Economic development: trade, exploration, prosperity and depression Flashcards
What was the state of economic policy at the beginning of Henry VII reign ?
Although Henry VII was interested in building up his personal wealth, he had no specific ‘economic policy’.
The Acts of Parliament that dealt with economic matters were mainly the result of the private lobbying of merchants, who had a vested interest.
What demand increased as the population grew and trade overseas developed?
The demand for wool increased.
There was a greater move towards sheep farming in the 1480’s and 1490’s, not just because crop farming was becoming less profitable, but also because sheep farming was becoming more profitable due to rising demand for wool as the population grew and overseas trade expanded.
What types of farming were common in different regions of England during the late 15th century?
• Mixed farming (growing crops and raising animals) was most common in the lowland zone.
• Pastoral farming (rearing animals for milk, eggs or wool or meat) dominated in woodland areas.
• Specialised farming, like horse breeding, took place in regions like the Fenlands.
What was the manorial system of open-field husbandry, and what challenges did it face in the 16th century?
• The manorial system of open-field husbandry was the main form of landholding in most of lowland England.
• It was centred around a manor — a landed estate where tenants farmed strips of land in large, shared open fields.
• Tenants held common rights, which legally allowed them to use common land, usually for grazing animals; these rights varied from place to place.
• In the 16th century, this system came under increasing pressure from enclosure, where land was fenced off for private use, reducing access for tenants.
Where was the manorial system of open-field husbandry most commonly found in late 15th-century England?
The traditional manorial system of open-field husbandry was concentrated mainly in the grain-growing areas of the southeast and the east Midlands.
What changes began to affect the southeast and east Midlands in the late 15th and early 16th centuries?
Some parts of the region began shifting towards sheep farming, driven by the profitability of the wool and cloth trades. This made sheep farming more efficient and profitable than traditional crop farming.
What were the social and political consequences of the shift toward sheep farming?
• Peasants often lost access to land and common rights, leaving many homeless / unable to support themselves / often left with nothing and destitute - extremely poor, with no money, land, or resources to survive on.
• In the late 15th century, this was uncommon, but it became more widespread in the early 16th century.
• The change led to moral outrage and political pressure, which proved difficult to manage.
• However, overall, English agriculture did not undergo major changes at the end of the 15th or beginning of the 16th century.
How important was the cloth trade to England’s economy in the late 15th century?
The cloth trade was responsible for about 90% of the value of English exports - increasingly flourishing in the last quarter of the 15th century.
What changes occurred in the cloth trade during Henry VII’s reign?
• During Henry VII’s reign, there was a 60% increase in the volume of cloth exports.
• Early in the century, most exports were raw wool, shipped from east-coast ports (e.g., Boston, Lynn, Yarmouth) and exported through Calais by the Merchants of the Staple.
What shift occurred in the cloth trade by the late 15th century?
By the late 15th century, finished cloth increasingly dominated the trade, replacing raw wool as the main export.
How did the growth of the cloth trade affect rural employment?
The growth of the cloth trade led to the development of industries like weaving, fulling (cleaning) and dyeing. Weaving was usually done domestically, while fulling and dyeing were commercial enterprises, creating rural employment opportunities to supplement agrarian incomes.
How did the cloth industry impact different towns in England during the late 15th century?
• Some towns, like Lavenham in Suffolk and Lewes in Sussex, became extremely prosperous due to the cloth industry.
• However, historic cities such as Winchester and Lincoln suffered significant decay as the industry shifted from older corporate boroughs to newer manufacturing centres.
• These new centres were often in smaller market towns and villages in regions like East Anglia, the West Riding of Yorkshire, and parts of the West Country.
How did London’s role in the cloth trade impact its commercial dominance in the 15th century?
• An increasing proportion of finished cloth was exported from London through the Merchant Adventurers, reinforcing London’s commercial dominance in England.
