars, but also because of chronic deflation and industrial underdevelopment. Scotland remained a predominantly agrarian society, and the lack of manpower caused by previous conflicts contributed to an underwhelming agricultural output, which intermittently escalated into local food shortages or famines. In turn, the overreliance of Scottish landowners on foreign goods led to a deficit of financial capital, as gold and silver were exported overseas and deflation occurred. The Scottish Parliament attempted to combat the issue by attracting foreign investment - duty on ship building materials was lifted, taxes on new manufacturing stocks were cut, and customs on textile and linen goods were removed.
In the years leading to 1707, Scottish economy was lagging behind not only from the impact of wars, but also because of chronic deflation and industrial underdevelopment. Scotland remained a predominantly agrarian society, and the lack of manpower caused by previous conflicts contributed to an underwhelming agricultural output, which intermittently escalated into local food shortages or famines In turn, the overreliance of Scottish landowners on foreign goods led to a deficit of financial capital, as gold and silver were exported overseas and deflation occurred. The Scottish Parliament attempted to combat the issue by attracting foreign investment - duty on ship building materials was lifted, taxes on new manufacturing stocks were cut, and customs on textile and linen goods were removed.