Economic Development Flashcards
What exports increased during this period ?
- Rise in cloth exports
- Woollen cloth exports almost doubled during Henry VIII’s reign
- Significant increase in hides and tin exports
- Cheaper fabrics like Keresy
What was becoming a new import that was increasing ?
- Import of wine increased
- Spending power of the more prosperous classes increased
Where did an increasing proportion of exports begin to be routed from ?
- An increasing proportion of cloth exports were routed through London
- Before it was London to Antwerp, sent to Europe
How did exporting through London have a negative impact ?
- Negative impact on other ports, especially Bristol and Hull
- Merchants outside of London struggled to compete
Which city enjoyed a boom of trade ?
- Southhampton
- Trade with Venice
- Short lived
What was Keresy ?
- A wooden cloth
- Cheaper fabric
- Increased during this period
How did the wool industry operate ?
- Domestic basis
- Children carding the wool
- Women spinning
- Men weaving
Which 3 areas saw the greatest growth in the cloth industry ?
- West Riding of Yorkshire
- East Angila
- Parts of the West Country (Gloucestershire)
What was the problems with the profits from the cloth industry ?
- The work was not always secure and could lead to poverty
- Profits did not always find their way into English pockets (exports )
Which MP made serious profits from the cloth industry ?
-William Strumpe
Which industries saw a growth in this period ?
- Mining industries
- Cornish tin exports
- Iron Ore in Sussex and Kent
What progress did Henry VIII make with exploration ?
- Uninterested in exploration, didn’t offer any support towards it
- Robert Thorne continued work in Newfoundland and Iceland fishery
- Sebastian Cabot remained in Spain for the most part of Henry’s reign, retuning on 2 short visits
What supports the view that England was prosperous under the Tudors ?
- Population began to grow significantly from 1525- decline in the rate of mortality
- 1520’s- agricultural prices rose significantly- increase in farming incomes
- Debasement of coinage- short term artificial boom in 1544 to 1546
What showed signs of Depression in Tudor society ?
- Bad harvests of 1520-1521 and 1527-29, led to temporary increase in food prices
- Real wages began to decline as an effect of debasement
- Over half the population of Coventry were recorded as having no personal wealth
- Growing unemployment amongst rural labourers
- Some made homeless due to engrossing
How was the increase in population the main cause of economic distress ?
- Strain on food supply, difficult to meet rising demand
- A plentiful supply of cheap labour
- People who benefitted from the increase were wealthier farmers and landowners
- Agricultural Prices Rose and therefore so did farmers income
- Upper classes became richer and poorer classes became poorer
What was the Impact of enclosures ?
- Little impact
- Moral issue that the poor were being forced to leave their homes
- Caused Wolsey to establish an enclosure commission against 108 defendants found guilty of illegal enclosure
What did Henry VIII expand and invest heavily in ?
- Expanded on father’s imperial ambitions
- Invested heavily in the navy
- Increased its size from 7-53 ships
- Established Deptford and Woolwich as Royal Dockyards
Which countries had England established trade with buy the end of Henry’s reign ?
- Brazil
- The West Indies
- Guinea
- The Canaries
- Italy
What reignited Henry’s interest in Exploration ?
- Several voyages made to the coat of West Africa
- Brought back Pepper and Ivory
- Decided to finance John Rutt’s transatlantic voyage in 1531
What was the Debasement of the Coinage ?
- Due to Henry’s failed foreign policy
- Reduction of the silver and metal content of coins
- Resulted in inflation
- Enabled the monarchy to pay off government debts
- High risk method of making revenue
What was the silver content of a coin before 1542?
- Silver content of a coin before 1942 was 92%
- But by 1940’s it was 33%
What was ordinary revenue dependant on ?
- Crown lands
- Largely inflexible
- Always more likely to fall than rise
What did the reversal of Acts of Attainders cost Henry VIII?
- Cost Henry VIII around £15,000 from his landed income
- 1509-1515
What was the Act of Resumption 1515 ?
- Under Wolsey
- Increased revenue from Crown Lands
- Regained some lands that had been granted away
- Raised up to £10,000
- Income decreased to £25,000 per annum
What was The Subsidy ?
- Under Wolsey
- A national committee set up to assess taxpayers wealth
- Replaced local commissioners who were over generous to the local nobility
- Provided more accurate valuations of the taxpayers wealth (more realistic tax)
- Raised Extraordinary Revenue for Henry’s war in France- over £300,000 !!
- Amount was insufficient and led to the Amicable Grant
What was The Amicable Grant 1525 ?
- Additional tax to fund Henry’s war with France.
- Rebellions in London and East Anglia
- Taxpayers showed strong resistance- Wolsey had to backtrack and settled for voluntary contributions
- Nobility alarmed by the widespread anger and informed The King
- The King left Wolsey to apologise, rebels were pardoned, Wolsey pays off their prison expenses
What was government expenditure between 1509-1520 ?
-Government expenditure between 1509-1520 was 1.7 million
What did Wolsey do to battle Enclosures ?
- Campaigned against enclosures- people lost their common rights to land
- Laws of 1589 and 1514-15 were against enclosing
- Cases launched against 260 landlords
- Large number of cases closed with clear verdicts
- Abandoned enclosure policy for 18 months in 1523.
How did Henry exploit Church revenues ?
- Annates or First Fruits- revived in 1534 in the form of a payment to the crown
- Tenths-annual tax
- They brought in £42,000 annually
What was the Court of Augmentations ?
-Established to deal with revenue from the DOM
What did Cromwell double the crown’s income to ?
£300,000
What did Henry use the money from DOM for ?
- Invested into education
- New cathedral grammar schools
- Christ Church, Oxford and Trinity College, Cambridge were established
- Sold Monastic Lands
- Profits used to finance wars
- By 1547, Henry made £800,000
How much did Henry make a year from DOM ?
£140,000
How did Henry throw away an advantage with Monastic Lands ?
- DOM may have been worth £50,000 annually in rents
- Henry sold off many monastic lands
- Long term income from rents would have provided more stability for the crown
How much did Henry spend on war between 1512-14 ?
-£1,000,000
What was the main way Henry’s wars were financed ?
-Taxation
