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Henry VII, 1485-1509 > Economic Development and Trade > Flashcards

Economic Development and Trade Flashcards

1
Q

What was Ordinary Revenue ?

A
  • Collected regularly

- Without permission from parliament

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2
Q

What were sources of royal income ?

A
  • Crown Lands
  • Profits from Fuedal Dues
  • Customs Revenue
  • Pensions from other powers
  • Profits from justice
  • Extraordinary Revenue
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3
Q

How did Henry generate revenue from Crown Lands ?

A
  • Was the county’s largest landowner
  • Through attainders, the Act of Resumption
  • Rental income from his property= revenue
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4
Q

How did Henry generate revenue from Crown Lands ?

A
  • Henry was the county’s largest landowner
  • Through attainders, the Act of Resumption
  • Rental income from his property= revenue
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5
Q

What was the Crown’s income at the start of the reign to the end ?

A

-£12,000 per year —> £42,000 per year

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6
Q

What was the Crown’s income at the start of the reign to the end ?

A

-£12,000 —> £42,000

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7
Q

What was Livery ?

A
  • A fine paid to recover lands from wardship
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8
Q

What was the Fuedal Aid ?

A
  • Granted by parliament in 1504
  • Crown could impose tax on their tenants
  • For the knighting of their eldest son
  • Marriage of their eldest daughter
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9
Q

What was the Statute of Uses ?

A
  • 1489
  • Prevented landed property from being turned into trusts
  • Frustrated landowners, made sure they paid tax
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10
Q

How much was the pension France paid Henry annually ?

A

-£5000

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11
Q

How did Henry generate revenue from Profits of Justice ?

A
  • Fines and incomes from bonds
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12
Q

How did Henry generate Customs Revenue ?

A
  • Tonnage and Poundage had been granted for life
  • Meant Import and Export revenues increased
  • £40,000 annually
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13
Q

What was Extraordinary Revenue ?

A
  • Emergency money
  • Needed parliaments approval
  • Came from other sources
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14
Q

How much money did Henry receive from extraordinary taxation ?

A
  • £400,000

- Through taxing people

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15
Q

How much money did parliament give Henry in 1489 ?

A
  • 1489
  • £75,000
  • War against France
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16
Q

What was Simony ?

A
  • Type of extraordinary revenue

- Selling of church appointments

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17
Q

What was the population of England at the start of the 15th century ?

A

2.2 million

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18
Q

Where did most people in society live ?

A
  • countryside

- relied on farming

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19
Q

What were the main industries in urban areas ?

A
  • Wool

- Cloth

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20
Q

How many of the population were urban dwellers ?

A

-10% of the population were urban dwellers

21
Q

What event led to the decline in income of land ?

A
  • The Black death

- 1/3 population died-shortage of workers- couldn’t grow crops

22
Q

What type of farming were people moving to in the 15th century and why ?

A
  • 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
23
Q

How was England divided agriculturally ?

A
  • Lowland Zone : South and East

- Highland Zone : North and West

24
Q

What was Mixed Farming ?

A
  • Common in Lowland Zone
  • Involved growing crops
  • Raising animals as livestock
25
Q

What was Pastoral Farming ?

A
  • Dominated woodland areas

- Involved rearing of animals for animal products or meat

26
Q

What was Open-Field Farming ?

A
  • 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
27
Q

What were Enclosures ?

A
  • 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
28
Q

What caused Enclosures ?

A
  • Wool and cloth trades made sheep farming more profitable

- No longer need to farm land

29
Q

How much of English exports was cloth ?

A

-Cloth was responsible for 90% of English exports

30
Q

What type of cloth dominated the cloth trade ?

A
  • Finished cloth dominated the trade

- Replaced raw wool

31
Q

What did the popularity of finished cloth lead to the development of ?

A
  • Led to the development of weaving, fulling and dyeing
  • Offered opportunities for rural employment
  • To enhance agrarian incomes
32
Q

Where were the 3 main areas for the making of woolen cloth ?

A
  • East Angila
  • West Riding of Yorkshire
  • West Country
33
Q

Where was raw wool exported from ?

A
  • East-coast ports : Boston, Lynn and Yarmouth

- Through Calais by the Merchants of the Staple

34
Q

Where was finished cloth exported from

A
  • London (commercial dominance)

- Through Merchants Adventures

35
Q

What was the Merchant’s Adventures

A
  • Trading Organisation
  • Dominated London’s cloth trade with Antwerp
  • Had a positive relationship with the crown
  • Helped Henry negotiate trade treaties
36
Q

Why was Englands trade with Antwerp important ?

A
  • From Antwerp, English cloth was transported over Europe

- Antwerp was Europe’s main money market

37
Q

Why couldn’t the Merchant Adventures achieve complete dominance of trade ?

A
  • Unable to overcome trading privileges enjoyed by the Hansatic League
  • Reasserted by treaty in 1474 and 1504
38
Q

Why did Henry agree to the Hansatic League treaty ?

A

-Needed to ensure they would support Yorkist- Earl of Suffolk

39
Q

What was the Hansatic League ?

A
  • 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
40
Q

What were the Navigation Acts ?

A
  • 1485 and 1489
  • Only English ships could carry products to and from English ports
  • Wanted to encourage English shipping
41
Q

What other industries were there in the Tudor period ?

A
  • Small industries
  • Weaving and brewing
  • Tin in Cornwall
  • Lead in upland areas
  • Coal in Durham
42
Q

What was the Crown’s approach to trade ?

A
  • Little consistency
  • Interested in maximising customs revenue
  • prepared to sacrifice revenue and trade to secure the dynasty
43
Q

How did England trade with their ban on trade with the Netherlands ?

A
  • Merchants were required to direct their trade through Calais
  • Wouldn’t trade directly
  • This invited retaliation from the Netherlands
44
Q

What were the results of the Navigation Acts ?

A
  • Threatened Henry’s relationship with the Hanseatic League

- Foreign vessels continued to transport English exports

45
Q

What was the impact of the trade treaties ?

A
  • Showed Henry rated foreign policy and dynastic interests

- Greater importance than the interests of English merchants

46
Q

Why was Spain the most important country for England to build trade with ?

A
  • Pioneering overseas exploration to the New World

- Exciting possibilities

47
Q

What was one Exploration that Henry VII invested in ?

A
  • 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’
48
Q

What was the extent of Prosperity and Depression in this era ?

A
  • Temporary rise in 1480’s prices remained steady

- Building workers and agricultural labourers were better of in 1490’s

Henry VII, 1485-1509 (6 decks)

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