Between 1485 and 1600 London's population grew to 200,000, then by the end of the 17th century shot up to 575,000, surpassing Paris as the largest city in Europe. During this period, the city was the center of a tremendous expansion in trade, colonization, and finance. This immense growth was exemplified by the establishment of the Royal Exchange in the 1560s by financier Sir Thomas Gresham; the founding of the English East India Company in 1600; the organizing of joint stock companies by London investors to colonize Ireland and Virginia early in the 17th century; and the founding of the Bank of England by City merchants in 1694. London was also the center of the English cultural Renaissance, particularly in literature, with major figures such as Christopher Marlowe, Ben Jonson, and William Shakespeare.
The urban fabric of London was transformed in this period, partly due to Henry VIII dissolving the Catholic monasteries in the 1530s as part of the English Reformation. Aristocrats acquired these former church properties from the king and opened them to development, which led to building inside and outside the City walls on a large scale. An example was the development of Covent Garden as a residential square by the earl of Bedford, whose family had obtain this valuable property once associated with Westminster Abbey. One of London's first squares, Covent Garden was designed by architect Inigo Jones in the early 1630s. As the king's surveyor general, Jones brought classical architectural style to London with such buildings as the Banqueting Hall in 1619 and the Queen's Chapel in 1623. Classical architecture, modeled after ancient Greek and Roman architecture, is known for its use of columns, arches, and vaults.
Microsoft® Encarta® Online Encyclopedia 2001
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