Edward's Economy Flashcards
What was the economic situation in England in 1547?
Inflation due to debasement of the coinage, reduction in real wages, debt due to expensive wars under Henry, and continuing costs of running territories like Boulogne.
Key factors affecting the economy included war expenses and coinage issues.
What were the inflationary pressures during Somerset’s rule?
Somerset continued Henry’s debasement of the coinage to finance the war against Scotland, raising £537,000 but worsening inflationary pressures and social distress.
The financial strategy had short-term gains but long-term negative impacts on the economy.
What actions did Somerset take regarding enclosure?
Set up a commission to investigate enclosure and issued a proclamation against it.
The commission raised hopes among peasants but annoyed landowners without effective results.
What was the purpose of the sheep tax implemented by Somerset?
It was intended to deter enclosure but put financial pressure on small farmers in upland areas who relied on sheep.
The tax aimed to address issues related to land use but had adverse effects on vulnerable farmers.
How did Somerset’s policies impact inflation?
Further debasement for Scottish wars worsened inflation, which was already heightened by previous policies.
The continuation of debasement contributed to ongoing economic instability.
What was Northumberland’s approach to economic reform?
Stopped debasing the coinage, removed the enclosure commissioners, and eliminated the sheep tax.
These changes aimed to stabilize the economy and reduce social unrest.
What were Northumberland’s economic changes?
Ended wars, received £133,333 for Boulogne, conducted one final debasement then abandoned it, and increased Church revenue through methods like melting down plate.
Northumberland’s reforms focused on stabilizing finances and increasing revenue.
What was the outcome of Somerset’s proclamation against enclosure?
Raised expectations of the poor and annoyed landowners, while the rate of enclosure was already slowing down.
The proclamation did not lead to effective solutions and instead created tension.
Fill in the blank: Somerset’s response to inflation was to continue Henry’s _______.
[debasement of the coinage]
True or False: Northumberland’s reforms included an enclosure tax to decrease the amount of enclosures.
True
The enclosure tax aimed to increase costs for enclosing land, thereby reducing the practice.
What did Walter Mildmay’s commission aim to achieve?
Plans for a long-term streamlining of financial administration.
Although the effects of these plans were not seen until Mary’s reign, they were intended to improve governance.
