11. Henry viii- economic development

Question 1

explain trade and exploration?

Answer 1

• export of cloth increased 3x from 1500-1550= prosperity
• spanish exploitation of america’s was advantageous as merchants could buy cheaper goods and sell them at higher prices
• he also increased the size of the navy to 53 ships
• several voyages were made to Africa, which brought back pepper and ivory= reignited henry’s interest in exploration and he financed John Ruts voyage in 1531

Question 2

explain prosperity and depression?

Answer 2

• *Elton: economic crisis was due to a steady rise in prices from the beginning of the century
• first serious english inflation was due to Henry’s foreign policy, which increased government spending, using up treasure amassed by HVII
• meant the debasement of coinage, and monarch could pay off government debts
• however as debasement continued, this caused inflation to soar= slumps in the cloth trade, paired with bad harvests in 1530 causing grain prices to rise.