• London’s position created a commercial axis with Antwerp, which, according to economic historian Donald Coleman, was the commercial metropolis of Europe and its main money market during this period.
• From Antwerp, English cloth was transported all over Europe.
Who were the Merchant Adventurers?
• The Merchant Adventurers were a powerful trading group in London that increasingly dominated the cloth trade with Antwerp.
• They supplanted the Merchants of the Staple, who had dominated the wool trade.
• The positive relationship with the Crown was crucial to their success.
• Henry VII used their expertise in negotiating trade treaties, such as the Intercursus Magnus and Intercursus Malus.
• They became the most powerful English business organisation of the time.
Why couldn’t the Merchant Adventurers achieve complete domination of trade in the late 15th century?
• The Merchant Adventurers couldn’t fully dominate trade because they faced trading privileges held by the Hanseatic League, which were reasserted in treaties in 1474 and 1504.
• Henry VII may have agreed to uphold these privileges to prevent the Hanseatic League from supporting the Yorkist claimant, the Earl of Suffolk.
• However, historian Jack Lander argued that this sacrifice of English commercial interests was disproportionate to the minor threat posed by the de la Poles.
Why did England remain dependent on the cloth industry in the late 15th century?
• England remained dependent on the cloth industry because other industries were small and failed to compete effectively with continental competitors.
• Germany and Bohemia were superior in mining and metallurgy, while the Spanish, Portuguese, and Dutch excelled in shipbuilding.
What were some of the small-scale industries in England during this period?
• Many industries, such as weaving and brewing, were small-scale craft operations that required little capital investment.
• These industries mainly supplied the basic necessities of life like food and shelter.
What was the scale of mining in England, and what resources were mined?
• Mining in England was fairly small-scale, though it did require capital investment.
• Tin was mined in Cornwall, lead in the high Pennines and Mendips, and coal in Durham and Northumberland.
• Iron ore was mined and smelted in the Weald of Sussex and Kent, where a blast furnace existed as early as 1496.
How was coal used in England during the late 15th century?
• Much of the coal from the northeast was shipped from Newcastle to meet growing demand for domestic and industrial fuel in London.
• There was also a small export trade in coal to Germany and the Netherlands.
How did technology impact mining in England during the late 15th century?
• The development of basic pumping technology (first recorded at Finchale, County Durham, in 1486) allowed for greater production in mining operations.
How consistent was Henry VII’s approach to trade during his reign?
• Henry VII’s approach to trade lacked consistency.
• He was interested in maximising customs revenue, but was also willing to sacrifice revenue and trade for the security of the dynasty.
• Henry was also willing to allow Parliament to legislate in favour of sectional interests.
What was the significance of Henry VII’s embargo on trade with the Netherlands?
• Henry imposed an embargo on trade with the Netherlands in 1493 due to the threat posed by Margaret of Burgundy’s support for Perkin Warbeck.
• Instead of trading directly with the Netherlands, English merchants had to trade through Calais, which led to retaliation from the Netherlands.
• The embargo ended with the Intercursus Magnus, but its terms were debated for two years.
What was the difference between Intercursus Magnus and Intercursus Malus?
• Intercursus Magnus allowed English merchants to export to all parts of Burgundy’s lands, except Flanders, provided swift and fair justice for merchants and dispute resolution arrangements.
• It was confirmed by Philip of Burgundy in 1499 and became a solid foundation for Anglo-Burgundian trade.
• Intercursus Malus was imposed in 1506 during Philip’s weakness but was never fully implemented. By 1507, trade returned to the terms of Intercursus Magnus.
What caused Henry VII to attempt re-imposing the embargo in 1503, and how did it resolve?
• Henry attempted to re-impose the embargo in 1503 when the claim of the Earl of Suffolk became more serious in Burgundy.
• In 1506, Intercursus Malus was negotiated, although its terms were not fully implemented.
• By the following year, trade relationships returned to the terms of Intercursus Magnus.
