Economic Development and Trade Flashcards
What was Ordinary Revenue ?
- Collected regularly
- Without permission from parliament
What were sources of royal income ?
- Crown Lands
- Profits from Fuedal Dues
- Customs Revenue
- Pensions from other powers
- Profits from justice
- Extraordinary Revenue
How did Henry generate revenue from Crown Lands ?
- Was the county’s largest landowner
- Through attainders, the Act of Resumption
- Rental income from his property= revenue
How did Henry generate revenue from Crown Lands ?
- Henry was the county’s largest landowner
- Through attainders, the Act of Resumption
- Rental income from his property= revenue
What was the Crown’s income at the start of the reign to the end ?
-£12,000 per year —> £42,000 per year
What was the Crown’s income at the start of the reign to the end ?
-£12,000 —> £42,000
What was Livery ?
- A fine paid to recover lands from wardship
What was the Fuedal Aid ?
- Granted by parliament in 1504
- Crown could impose tax on their tenants
- For the knighting of their eldest son
- Marriage of their eldest daughter
What was the Statute of Uses ?
- 1489
- Prevented landed property from being turned into trusts
- Frustrated landowners, made sure they paid tax
How much was the pension France paid Henry annually ?
-£5000
How did Henry generate revenue from Profits of Justice ?
- Fines and incomes from bonds
How did Henry generate Customs Revenue ?
- Tonnage and Poundage had been granted for life
- Meant Import and Export revenues increased
- £40,000 annually
What was Extraordinary Revenue ?
- Emergency money
- Needed parliaments approval
- Came from other sources
How much money did Henry receive from extraordinary taxation ?
- £400,000
- Through taxing people
How much money did parliament give Henry in 1489 ?
- 1489
- £75,000
- War against France
What was Simony ?
- Type of extraordinary revenue
- Selling of church appointments
What was the population of England at the start of the 15th century ?
2.2 million
Where did most people in society live ?
- countryside
- relied on farming
What were the main industries in urban areas ?
- Wool
- Cloth
How many of the population were urban dwellers ?
-10% of the population were urban dwellers
What event led to the decline in income of land ?
- The Black death
- 1/3 population died-shortage of workers- couldn’t grow crops
What type of farming were people moving to in the 15th century and why ?
- Sheep farming
- Depressed profitability of crop farming due to black death
- Improved profitability of sheep farming
- Increasing demand for wool
- Population grew and trade overseas developed
How was England divided agriculturally ?
- Lowland Zone : South and East
- Highland Zone : North and West
What was Mixed Farming ?
- Common in Lowland Zone
- Involved growing crops
- Raising animals as livestock
What was Pastoral Farming ?
- Dominated woodland areas
- Involved rearing of animals for animal products or meat
What was Open-Field Farming ?
- Common in Lowland Zone
- Form of landholding
- Tenants lived on manor and farmed lands
- Enjoyed common rights to keep animals
- Came under pressure by enclosure
What were Enclosures ?
- Ended all common rights to a piece of land held in the open-field system
- Land restricted to the owner, no longer to be used by peasants
What caused Enclosures ?
- Wool and cloth trades made sheep farming more profitable
- No longer need to farm land
How much of English exports was cloth ?
-Cloth was responsible for 90% of English exports
What type of cloth dominated the cloth trade ?
- Finished cloth dominated the trade
- Replaced raw wool
What did the popularity of finished cloth lead to the development of ?
- Led to the development of weaving, fulling and dyeing
- Offered opportunities for rural employment
- To enhance agrarian incomes
Where were the 3 main areas for the making of woolen cloth ?
- East Angila
- West Riding of Yorkshire
- West Country
Where was raw wool exported from ?
- East-coast ports : Boston, Lynn and Yarmouth
- Through Calais by the Merchants of the Staple
Where was finished cloth exported from
- London (commercial dominance)
- Through Merchants Adventures
What was the Merchant’s Adventures
- Trading Organisation
- Dominated London’s cloth trade with Antwerp
- Had a positive relationship with the crown
- Helped Henry negotiate trade treaties
Why was Englands trade with Antwerp important ?
- From Antwerp, English cloth was transported over Europe
- Antwerp was Europe’s main money market
Why couldn’t the Merchant Adventures achieve complete dominance of trade ?
- Unable to overcome trading privileges enjoyed by the Hansatic League
- Reasserted by treaty in 1474 and 1504
Why did Henry agree to the Hansatic League treaty ?
-Needed to ensure they would support Yorkist- Earl of Suffolk
What was the Hansatic League ?
- Organisation of German merchants
- Secured special trading privileges
- Intention of controlling trade in the Baltic Sea
- Exempt from customs duties
- England traded wool and cloth in exchange for fish
What were the Navigation Acts ?
- 1485 and 1489
- Only English ships could carry products to and from English ports
- Wanted to encourage English shipping
What other industries were there in the Tudor period ?
- Small industries
- Weaving and brewing
- Tin in Cornwall
- Lead in upland areas
- Coal in Durham
What was the Crown’s approach to trade ?
- Little consistency
- Interested in maximising customs revenue
- prepared to sacrifice revenue and trade to secure the dynasty
How did England trade with their ban on trade with the Netherlands ?
- Merchants were required to direct their trade through Calais
- Wouldn’t trade directly
- This invited retaliation from the Netherlands
What were the results of the Navigation Acts ?
- Threatened Henry’s relationship with the Hanseatic League
- Foreign vessels continued to transport English exports
What was the impact of the trade treaties ?
- Showed Henry rated foreign policy and dynastic interests
- Greater importance than the interests of English merchants
Why was Spain the most important country for England to build trade with ?
- Pioneering overseas exploration to the New World
- Exciting possibilities
What was one Exploration that Henry VII invested in ?
- John Cabot
- To search for Isles, countries or regions
- Reported existence of fishing grounds
- Never returned after 2nd voyage
- His son Sebastian received sponsorship from Henry
- Led an unsuccessful attempt to find the ‘north west passage’
What was the extent of Prosperity and Depression in this era ?
- Temporary rise in 1480’s prices remained steady
- Building workers and agricultural labourers were better of in 1490’s
