6. Economic development Flashcards
What happened to trade during the first half of the 1500s?
There were occasional downturns but, overall, the volume of trade increased.
Woolen cloth exports almost doubled during Henry VIII’s reign.
The biggest change was the increase in cheaper fabrics such as kersey.
What happened to the ports in London?
An increasing proportion of cloth was exported through London to Antwerp.
This had a negative impact on other ports like Bristol, Hull and Boston.
Who gained wealth from the increase in the cloth trade?
Rich and entrepreneurial clothiers were able to acquire wealth and status.
e.g. William Stumpe who became MP for Malmesbury, High Sheriff of the County, wealthy landowner and beneficiary from the dissolution of the monasteries.
How did exploration develop during Henry VIII’s reign?
Henry was uninterested in exploration and made no attempt to build on the progress already made.
How did the economy improve under Henry VIII?
The population grew significantly from 1525 and mortality rate declined.
From the 1920s, agricultural prices rose, resulting in an increase of farming incomes, debasement of the coinage created short-term artificial boom from 1544 to 1546.
How did the economy get worse under Henry VIII?
Bad harvests led to an increase in food prices, food prices almost doubled under Henry VIII, wages began to decline for many and was worst at the end of his reign as a result of debasement, there was growing unemployment in rural areas, some people were made homeless as a result of engrossing.
When were the bad harvests under Henry VIII?
1520-21 and 1527-29
What was engrossing?
Joining together two or more farms to make a single agricultural unit.
Could improve efficiency and output.
However, it made some families homeless
What was enclosure?
It had existed in the fifteenth century but had little impact.
It was the consolidating (enclosing) of small landholdings into larger farms.
What was the impact of enclosure?
Led to the poor being forced to leave their homes.
In response, Wolsey launched an enclosure commission in 1517.
188 defenders were found guilty of enclosing illegally.
What was the impact of the increasing population during the reign of Henry VIII?
It put a strain on food supply.
This was made worse by the increase in cheap labour and poor wages.
Wealthy landowners benefitted from this but at the expense of the poor peasants.
Society became more polarised.
