Did the Economy witness improvement under Elizabeth Flashcards
Explain the background issues of the Economy during Elizabeths reign
Upon Elizabeth’s succession to the throne, she was met with an accumulation of dept from Mary I of £300,000 + the amalgamation of problems which had severely weakened the english economy by 1558. One of the major issues being inflation which had risen by 400% which was caused by a number of factors including;
- Increase in government and crown expedicture under the Tudor monarchy
- Debasement of the coinage and bad harvests which led to growing social and economical discontent throughout Elizabeth’s reign.
- The huge increase in population growth which, by the end of Elizabeth’s reign comprised 4 million,which also exacerbated these issues.
What were the 4 Key methods Elizabeth used to combat the weakneses of the English economy?
In order to combat these issues Elizabeth introduced a variety of measures to stabilise the english economy this included;
- Stabilising the currency
- Reducing crown/government expenditure
- Trade + Exploration
- Introducing local initiates in order to tackle the suffering faced by the poor.
Explain the 1st Key reason you can argue the English economy was improved throughout Elizabeths reign
NO. 1 - Stabilising the currency;
- Elizabeth I took action successfully withdrawing England’s badly debased coins. Within a year (1560-61) the debased money had been withdrawn, melted down + replaced with newly minted coins of precious metal which allowed the Crown to procure a healthy profit from the exercise, estimated at £50,000 restored the faith in England’s coins both at home and abroad.
The restoration of the nation’s coinage improved the dealings of English merchants abroad which further aided england’s trade allowing wider ranges of good to be imported into england during Elizabeth’s reign and often stood at a price affordable for a wide range of the population.
Explain the 3nd Key reason you can argue the English economy was improved throughout Elizabeths reign
NO.3 - Local Initiates + Poor Relief`:
There were instances under Elizabeth where the gap between the very rich and poor severely widened. This paired with the cultivation of bad harvests let to years of severe deprivation as seen in 1596 and 1598 which exacerbated the harsh conditions of the poor + In order to combat this, government introduced a number of measures and laws in order to help the ‘deserving poor’
- The Act of 1572 which established the principle that local ratepayers should be required to pay for the poor relief of their own poor people.
- The Poor Law Act of 1576 was the first act which created a national system of relief which was fined by people and administered locally. Under the act towns were legally required to make provision for the employment of members of ‘the deserving poor’
- Further acts completed this legislative process as under Elizabeth’s poor Law act of 1601 the parish became a designated institution required to raise the rates for and administer poor relief + an overseer was appointed the ensure appropriate distribution of this aid.
In this sense, elizabethan government took it upon itself to hold responsibility for ensuring ,minimum levels of subsistence for desiring poor, which was a huge legislative achievement which was both effective and long lasting until 1834.
Explain the 4th key reason the English economy was improved Elizabeth
No. 4 - Trade + Exploration:
Some reforms in revenue administration contemplated under Mary I enabled Elizabeth’s implementation of several improvements like The Introduction of the New Book of Rates in 1558 which dramatically increased customs revenue on exports from £29,000 to £85,000 per year.
This aided Elizabeth in meeting the ever increasing cost of administration + expanding the national economy via new markets. Trade thus increased Englands national wealth, the English economy + the crowns financial security because they could imput tariffs and higher taxes. Major companies;
The Levant Company + East India Trading Company;
However internalised trade was significant during elizabeths reign + far outweighed foreign trade + there was a development of dominant cities within England which traded with one-another. The biggest single development in internal trade was the growth in the shipping of coal from the Tyne in Newcastle to the Thames to meet the growing demands of the London market, though some coal was exported across the north sea.
Explain the 2nd key reason the English economy was improved under Elizabeths reign
No.2 - Decreasing of crown expenditure
Elizabeth ascended the throne whilst Englands immersed in conflict with france + spain and immediately takes action to extradite england from this conflict + expensive war vai the Treaty of Cateau Cambresis which not only had favourable terms but equally dramatically decreased the ruinous crown picture which concurred under her predecessors.
- Elizabeth decreased crown expenditure + improved crown finances through the selling of crown lands. Elizabeth sold crown lands she felt were surplus in order to contribute toward building the cash reserve she achieved in 1585. This amounted to £600,000 throughout her reign. She also raised revenue by allowing the last of the monastic properties seized by Henry VIII pass into private ownership.
- Elizabeth underpaid officials in government ensuring they didn’t have a fixed salary but instead worked for rewards, such as favourable leases on land and import and export licences. This reward system was successful in reducing the overall expedicture of the crown.
What evidence is there to counter your argument that Elizabeth reduced crown expenditure?
Counter - However Elizabeth’s reduction in crown expenditure did not last long-term exhibited via the long decade/ conflict + war with spain. In order to fund the development of english naval power to defeat the armada + fund the continued war at sea elizabeth ahd o constantly reply on her exploitation of traditional resources.
Elizabeth also exploited parliament’s ability to grant her collected large subsidies in order to fund foriegn policy. In 1593, Elizabeth asked for three subsidies from Parliament, of which amounted to £300,000.
Whilst she did underpay officials, her reliance on ‘reward’ systems rather than wages including the granting of monopolies also had negative impacts. Elizabeth’s utilisation of granting ‘Monopolies’ brought long term issues due to the fact hat she used them too much, to the extent that it often sparked opposition and factional rivalries.
What evidence is there to counter your argument that Elizabeth sucsessfully tacked the issue of poverty during her reign?
Counter - Elizabethan government’s treatment of the ‘undeserving poor’ was a failure + completely misunderstanding regarding the impact economic depression had upon the poorest sections of society;
The treatment of the undeserving poor remained harsh + an extremely repressive + unenforceable act against vagrancy was passed in 1547 however was quickly repealed. The notion remained that the undeserving should be whipped + in 1572 an act added to the rage of punishments available to authorities. An act of 1597 laid down for the firs time that first time offenders should be whipped + then set back to the parish of their birth whereas repeat offenders could be executed.
There were still vast issues throughout Elizabeth’s reign demonstrating that the economy remained fluctuating. There was a series of bad harvests with the worst years of deprivation being 1596 + 1597 + Agricultural prices climbed to unprecedented levels but real wages slumped to their lowest levels since before the black death.
