Economy and Trade Flashcards
what are the 5 main areas concerning HT’s economy
-agriculture
-coinage
-industry
-towns
-trade/shipping
what impacted agriculture in HT’s reign
-enclosure of common land as pasture farming (letting animals graze instead of growing crops) was more profitable
-95% of population farmed land, many angered
how did HT address the concerns over the enclosure of the common land
-gov passed Isle of Wight Act 1489 to stop enclosure in the Isle of Wight
-then passed General Act 1489 to apply it to more of the country
how did HT impact the economy via coinage
-introduced new designs/ the shilling which pictured himself
-Lord Daubenay granted Master of Monies and Keeps of the Exchange in 1485
what industries fuelled England’s economy
-WOOL
-lead, tin and coal
-copper and brass
how did the wool industry impact the economy
-war disrupted trade and put ppl out of work
-impacted townies more as villagers could compensate through extra land work
give a fact about the wool industry
-by 1450 wool exports to the Hanseatic League was 5x higher than at the start of the century
what regions concerned the lead, tin and coal industry
-Cornwall, Pennines, Wales and North East
-coal usage grew in London
how many towns were there in the 1490s and what was their population in contrast to London
-700 towns, population approx 1000 compared to 50,000 in London
why were towns important to the economy
-used as trade ports with trade guilds to protect certain crafts, also set standards and wages
-wealthier guild members usually governed the town
what trade made up 90% of English exports
cloth
how did HT encourage trade
-1485 and 1489 Navigation Acts
-Treaties with Burgundy/ Netherlands, France, Spain, Hanseatic League
what did the first Navigation Act do and when
-1485, wines from Guienne and Gascony transported in English ships by mainly English crew
what did the second navigation act do and when and what was the impact
-English merchants should not import anything if English ships not available (more money to English merchants)
-Hans League and Spain retaliated and did the same
who impacted HT’s trade relation with Burgundy / Netherlands and how
-Burgundy (controlled Netherlands) supported PWarbeck so HT ordered trade embargo against them
