Elizabeth of the English
Traits: Financial, Philosophical
UB: Stock Exchange (Replaces Bank; +65% Gold)
UU: Redcoat (Replaces Rifleman, has +25% vs. Gunpowder units)
Techs: Fishing, Mining
Liz has the 2 strongest economic traits in the game. The key with her is to use a combination of cottages (boosted by Financial) and bulbing (helped by Philosophical) to move through the tech tree very rapidly. Liz in the hands of the AI is a formidable techer as well and always a threat for Space Race.
In Civ 4, however, no leader is perfect. While Liz has obvious economic
advantages, but lack in the military department somewhat until the late game. In addition, she has no production advantages early on so there should be a concerted effort when playing with her to grab some solid production locations.
Science and Gold:
You early research priorities should be Pottery for Cottages, Writing for Libraries, and Code of Laws primarily for Caste System. Adopting Caste System will allow you to run unlimited Scientists in your GP farm (preferably a city with a few food resources and/or 5 or so flood plains). Slavery is not much of a loss with Liz very much because most of your cities other than the GP farm should be cottaged and so may not grow rapidly at all. If you have Stone nearby (and even if you don't), consider grabbing the Pyramids; Representation will make your GP farm a great research center as well.
In the mid game, a Liberalism beeline is certainly the way to go. Given that you a few cottaged cities as well as frequent GS, you should be able to bulb your way there very early (significantly before 1000AD). Philosophy /Education are particularly good to bulb! I often grab Nationalism as a free tech off of Liberalism, build the Taj and during a Golden Age research Printing Press (great for cottage economy - also adopt Free Speech) followed by Banking and Economics (free Great Merchant you can use to found Sid's Sushi or Cereal Mills later). If there are potential targets, go Replacable Parts and Rifling and start building hordes of Redcoats. While those are being built, research or trade for Steel and bring a few Cannon as well.
Once you research Democracy, switch to Universal Suffrage and Emancipation. Universal Suffrage is ridiculously powerful with Liz who often has no trouble making tons of Gold. I find US particularly strong for building a navy quickly since coastal cities often suffer from lack of production. Build Stock Exchanges in your cities to bolster your Gold production. Emancipation allows you quickly transform your new cities into Town heaven and gives your poor rivals an unhappiness boost. In the late game, you can switch your GS farm into a Great Merchant farm as bulbing becomes much less valuable as tech values climb way up. Great Merchants can do trade missions and make you tons of gold for US and upgrades.
By this point in the game, you will either be so ridiculously ahead in tech that you can conquer the world with ease or build a Spaceship while your enemies are still running around with muskets and sailing ships.
If playing a coastal start, the strategy is similar to above except the Great Lighthouse and the Colossus become much more important and you want to get those even if you have to miss out on the Pyramids. Try to work coastal tiles - those are ridiculously powerful with Financial + GL + Colossus.
Play with slider through the game; most of the time, keep it as high as possible to research quickly and then drop to 0 for a few turns when you need some gold. Try to get Medicine early (I think prerequisite is Railroad) and found Sid's Sushi in your best Gold city. Trade with other civs for all their sea food (Fish, Crabs, Clams). Now feel free to spread Sid to them since they will get no benefit and watch as you make money at 100% research. At that point, spread Sushi to your cities as well to boost growth.
Production:
In coastal starts in particular, you may find that you are researching like mad, but that it takes you 10 turns to build a Redcoat on Normal Speed in your best production city. When playing with Liz, make sure you settle at least 2-3 good production cities through the game - don't cottage these too much
. Cities with hills and strategic resources are good, but make sure there is food to grow so you can work the mines. A plains city surrounded by 10 hills is a poor production city!! Later in the game when you approach levees, riverside cities become better for this. These production cities should build a few wonders you need (Mids, GL, Colossus); other than that, keep pumping troops out. Just because you have money does not mean you should neglect military. In the late game, you need productions cities for building Space Ship parts.
War:
Liz starts with Mining so she can axerush a nearby opponent early in the game . After an early rush, it may be suboptimal to go to war; instead develop your economy to a point where a huge tech lead will let you obliterate your enemies. Once you have Rifling, it's a good time to start. If you enemies don't have Riflemen, your Redcoats are still good; they are less vulnerable to Grenadiers when defending and eat Musketman for breakfast. Against enemy Riflemen, a +25% edge certainly helps especially if you are on defensive terrain approaching an enemy city. Give your Redcoats CI/Pinch.
Civics:
Representation before Democracy; Universal Suffrage after.
Bureaucracy (especially if you capital is a decent production site); Free Speech after Liberalism
Caste System; Emancipation in the later game when GS lose value and/or Emancipation unhappiness kicks in.
Free Market ASAP; allow Corporations and gives an extra trade route.
Free Religion if diplomacy allows; +10% research and extra happiness helps.
