Economic Development Flashcards
By what factor did the export of cloth increase by during Henry VIII’s reign? Conversely, what general trend happened with wool exports? - Economy
Exports of cloth doubled during Henry VIII’s reign, yet the market for raw wool significantly declined.
Which ENGLISH port was exported cloth routed through during Henry VIII’s reign? Which ENGLISH ports saw negative impacts from this heavy centralisation of cloth exports? - Economy
Much of the cloth export trade was routed through London, with this acting to the detriment of other ports such as Bristol, Boston and Hull.
What percentage of cloth exports were transported by English merchants? Why was this a problem? - Economy
70% of cloth exports were transported by English merchants, with this meaning that some of the profits from English produce were ending up in foreign pockets.
What is the relationship between growth in the cloth industry and the wool industry? - Economy
A growth in the cloth industry would require a growth in raw wool availability, with this being the case during the first half of the 1500s.
Who is an excellent example of a clothing entrepreneur enhancing both wealth and social status during Henry VIII’s reign? - Economy
William Stumpe, who was an MP, high sheriff of the county, wealthy landowner and beneficiary of the monasteries dissolution.
How many blast furnaces were there in England by the end of Henry VIII’s reign? What did they produce and where? - Economy
There were 26 blast furnaces in England by 1547, with these producing iron ore in Sussex and Kent.
What was Henry VIII’s attitude towards exploration? - Economy
Henry VIII was heavily uninterested in exploration, making no attempt to build on the achievements of Cabot (discovering Newfoundland).
What were 3 developments which indicate a boost to prosperity in Henry VIII’s reign? - Economy
The population began to increase along with a general decline in mortality, agricultural prices rose meaning an increase in farming incomes, debasement of the coinage created an artificial economic boom.
What was engrossing? How can this be said to have both positive and negative impacts? - Economy
Engrossing is the joining together of 2 or more farming units to create a more efficient and productive agricultural unit. It did improve efficiency and output, however at the expense of rendering families homeless.
When did Henry VIII launch the policy of ‘The Great Debasement’? What were the results of this? - Economy
Henry introduced ‘The Great Debasement’ in 1544, causing a short-term economic boom, yet later damaging living standards as it led to inflation across the country.
What is debasement? - Economy
Debasement is the policy of reducing the silver metal content of coins and replacing it with base metal.
By what factor did food prices increase during the reign of Henry VIII? What can this be attributed to? - Economy
Food prices doubled during the reign of Henry VIII, with this potentially due to an increase in the population and poor harvests damaging the yield and quality of crop.
What percentage of Coventry were assessed to have no personal wealth by Wolsey’s subsidy assessment? - Economy
Wolsey’s subsidy assessment determined that over 50% of the population of Coventry had no personal wealth.
How many people migrated to London each year, increasing the urban population from rural areas? - Economy
5000 people migrated to London every year due to the decline of rural labour.
When did Henry VIII legislate against enclosure? What problems were there with this legislation? - Economy
Henry VIII passed legislation against enclosure in 1515, with this being very muddled and failing to understand the full extent of the problem. He then passed more in 1534 to try and reduce the problem.
When did Wolsey launch an enclosure commission to assess the scale of enclosure? How many prosecutions did Wolsey launch? - Economy
Wolsey launched a commission to assess enclosure in 1516, launching 264 prosecutions as a result of this.
What is seen as the main factor for economic distress during the reign of Henry VIII? What issue with wages exacerbated this? - Economy
The main cause of economic distress during the reign of Henry VIII was population increase, exacerbated by a stagnation in wages.
What percentage of England’s exports were cloth during the reign of Henry VIII? - Economy
During Henry VIII’s reign, 80% of all exports were cloth, meaning that the English economy was incredibly reliant on this source of revenue.
What negative aspects were there of trade under Henry VIII? - Economy
Much economic legislation was agreed and lobbied for by individuals with vested interests, the economy was over-reliant on cloth and wool exports, England had few trading outlets beside Antwerp.
Which 2 areas saw an increase in resource procurement and industry during Henry VIII’s reign? - Economy
Henry VIII’s reign saw the growth in the tin mining industry in Cornwall and the coal mining industry in the North East. These supported industry in Newcastle and London.
What negative aspects were there of industry during Henry VIII’s reign? - Economy
Industry only employed minimal numbers of people and there was no mass industrial production, industries were still technically backwards with little technological advancement.
What percentage of the population were subsistence farmers in Henry VIII’s reign? - Economy
90% of the population during Henry VIII’s reign were subsistence farmers.
What did life expectancy rise from-to during the reign of Henry VIII? - Economy
Life expectancy rose from 35 to 38 during Henry’s reign, a small increase indicating marginally better prosperity.
