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.
