Elizabeth Economic Financial Social Flashcards
How much debt did Elizabeth inherit from her sister in 1558?
£227,000
What impact did the Book of Rates have?
Increased custom duties by 75%
Who were Elizabeth’s chief financial advisers at the start of her reign?
Paulet
Sir Thomas Gresham
How much money did Elizabeth have as a surplus by 1584?
£300,000
How much did Elizabeth increase the rents on Crown Lands by?
From £86,000 to £119,000
How much could Elizabeth raise through taxation?
£140,000
How did Elizabeth try to increase her income?
Raise rents on Crown Lands
Recusancy fines
Keep bishoprics empty
Summer progresses
Taxation if no alternative
Why did tension develop between England and Spain after 1560?
Religion
Competition over the New World
Antwerp
What was the consequence of Elizabeth’s decision to seize the Genoese bullion ship in 1568?
A trade embargo
What was Spanish Fury?
Spanish troops mutinied as they had not been paid.
What was the consequence of Spanish Fury?
The Dutch united against the Spanish.
When did Drake successfully circumnavigate the world?
1577
What were the terms of the Treaty of Nonsuch, 1586?
Elizabeth was committed to help the Dutch against the Spanish. Granted £126,000 p.a.
What was the impact of the attack at Cadiz in 1587?
It delayed the Armada
What economic problems did England face in the 1500s?
- Debasement
- Inflation
- Rising prices
What methods did Elizabeth use to try to control inflation?
- Revaluing the coinage
- Enforcing maximum prices
- Fish Days
What were purveyances?
Monarch had the right to buy products below market rates.
Give three examples of how Elizabeth tried to widen trade in Europe?
*Antwerp
* Moscovy Company
* Eastlands Company
* Levant Company
Where did Elizabeth try to settle in the Americas?
Virginia
When was the East India Company formed?
1600
How much did the population increase between 1540 and 1601?
2.8 million to 4.1 million
What were the terms of the Statute of Artificers, 1563
- Set hours of work and maximum wages
- People under 30 could be compelled
to work on the land. - Apprenticeships should last 7 years
What were the terms of the Vagabond Act, 1572?
- Poor Relief contributions were compulsory
- Begging had to be licensed
- Ear boring was carried out on those who begged illegally.
What were the terms of the Act for the Relief of the Poor, 1576?
- Licenses were needed in order to beg.
- Raw materials were provided for the “idle poor”
- Persistent illegal begging would result in a removal to a House of Correction.
What were the key terms of the Act for the Relief of the Poor 1598?
- Church was no longer responsible for the poor
- Distinguished between deserving and undeserving poor.
How much did the war with Spain cost?
£4.5 million
When did Elizabeth have to deal with the issue of monopolies?
1597 and 1601
What was the main product that England traded during this period?
Wool
When was Hawkin’s first slave voyage?
1562
Why did vagrancy increase during this period?
- Rising population
- Impact of wars
