Economic Policy and Rebellions Flashcards
3 factors for the economic discontent under Somersets reign
- pressures from inflation
- agrarian issues (bad harvests and enclosures)
- taxation
what happened to inflation under Somerset and what was the impact of this?
it increased rapidly so led to reduction in wages particularly for lower class
what caused even more inflation under Somerset?
the debasement of the coinage and poor harvests
why did Somerset debase the coinage?
in order to fund wars against Scotland
What did writer John Hales (who influenced Somerset) say about inflation
root cause of many of the countries social and economic problems
how much money did Somerset raise from debasement?
£537,000
when was the poor harvest under Somerset?
1548
what was the impact of the enclosure commissioners Somerset had issued
little achieved apart from raising expectations of the poor :( and annoying landowners
taxation caused great discontent under Somerset but why did he continue this
to fund foreign policy in Scotland
how else was the Scottish wars financed?
by land sales and borrowing of money
why did Somerset introduce a tax on sheep?
to deter Enclosure
since he thought the main driver of enclosure was profits gained from converting from arable to pastures
why did grazing sheep provide money
wool and cloth for export market !!
what was the main effect of Somersets taxation on sheep instead of deterring enclosure
pressure on small farmers in upland areas who were forced to graze sheep for subsistence
how did northumberland stabilise national finances
he brought an end to wars against Scotland and France
what did the French pay for
Boulogne returned to them