Economic Development Flashcards
What was the population of England at the beginning of the 15th century?
Around 2.2 million
Where was the majority of the population living during Henry VII’s reign?
In the countryside
They relied on some form of farming for a living
What was Henry VII’s view of economic policy and trade?
He had no specific ‘economic policy’.
His was willing to to sacrifice revenue and trade in interests of securing the dynasty.
What was the impact of the changes in the cloth trade change?
There was an increased demand for weaving, a domestic process, offering opportunities for rural employment.
The finished cloth was exported from London which established a commercial axis with Antwerp.
What were the Merchant Adventurers?
A trading organisation which came to dominate London’s cloth trade with Antwerp.
The king increasingly used their expertise in the negotiating of trade treaties such as the Intercursus Magnus and Malus.
Why was English trade dependent on cloth?
Because other industries were small and failed to compete effectively with continental competitors.
What was the biggest trade issue during Henry VII’s reign?
His trade embargo with the Netherlands.
He imposed this in 1493 because of Margaret of Burgundy’s support of Perkin Warbeck.
What ended the trade embargo with the Netherlands?
A treaty known as the Intercursus Magnus.
Philip of Burgundy confirmed this in 1499.
What was the Intercursus Magnus say?
Set down that English Merchants could export to any part of the Duke of Burgundy’s lands apart from Flanders.
In provided a solid base for their trading relationships.
What did the Treaty of Etaples (1492) do for trade?
It tried to encourage Anglo-French commercial relations
What percentage of the population were urban dwellers?
10%
Wool and cloth were the main industries in these areas
What was open-field husbandry?
Tenants of an area would farm strips of land on an open field and enjoyed common rights (right to use common land).
This came under pressure by enclosure in the 16th century.
How consistent was the state of the economy during the reign of Henry VII?
There was little change in prices, apart from a temporary rise in the 1480s. The same goes for wages.
