E economy Flashcards
Name some general issues with the economy in Elizabethan times?
Bad Harvests
High Taxation
Significant cut in real wages
The value of internal trade was less or more than foreign trade?
The value of internal trade was less than foreign trade
What happened to the value of foreign luxury goods?
Monetary value is decreased so the good are becoming for affordable
In the 1580s trade with who increased?
Trade with the Ottoman empire increased
In the 1580s were did the main market of English wool move from?
South to North
What local measures were made to deal with finance?
The value of internal trade was less or more than foreign trade?
When was the Statue of Artificers and what were the rules it established?
1563
JP set max wages
Minimum hire of 1 year for workmen where they couldn’t leave or be dismissed w/o good cause
Prohibition unless undergone 7 years apprenticeship to do a craft
Who invented the English Slave trade?
How many voyages did he make?
Which significant individual supported his 2nd voyage?
How did his 3rd one fail?
John Hawkins gained slaves from Africa 3x
2nd supported by Earl of Leicester
3rd was the fail blockade in port of San Juan De Ulua
Name 4 trade companies, when were they created and were they successful
Muscovy Company- 1555, long term failed to compete with the Dutch
Eastland Company- 1579 trade in Baltic but limited
Levant Company - 1581, success in Ottoman Empire
East India Company-1600 trade w/ Asia failed to compete in the short term.
What acts were used to promote the use of English ships?
The use of 2 Navigation Rates
Who supported Walter Raleigh and what did Walter Achieve?
Sir Francis Walsingham
3 failed funded voyages to Roanoke Island, North Carolina
Which two old towns declined by which 2 improved?
Stamford and Winchester declined
York and Norwich improved
Name two news towns that improved
Manchester + Plymouth
How many harvests were poor?
When were the 4 successive bad harvests?
9/44 harvests were poor
1594-1597
What happened to real wages?
Real wages fell
by 1596 real wages were less than half the level 9 years ago
When was the substience crisis?
1590s
How much of the rural + urban population were in absolute poverty?
10% of Rural
20% of Urban
in absolute poverty
How were annual maintenance costs affected by the reign?
annual maintenance costs were halved
How much money was made from selling crown lands?
£600,000
Elizabeth rewarded her favourites by allowing them to use her revenue.
Winchester and Leister alone owed how much money?
Winchester + Leicester owned nearly £70,000
5x the annual income from feudal dues
Describe how England handled taxes.
England had the lowest tax rate in all of Europe.
Taxes didn’t rise in relation to inflation so the value of the subsidy tax decreased each year
How did Elizabeth ‘pay’ her officals?
Favourable leases on land, import and export licences,patents. Corrupt
