Economic Development in the Reign of Henry VIII Flashcards
What was English trade like in the early 16th century?
Though there were occasional downturns, the volume of English trade increased
Continued rise in cloth exports, though the market for raw wool declined
The most export was woollen cloth and exports almost doubled during Henry VIII’s reign
How did the Merchant adventurers flourish?
They traded in finished cloth and sent it to their base in Antwerp for dyeing and finishing
They also controlled trade with north-west Germany
They enjoyed special privileges and in return provided the crown with much needed loans
What did other changes English exports/imports include?
Significant increases export of Cornish tin, hides and furs- this was counterbalanced by an increase in the import of wine which suggests the spending power of the more prosperous classes increased
Though broadcloths continued to be exported, the biggest change in the cloth industry was the increase in cheaper fabrics such as kersey (lighter)
What was exploration like under Henry VIII?
He was uninterested and made no attempt to build on the achievements of Cabot and the Bristol merchants at the end of the 15th century
Robert Thorne - a Bristol trader, continued his involvement in an Iceland and Newfoundland fishery but other merchants failed to produce royal support for exploration
Compared to earlier times what did Tudor England appear to be and what industry in particular flourished?
Relatively prosperous - the woollen industry especially in the West Riding of Yorkshire , East Anglia and parts of the west country grew in order to keep pace with increasing trade and demand
Which other industries in England also prospered?
Tin mining in Cornwall, lead mining in the high Pennines and coal mining in the north of England (supplying London by sea)
New blast furnaces also produced an increasing amount of iron ore in the Weald of Sussex and Kent (by mid 16th century their number = 26 but the upsurge in iron ore smelting would come in the second half of the century)
What aided the prosperity?
The increase in population from 1525 as surplus labour could work in industry
How was a short term artificial boom created?
Debasement of coinage (reducing the silver content) which was first attempted in 1526 became more frequent in the 1540’s ( as the crown attempted to make more money to meet expenditure) created a short term boom in 1544-46 by putting more coinage into circulation
What happened to agricultural prices from the 1520’s and what benefitted agriculture?
They rose, increasing farmers’ incomes
Enclosure (which increased farm size), new agricultural techniques (such as the rotation of crops and the breeding of superior cattle and sheeps) and engrossing (amalgamating farms) benefited agriculture
Why did industrial and agricultural development not bring prosperity for all?
Bad harvests (1520-21 and 1527-29) led to temporary but significant rises in food prices. Food prices almost doubled across Henry VIII's reign bringing urban poverty In the countryside some were made homeless Debasement brought inflation and, following a period of stability for many there had been a fall in real wages by the end of the reign as prices and rent rose (worse at end of reign as effects of debasement = particularly evident)
Why were some made homeless in the countryside?
On the account of enclosure and engrossing. There was legislation to limit the practice of 1515; Wolsey established an enclosure commission in 1517, leading to some prosecutions; further legislation in 1534 attempted to limit sheep ownership and engrossing - none of this was particularly effective and the extent/effects of E+E are difficult to determine
What were some points for distress?
Rising demand put strain on food supply
Plentiful supply of labour wages stagnated
Some peasants moved from rural to urban communities and suffered precarious existence as assessments for subsidies indicated considerable urban poverty e.g. over half population of Coventry recorded as having no personal wealth
Evidence for growing unemployment among rural labourers, some of whom found work in rural industries such as weaving and mining or move to towns and cities (Over 5000 migrants a year adding to London’s population)
What were three points for prosperity?
The population began to grow significantly from 1525, with a general decline in the mortality rate
Increase in agricultural price leading to an increase in farming incomes and increased wealth for husbandmen, yeoman and landowners - enhanced in some cased by engrossing
Debasement of coinage = short-term artificial boom 1544-46 but long-term cost to living standards
Which areas were particularly involved with trade ad what were the effects?
Leading route for exports (particularly cloth) = London to Antwerp, where it was frequently sent to customers in central Europe and the Baltic
As increasing proportion of exported cloth was routed through London which had a negative impact on other ports e.g. Bristol
Provincial traders found it difficult to compete with their London rivals
Southampton enjoyed a boom (especially in trade with Venice) but was short lived and over by mid-century
What was a problem with trade profits?
They did not always find their way into English pockets - although 70% of cloth exports were transported by English merchants from the 1550’s, much of the trade was in foreign hands before this, however, there were still profits to be made in cloth as the woollen industry grew in first half of 16th century to meet increasing demand