Economy and Trade under Henry VII Flashcards
What was the economy like at the start of his reign?
.Agrarian economy - 1480s-90s recovered.
.Sheep farming gaining numbers.
.Arable farming depressingly profitable.
.Wool in demand - profitable.
.Increased overseas trade.
Why was the economy subdued and unsettled at first?
.War of the Roses.
.Civil War.
.Black death - land income down.
.Agrarian economy.
.Population and trade increase.
How important was agriculture?
.Economy based on it.
.Shift to sheep farming.
.90% lived in countryside.
.Rapidly growing population - profit loss.
.Wool, cloth, industries relied on it.
What was the Lowland zone?
South-East of line from Tees estuary to Weymouth.
What types of farming were there?
.Mixed farming most common (livestock/crops).
.Woodlands and pastoral farming.
.Open-field husbandry.
.Peasants lost common right access and land - efficiency gains in profitability and improved production.
.Highland - sheep farming.
Define Merchants of the Staple.
People who sold wool through Calais.
Why was the cloth industry important?
.90% value of exports.
.Over 60% increase.
.Merchants of the Staple.
.Commercial and domestic.
.Rural job opportunities.
.Industry to market/towns/villages.
.Exported from London to Antwerp.
What other industries were there?
.Germany/Bohemia - metallurgy and mining.
.Shipbuilding - Spain, Portugal, Dutch.
.Small investment industry.
.Mining more investment - small.
.Tin, Lead, coal, ore.
.Locally traded and Netherlands/Germany.
.1486 - basic pumping tech.
.1496 - blast furnace.
What was early English exploration like?
.Possibly 1465 but 1480 unsuccessful/small.
.1484/5 - Cabot authorised.
.1497 - sailed - Newfoundland - fishing.
.1498 - sailed and never returned.
.1499/1500 - Weston expedition to New World.
.1508 - Sebastian failed.
.Basque region/Portugal - Henry VIII not interested.
.1490s - export price decline.
.1490s - craftsmen and labourers’ peak.
What limitations were there on trade and cloth?
.1493 - embargo retaliated.
.Intercursus Magnus.
.Intercursus Malus.
.Restrictions until Etaples.
.1497 - removed the rest.
.Hanseatic limit Baltic and Mediterranean not broken through.
.1485/9 - Failed Navigation Acts.
What was the Hanseatic League?
Free cities commercially united to dominate and protect trade for them in the Baltic Seas. 13-15th - Finland, Netherlands, Latvia, Denmark.
What happened with enclosures?
.Many built.
.1489 - anti-enclosure law but ignored.
Define engrossing.
Joining several farms together to make one unit.
