Economic development Flashcards
How many people lived more or less directly off the land
9/10
How much of British exports were cloth
90%
How much is it estimated the cloth trade increased during Henry’s reign
60%
Merchant adventures significance
Played a role in establishing trade route to Antwerp which was important for trade
Positives of economic policy
- sheep farmers economically benefitted due to the ride in cloth exports and the increased demand for finished cloth
- merchant adventures
- urban areas
Negatives of economic developments
- poor disadvantaged form enclosure as they were used to open field husbandary and didn’t have lane to farm
- 1/4 harvests were lack lustre
- embargo bad for cloth trade everyone in production lines were disadvantaged as 90% exports at cloth
Was Inflation a problem?
Yes
Why did real wages decrease
Wages increased but real wages decreased due to depreciation of purchasing power
Wages don’t keep up with depression
The navigations acts
- between 1485 and 1486 acts were passed which forbade English merchants from landing goods on foreign ships
Positive as it gave jobs to English
But limited trade which limited finance
Positive of Intercursus Magnus 1506
Burgdinians a had to pay English duties
But it was never fully ratified as it came near to end of his reign
Exploration
- Henry vii supported exploration unlike Henry viii
- many efforts but limited in scope and scale
John cabots exploration
1497 1st expedition to new foundland
2nd expedition he didn’t return from
Sebastian Cabot exploration
Got money from Henry to go back to North America but didn’t
custom duties raised
- £33,000 - £40,000 in reign
estimated how much hernyw as getting a year
50,000-120,000
