Economic + Social Situation Flashcards
Were socio-economic conditions overall good or bad under Mary? Why?
Bad
- Inherited socio-economic situation still needed improvement
- Unlucky circumstances during Mary’s reign (harvests, influenza)
- Mary’s reign was too short for her counter-policies to have much effect
What socio-economic issues did Mary inherit?
- Increasing population (raising inflation + unemployment)
- Continued inflation impact of a debased coinage in circulation
What unlucky circumstances worsened the socio-economic situation under Mary?
- Harvest failures (1555+1556): heavy rain, big food shortages + strain on the poor
- Influenza epidemic (1557+1558): highest mortality rates of century
Give an example of how Mary’s short reign reduced the success of some of her policies aimed at improving socio-economics
Planned to start recoinage (1556-8)
(Replace coins to reduce inflation from debased coinage moving around country)
Didn’t have time - done under Elizabeth
List 5 actions Mary took to improve socio-economic conditions
- Reformed structure of the financial system
- Borrowed from Antwerp
- Formed the Muscovy Company
- Attempt to reduce urban poverty
- Attempt to reduce rural poverty
How did Mary reform the structure of the financial system?
- Court of First Fruit and Tenths + Court of Augmentations replaced by the Court of Exchequer
- Court of Exchequer adopted many of the other courts’ superior methods, creating one modern, centralised, efficient system
- Lord Treasurer Winchester headed the system
What were the Court of First Fruit and Tenths + Court of Exchequer initially set up for?
To deal with revenue from papacy + monastic land
What was the Muscovy Company?
New trading company formed by Mary in 1557 in attempt to boost employment + overseas trade (particularly with Russia)
Was the restructuring of the financial system effective?
Yes - created a centralised, efficient, modern system (Exchequer)
Was the formation of the Muscovy Company successful?
Partially
- Started trade with Russia + N.Africa
- Exploration + new trading route openings was limited due to anxiety surrounding the reaction of the Spanish + Portuguese
Why did Mary borrow money from Antwerp?
To bolster Crown funds in hope to improve socio-economic situation
At what rate was Mary borrowing from Antwerp?
12-13%
What allowed Mary to continue to borrow from Antwerp?
Her good credit score
How did Mary try to reduce urban poverty?
Discouraged + restricted movement of industry from towns -> countryside.
Hoped this would boost employment + improve socio-economics.
Were Mary’s attempts to reduce poverty in rural + urban areas successful?
No - unemployment would only be properly reduced if new industry opened up in both towns + countryside