AS FP1 : Economic developments : trade, exploration, prosperity and depression Flashcards
Conceptual Awareness
What was England’s economy like?
England was largely agricultural
Coal and Iron industrry small compared to the cloth industry
Cloth was exported to the Netherlands
Conceptual Awareness
What aspect of foreign policy affected England’s economy?
Diplomacy with Burgundian lands :
- Trade Embargo 1493
- Intercursus Magnus 1496
What percent of all exports were from the cloth industry?
The cloth industry made 90% of all exports
How many statues did Henry pass that were concerned with Economic matters?
50
What was a common form of supplement income in peasant households?
The Cottage Industry : small scale manufacturing that took place in people’s homes on simple machinery.
conceptual awareness
What had the most economic influence in the realm?
The harvest - it determined if there would be enough food to feed the nation or if there would be widespread starvation.
Describe the harvests during Henry VII’s reign.
- 1486-1489 - good or average ; but 1485 was a really good harvest
- 1490s were a golden decade
- 1500 to 1503 were the bad years
- Got better from 1504
Conceptual awareness
What was England’s trade like?
England was a trading nation but the profist of trade were not yet a main source of income for the crown ; imports included wine + wood from France, iron from Spain and Cod from Scandinavia.
What percentage of trade in England was internal during Henry VII’s reign?
90%
What changes did Henry make to the coinage?
Henry introduced new dominations in gold and silver designs, he also introduced a shilling piece which was the first ever coin to have a true portrait of the king - form of propaganda that showed Henry’s power and kingship - showed nobles that he was here to stay.
Who did Henry finance the explorations of?
John and Sebastian Cabot
To what extent did Henry support exploration?
Henry seemed willing to support exploration but his desire to keep a close reign on spending curtailed his total investment.
What was England’s trading relationship with Burgundy?
Burgundy was England’s main export of wool and woolen cloth
* Political enemy of Margaret of Burgundy
What were the significant events of England and Burgundy’s trade?
- 1493 Trade Embargo, massive effect on both English and Burgundian economy.
- 1496 Magnus Intercursus - allowed English merhcants to trade freely throughout Burgundy
- Intercursus Malus as part of Treaty of Windsor 1506, but never implanted in Burgundy
Describe England’s trading relationship with France.
There was inconsistency in England’s trading with France ; both countries used trade as a bargaining chip in diplomatic relations.
What did Henry do in 1492 concering his trading relationship with France?
Signed the Treaty of Étaples to reduce trade restrictions as well as gain a steady source of extraordinary revenue.
What happed in 1495 concerning England and France’s trading relationship?
France ended all restrictions on English trade as a way to secure England’s neutral part in the Italian wars.
What did Henry ban in 1497 and why?
The export of unfinished cloth by any foreign merchants to help undermine the Hanseatic League.
When did Henry pass the navigation acts?
1485 and 1486
What did the navigation acts specify?
- English ships and crews had to be used in certain trades , in an attempt to encourage English shipbuilding and end reliance on foreign ships
- Attempted to promote trade and break the monopoly of the Hanseatic League
Were the navigation acts successful?
Sort of, by 1509 50% of trade was still reliant on foreign ships.
