Chapter 5 - economy Flashcards
What was the population of England at the beginning of the 15th century and Where did most people live?
- Around 2.2 million people.
- In the countryside, meaning they all relied on some form of farming for a living.
What % lived in towns? Name 5 with population figures.
What were the main industries in cities?
Only 10% of people lived in urban areas, most of which were small towns. No more than about 20 towns had 3000+ people living there
E.g. - London (obvious exception) →Population of 50,000+
Norwich → population of 10,000+
Bristol, York and Coventry → population of 8,000-10,000
Wool and cloth. Other smaller industries included mining tin, lead and coal, metal working, leatherwork, shipbuilding and papermaking.
Why did sheep farming dominate in the 1480s and 1490s? What were the negative aspects of this?
- The profitability of arable (crop) farming had decreased and the profitability of sheep farming had increased because of the increasing demand for wool, with the growing population, and the development of overseas trade.
- resulted in improved production and efficiency but it meant that peasants lost their access to land and their common rights, often leaving them destitute. (But this was more a problem after Henry’s reign)
How much of English exports were made up of the cloth trade and how much did the cloth trade increase under Henry VII’s reign?
- About 90%.
- 60+%.
How did the cloth trade change? What opportunities did this open up?
Earlier on, most exports were raw wool (shipped mainly from east-coast ports) exported through Calais by the Merchants of the Staple. But over time, finished cloth began to dominate - leading to the development of weaving and fulling and dying which were commercial enterprises. This opened up opportunities for rural employment to supplement agrarian incomes.
Where was finished cloth exported from and to where?
What was the role of the Merchants Adventurers?
- A large proportion was exported from London (reinforced commercial dominance) through the Merchant Adventurers to Antwerp (Belgium) from where it was transported all over Europe.
- dominated London’s cloth trade and acted as the voice of the industry when it was subordinate to national policy. King used their expertise in negotiation of trade treaties E.g. the Intercursus Malus and Intercursus Magnus.
Which two trading organisations were in competition?
What role did Henry play in helping the Hanseatic League and what was his reason?
- The Merchant Adventures and the Hanseatic League (whose overseas privileges blocked the Adventurers from complete domination of trade).
- He reasserted their rights by treaty in 1474 and 1504 to ensure that they wouldn’t support the Earl of Suffolk who was hiding out in Germany at the time.
What characterised Henry’s approach to trade?
It had little consistency and focussed on maximising customs revenue but he was willing to sacrifice revenue and trade to maintain dynastic security and for Parliament to legislate based on sectional interests.
When and why did Henry impose a trade embargo on the Netherlands?
What was the Intercursus Magnus?
- In 1493 because of Margaret of Burgundy’s fear of Perkin Warbeck. It meant that merchants had to direct trade with the Netherlands through Calais, causing the Netherlands to retaliate.
- The treaty that brought the trade embargo to an end. Said that English merchants could export to any part of Burgundy and would be granted justice and effective arguments would be put in place for the resolution of disputes.
What were some of the main examples of Henry prioritising foreign policy interests and dynastic interests above trade?
- 1503 - tried to reimpose embargo when the claim of the Earl of Suffolk was being taken seriously around Burgundy.
- 1486 - trade restrictions from Edward IV’s reign were removed only to be reinstated the following year because of Henry’s support for Brittany and then mostly removed again with the treaty of Etaples (1492).
- Failure to make breakthrough in Mediterranean trade
- Hanseatic lead limited English trading interests in the baltic
- 1485 and 1489 - Navigation Acts passed ensuring that only English ships could carry certain products to and from English ports (limited usefulness)
Who was John Cabot?
Native of Genoa (Italy). Started as a merchant involved in Venetian spice trade, moved to Spain as harbour designer. Became interested in exploration and sought out a quicker cross-atlantic course. He also worked as an explorer under Henry VII, who was eager to find and take over new territories.
What were two factual and statistical signs of economic prosperity during Henry’s reign?
- Price of Consumables didn’t vary too much (116 from 1480-1489 and 104 from 1500-1509)
- The purchasing power of wage rate of a building craftsman, for example, didn’t vary too much (93 from 1480-1489 and 96 from 1500-1509)
