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Tudors > Elizabeth and finance > Flashcards

Elizabeth and finance Flashcards

1
Q

How much debt was Elizabeth left with? How did she gain her surplus?

A

£227, 000 owed to Antwerp

She kept revenue largely the same but reduced expenditure so by 1585 she has a £300, 000 surplus

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2
Q

How did Elizabeth reduce expenditure?

A
  • End war with France
  • Reduce royal household
  • Used free monopolies
  • Froze officials salaries
  • Didn’t expand bureaucracy and used unpaid JPs
  • Used old palaces such as Hampton Court
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3
Q

How did inflation affect the crown, aristocracy, wage earners and Catholics?

A
  • Crown forced to sell lands as long leases lost value of rent
  • Aristocrats sell of land due to leases benefiting gentry
  • Rise in rock renting
  • Wage earners have low wages and rising population results in 1596 food riots
  • Catholics hit by recursant fines
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4
Q

What was the Statute of Artificers?

A
  • 1563
  • sets maximum wage and forces unemployed to be laborers
  • but wage rise not a cause of inflation and passed on problem to the poor
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5
Q

What was the Statute against the conversions of pasture and Statue against the engrossing of farms?

A
  • 1598
  • stop enclosure after Tillage Act repealed
  • but enclosure not a main cause, shows confusion over cause
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6
Q

What was the Act for Maintaining Tillage?

A
  • 1563
  • prevents enclosure
  • repealed in 1593
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7
Q

What was the Statute Regarding the export of corn?

A
  • 1592
  • reduces export of corn which causes inflation
  • no widespread impact tho
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8
Q

How did Elizabeth deal with the debasement of the coinage?

A
  • All coins recalled and replaced with properly valued ones

- Improves England’s status and reduces inflation

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9
Q

What were the proposed causes of inflation?

A
  • Enclosure (only 9% actually enclosed)
  • Poor harvests (1594-7=inflation and famine in NW)
  • War (loans and subsidies to raise £4 million spent)
  • Coinage (1560 revaluing sees this as not a cause)
  • Spanish silver (war=little trade, Silver from Peru)
  • Population (1 million more people by 1601 increases grain prices)
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10
Q

How did Elizabeth raise money for war?

A
  • Sold £600, 000 of crown lands which is short-sighted and forces her to depend on subsidies
  • £2.5 million worth of subsidies. Quadruple subsidy in 1601
  • £330, 000 in forced loans from rich which decrease popularity
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11
Q

What was the issue with monopolies and purveyance?

A
  • Monopolies allow prices to be raised without restraint
  • 1601 she looses control of parliament and has to get rid of worst and use Golden Speech
  • Crown right to set own prices in hard times.
  • Results in some Iron makers going out of business in Kent
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12
Q

Why was enclosure popular with landlords and unpopular with the poor?

A
  • There was a large demand for wool at the time
  • But poor lost rights to graze their livestock and arable farmers lost jobs
  • It was blamed for inflation
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13
Q

Was enclosure a problem?

A
  • Helped grain production meet raising population
  • Only 9% enclosed
  • Created new crops eg woad and tobacco
  • Land used often unsuitable for pasture anyway
  • Wool was used to increase trade
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14
Q

How else did agriculture improve in the era?

A
  • Selective breeding eg Friesan Cattle
  • New fertilizers eg Marl
  • More land being cultivated
  • Up and down husbandary
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15
Q

What was England’s largest industry? How did this expand?

A
  • Textile eg Broadcloth

- Fleeing Protestants bring new draperies and finishing of the cloth

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16
Q

Why and how did the metal industry expand?

A
  • Coal increases due to population rise

- War increases iron demand eg 3–>26 furnaces in 1590

17
Q

What evidence is their that London’s industry expanded?

A
  • Population increases by 80, 000
  • Survey of London names it as fastest growing city in Europe
  • 60 craft and trading guilds and Merchant Adventurers
  • Migration creates cheap labour
18
Q

What evidence is there that London’s expansion did/did not occur at the expense of smaller cities?

A
  • Monopoly on cloth export takes away from smaller cities
  • But it was an economy of scale
  • Benefited other towns eg Bristol ports benefit from trad routes
19
Q

How was the expansion of industry limited?

A
  • Energy still depends on land and wind

- Dependency on ‘cottage system’ and casual workers

20
Q

How was englsih trade limited?

A
  • 75% of cloth trade was between Antwerp and England bringing in £35-50, 000 a year
  • 74% comes from Netherlands and Holy Roman Empire
  • More concerned with illegal trade in New World
21
Q

Who were the main trade companies?

A

Merchant Adventurers- take cloth trade to Emden and Hamburg
Muscovy Trading Company- 1558 Jenkinson goes to Russia via Asia. Backed by court. Exports cloth, tin and wool worth £25, 000 a year
Eastland Company, 1579- imports naval supplies from Baltic
Levant Company, 1592- Imports spice and oils from Ottoman empire due to conflict with Venice. Mainly trade cloth for silk.
East India 1583- Newberry and Fitch journey to India.

22
Q

What attempt were there to expand the demand for luxury goods?

A
  • 1574 Frobisher reaches Buffin Island believing to have discovered the passage
  • 1587 Davis explores coast of Greenland
  • These voyages bring only geographical knowledge
23
Q

What was the makeup of English trade in 1558?

A
  • 75% of cloth from Netherlands
  • Plichards exported to Portugal
  • Barley and malt to Netherlands
  • Wine and wood from France
  • Coal, tin and fish from Scandinavian
  • Iron, wool and wine from Spain
24
Q

What were the causes of poverty?

A
  • Population increase created decrease in living standards
  • Discharged soldiers unemployed
  • Enclosure results in Tillage Act but not real cause
25
Q

What attempts were there to reduce unemployment?

A
  • Unmarried under 30s have to work for whomever need them to discourage vagrancy and migration
  • But JPs set low wages and long days
  • 7 year apprenticeships for 10-18 year olds (used to control overcrowded jobs)
  • But casual laborers still used, apprenticeships finish in early 20s and there is a lack of enforcement
26
Q

What was the Alms Act?

A

1563

Poor rate for deserving poor

27
Q

What was the Poor Relife Act?

A

1572
Poor rate compulsory
Begging licensed and whipping as punishment

28
Q

What was the Act for the Relife of the Poor?

A

1576
Large town provide wool and hemp store so poor can work
Beggars sent to Houses of Correction

29
Q

What was the 2nd Act for he Relife of the Poor?

A 
1598 (permanent in 1601)
Max poor rate set
Apprenticeships for beggar children
Begging forbidden
JPs create stocks for poor
Families of impotent encouraged to provide for them
Private sponsorship for poor encouraged
30
Q

What was the Act for Punishment of Sturdy Beggars?

A

1598
Beggars whipped and sent to Houses of Correction until employment was found
Rogues killed or banished

31
Q

How did Elizabeth fail to reform her financial system?

A
  • Favorites allowed to keep money eg Leicester owed £35, 000
  • Cuts on tax-collectors mean rich self-assess and often lie eg 1601 only one noble said they earnt over £1, 000
  • Continue to use Marian Book of Rates- inaccurate but would be unpopular to change it

Tudors (6 decks)

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