51. The Problem Of Inflation

Question 1

Why was inflation a problem all over Europe?

Answer 1

Due to rising population

Question 2

Why had England made inflation worse?

Answer 2

Debasement of coinage in the 1540s

Question 3

What were prices particularly high for?

Answer 3

Grain, bread, meat, and cheese

Question 4

What were food prices in 1561-1570?

Answer 4

Nearly 300% of what they had been in 1500

Question 5

What were food prices in 1571-1580?

Answer 5

240% of what they were in 1500

Question 6

What did the public blame price rises on?

Answer 6

Greedy individuals, especially those who enclosed land

Question 7

What was blamed for inflation by 1571?

Answer 7

The influx of bullion from the new world

Question 8

Was the influx of bullion really a problem?

Answer 8

Probably not in England

Question 9

Who blamed the influx of bullion for inflation?

Answer 9

Sir Thomas smith in his commonwealth of England

Question 10

Who benefitted from inflation?

Answer 10

Agricultural producers, larger and middling landowners, tenant farmers

Question 11

Who suffered the most from inflation?

Answer 11

Landless labourers

Question 12

What made inflation worse by the 1590s?

Answer 12

War and poor harvests

Question 13

What did elizabeth and her advisers not understand as a cause of inflation?

Answer 13

Rising population

Question 14

Who was elizabeth’s policies driven by the ideas of?

Answer 14

Sir Thomas Gresham

Question 15

What did the government believe would ease inflation?

Answer 15

Replacing debased coins either good ones

Question 16

When did the process start to replace debased coins?

Answer 16

1560

Question 17

When had the old coins been called in by?

Answer 17

1561

Question 18

What were the base alleys in the old coins used for?

Answer 18

To fill up potholes in the road

Question 19

What happened when the new coins were circulated?

Answer 19

Prices didn’t go down

Question 20

Where did the privy council raise loans from?

Answer 20

Antwerp

Question 21

What did the loans from Antwerp lead to?

Answer 21

A fall in the value of the pound

Question 22

Why was debasement favourable for the Queen?

Answer 22

Presented an image of stability and confidence

Question 23

How did the government try to solve inflation to do with imports?

Answer 23

Reduced imports and enforced laws about what people could wear to reduce importing of luxury material, but it was unsuccessful

Question 24

What was one form of price control?

Answer 24

Legislation

Question 25

Why was legislation bad?

Answer 25

Enforcement was hard

Question 26

What was the most significant legislative attempt to reduce inflation?

Answer 26

The statute of artificers, which allowed JPs to fix wages

Question 27

What had a maximum price on it?

Answer 27

French wines only so didn’t reduce the household budgets of the poor

Question 28

What did elizabeth try to enforce?

Answer 28

Fasting in lent and observance of Wednesday and Friday as fish days to conserve food stocks

Question 29

What did elizabeth’s attempt to enforce fasting cause among puritans?

Answer 29

Causes protests from puritans as fasting was a Catholic practice

Question 30

What was the book of orders?

Answer 30

Instructions sent to JPs that said there was to be no hoarding of grain and corn had to be sold in small quantities such as a bushel to make it more affordable

Question 31

When was the book of orders?

Answer 31

1586

Question 32

What did the government do about vagrants?

Answer 32

Punished them

Question 33

What were the clergy told to preach about?

Answer 33

The evils of hoarding food and pray for better weather