Economic Developments During Henry VII's Reign Quiz Flashcards
What was the population in England and what did the majority of the population consist of?
- 2.2 million
- Farmers
How much of the population lived in urban areas?
10%
What were the main industries in England?
Wool and cloth
What was an open field system?
Peasants/tenants allowed strips of land to farm on, paid rent to a Lord
What threatened the system and left peasants destitute and why?
Enclosure as it was more profitable for owners to enclose
What happened to common land?
Became exclusively owned, denying common people rights to it
Why was cloth important in English trade?
90% of value of English exports
What were the Navigation Acts?
No English merchant was to use foreign ships if an English ship was available
Why was there a rivalry between the Merchant Adventurers and Hanseatic League?
- MA’s fuelled cloth exports to Europe
- Could not overcome trading privileges of HL
- Henry signed 1504 treaty reaffirming HL to prevent them supporting Earl of Suffolk (Yorkist)
What happened to historic towns?
Suffered as manufacturing moved to smaller towns
Who were the Merchant Adventurers?
- Trading company founded in City of London in early 15th century
- Traded in Northern European ports
- Exported cloth in exchange for large range of foreign goods
Who was the Hanseatic League?
- Medieval commercial and defensive network of merchant guilds and towns in Central and Northern Europe
- Protect and control trade throughout region
What was European exploration like?
Spain pioneered exploration to ‘New World’ and opened exciting possibilities in trade and Portugal dominated spice trade
Why was there prosperity?
Wages and prices remained steady
Why was there depression?
Decline in wool price and animal products
Who was John Cabot?
- Venetian spice trader
- Moved to Spain to be harbour designer
- Recieved £50 from Henry VII to find new land
- Sailed to Newfoundland in 1497
- Never stepped foot onto American ground
What were the outcomes of exploration?
Henry VII halted it and Spain and Portugal took advantage
