E economy

Question 1

Name some general issues with the economy in Elizabethan times?

Answer 1

Bad Harvests
High Taxation
Significant cut in real wages

Question 2

The value of internal trade was less or more than foreign trade?

Answer 2

The value of internal trade was less than foreign trade

Question 3

What happened to the value of foreign luxury goods?

Answer 3

Monetary value is decreased so the good are becoming for affordable

Question 4

In the 1580s trade with who increased?

Answer 4

Trade with the Ottoman empire increased

Question 5

In the 1580s were did the main market of English wool move from?

Answer 5

South to North

Question 6

What local measures were made to deal with finance?

Answer 6

The value of internal trade was less or more than foreign trade?

Question 7

When was the Statue of Artificers and what were the rules it established?

Answer 7

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

Question 8

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?

Answer 8

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

Question 9

Name 4 trade companies, when were they created and were they successful

Answer 9

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.

Question 10

What acts were used to promote the use of English ships?

Answer 10

The use of 2 Navigation Rates

Question 11

Who supported Walter Raleigh and what did Walter Achieve?

Answer 11

Sir Francis Walsingham

3 failed funded voyages to Roanoke Island, North Carolina

Question 12

Which two old towns declined by which 2 improved?

Answer 12

Stamford and Winchester declined

York and Norwich improved

Question 13

Name two news towns that improved

Answer 13

Manchester + Plymouth

Question 14

How many harvests were poor?

When were the 4 successive bad harvests?

Answer 14

9/44 harvests were poor

1594-1597

Question 15

What happened to real wages?

Answer 15

Real wages fell

by 1596 real wages were less than half the level 9 years ago

Question 16

When was the substience crisis?

Answer 16

1590s

Question 17

How much of the rural + urban population were in absolute poverty?

Answer 17

10% of Rural
20% of Urban
in absolute poverty

Question 18

How were annual maintenance costs affected by the reign?

Answer 18

annual maintenance costs were halved

Question 19

How much money was made from selling crown lands?

Answer 19

£600,000

Question 20

Elizabeth rewarded her favourites by allowing them to use her revenue.
Winchester and Leister alone owed how much money?

Answer 20

Winchester + Leicester owned nearly £70,000

5x the annual income from feudal dues

Question 21

Describe how England handled taxes.

Answer 21

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

Question 22

How did Elizabeth ‘pay’ her officals?

Answer 22

Favourable leases on land, import and export licences,patents. Corrupt