Conclusion:
Elizabeth is about Science. You'll have no trouble leading in tech. Just build enough military to prevent being destroyed early and get a few nice production sites. Be nice in the early game; give your aggressive enemies what they demand, adopt their religion, bribe them to attack someone. Each Town will give you 8 commerce after Free Speech. Combine this with bulbing with GS and you'll leave the AI's in the dust. Tell me what you think.

Traits: Financial, Philosophical
UB: Stock Exchange (Replaces Bank; +65% Gold)
UU: Redcoat (Replaces Rifleman, has +25% vs. Gunpowder units)
Techs: Fishing, Mining
Liz has the 2 strongest economic traits in the game. The key with her is to use a combination of cottages (boosted by Financial) and bulbing (helped by Philosophical) to move through the tech tree very rapidly. Liz in the hands of the AI is a formidable techer as well and always a threat for Space Race.
In Civ 4, however, no leader is perfect. While Liz has obvious economic
advantages, but lack in the military department somewhat until the late game. In addition, she has no production advantages early on so there should be a concerted effort when playing with her to grab some solid production locations.
Science and Gold:
You early research priorities should be Pottery for Cottages, Writing for Libraries, and Code of Laws primarily for Caste System. Adopting Caste System will allow you to run unlimited Scientists in your GP farm (preferably a city with a few food resources and/or 5 or so flood plains). Slavery is not much of a loss with Liz very much because most of your cities other than the GP farm should be cottaged and so may not grow rapidly at all. If you have Stone nearby (and even if you don't), consider grabbing the Pyramids; Representation will make your GP farm a great research center as well.
In the mid game, a Liberalism beeline is certainly the way to go. Given that you a few cottaged cities as well as frequent GS, you should be able to bulb your way there very early (significantly before 1000AD). Philosophy /Education are particularly good to bulb! I often grab Nationalism as a free tech off of Liberalism, build the Taj and during a Golden Age research Printing Press (great for cottage economy - also adopt Free Speech) followed by Banking and Economics (free Great Merchant you can use to found Sid's Sushi or Cereal Mills later). If there are potential targets, go Replacable Parts and Rifling and start building hordes of Redcoats. While those are being built, research or trade for Steel and bring a few Cannon as well.
Once you research Democracy, switch to Universal Suffrage and Emancipation. Universal Suffrage is ridiculously powerful with Liz who often has no trouble making tons of Gold. I find US particularly strong for building a navy quickly since coastal cities often suffer from lack of production. Build Stock Exchanges in your cities to bolster your Gold production. Emancipation allows you quickly transform your new cities into Town heaven and gives your poor rivals an unhappiness boost. In the late game, you can switch your GS farm into a Great Merchant farm as bulbing becomes much less valuable as tech values climb way up. Great Merchants can do trade missions and make you tons of gold for US and upgrades.
By this point in the game, you will either be so ridiculously ahead in tech that you can conquer the world with ease or build a Spaceship while your enemies are still running around with muskets and sailing ships.
If playing a coastal start, the strategy is similar to above except the Great Lighthouse and the Colossus become much more important and you want to get those even if you have to miss out on the Pyramids. Try to work coastal tiles - those are ridiculously powerful with Financial + GL + Colossus.
Play with slider through the game; most of the time, keep it as high as possible to research quickly and then drop to 0 for a few turns when you need some gold. Try to get Medicine early (I think prerequisite is Railroad) and found Sid's Sushi in your best Gold city. Trade with other civs for all their sea food (Fish, Crabs, Clams). Now feel free to spread Sid to them since they will get no benefit and watch as you make money at 100% research. At that point, spread Sushi to your cities as well to boost growth.
Production:
In coastal starts in particular, you may find that you are researching like mad, but that it takes you 10 turns to build a Redcoat on Normal Speed in your best production city. When playing with Liz, make sure you settle at least 2-3 good production cities through the game - don't cottage these too much

War:
Liz starts with Mining so she can axerush a nearby opponent early in the game . After an early rush, it may be suboptimal to go to war; instead develop your economy to a point where a huge tech lead will let you obliterate your enemies. Once you have Rifling, it's a good time to start. If you enemies don't have Riflemen, your Redcoats are still good; they are less vulnerable to Grenadiers when defending and eat Musketman for breakfast. Against enemy Riflemen, a +25% edge certainly helps especially if you are on defensive terrain approaching an enemy city. Give your Redcoats CI/Pinch.
Civics:
Representation before Democracy; Universal Suffrage after.
Bureaucracy (especially if you capital is a decent production site); Free Speech after Liberalism
Caste System; Emancipation in the later game when GS lose value and/or Emancipation unhappiness kicks in.
Free Market ASAP; allow Corporations and gives an extra trade route.
Free Religion if diplomacy allows; +10% research and extra happiness helps.
Conclusion:
Elizabeth is about Science. You'll have no trouble leading in tech. Just build enough military to prevent being destroyed early and get a few nice production sites. Be nice in the early game; give your aggressive enemies what they demand, adopt their religion, bribe them to attack someone. Each Town will give you 8 commerce after Free Speech. Combine this with bulbing with GS and you'll leave the AI's in the dust. Tell me what you think.