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z Tudors : Elizabeth > Elizabeth : economy > Flashcards

Elizabeth : economy Flashcards

1
Q

How did Elizabeth stable the economy ?

A
  • Scheme to withdraw debased coinage and replace them with soundly minted coins
  • Debasement was not used throughout her government and reign
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2
Q

How many harvests were poor ?

A
  • 9/44
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3
Q

When was there a national attempt to sort out wages ?

A
  • 1563

- Established compulsory labour, maximum wage rates and minimum wage rates

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4
Q

what were the 4 trading companies set up ?

A
  • Muscovy
  • Eastland company
  • Levant company
  • East India Company
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5
Q

What was imported and what did this suggest ?

A
  • Wider range of foreign luxurious good suggesting these were becoming affordable for a wider range of the population
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6
Q

How is economic strength shown under Elizabeth ?

A
  • Export of cloth rose 125% between 1510 and 1550

- as early as 1558 economic recovery was evident

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7
Q

What happened to the value of domestic trade in relation to foreign trade? What example is there of this?

A
  • Domestic trade substantially grew to exceed the value of foreign trade.
  • This can be seen through the movement of coal from Newcastle to the Thames in order to meet demands of London industry.
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8
Q

What happened to the Dutch cloth trade for England and what did this lead to ?

A
  • The Dutch cloth trade’s importance declined significantly for England,
  • leading to Cecil wished to end the dependence on a single economic market and develop alternative trades.
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9
Q

What did Hawkins do for the English economy ?

A
  • John Hawkins introduced England to the slave trade by transporting slaves from Africa to South America
  • creating financial benefits.
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10
Q

What did Hawkins do in 1562 ?

A
  • First slave trading expedition (first 2 were a significant economic success and benefit but the final one failed as his fleet was blockaded in Mexico)
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11
Q

Muscovy company

A
  • Set up in 1555
  • Operated in Russia + Northern Europe
  • Partially successful but couldn’t compete with the Dutch
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12
Q

Eastland company

A
  • 1579 to operate in the Baltic.

- This operation was very limited in its success.

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13
Q

Levant company

A
  • set up in 1581
  • Operated in Turkey and the Ottoman Empire
  • Success in developing trade with the Ottoman Empire
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14
Q

East India company

A
  • 1600
  • Operated in Asia
  • Struggles to dominate the Dutch’s significant power over trade in this areas (couldn’t compete effectively)
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15
Q

What were joint-stock companies ?

A
  • businesses owned by their shareholders which create profit for individuals in relation to the size of their shareholding.
  • These resulted in the setting up of organisations which could benefit in the future from capitalist sentiments.
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16
Q

When did Raleigh attempt to colonise the Americas?

A
  • 1585
  • landing in future North Carolina
  • This had no success whatsoever, with investors in the expedition not rewarded after the poorly organised expedition led to the death of many on the journey.
17
Q

What happened to Land incomes under Elizabeth ?

A
  • Landed income rose
  • Properties of landowners also multiplied as a consequence of the rapid sales of ex-monastic land under HVIII and Edward VI
18
Q

What are examples of towns that saw relative urban decline in England under Elizabeth?

A
  • Winchester and Stamford
19
Q

What are examples of towns that saw urban improvement in England under Elizabeth?

A

York, Plymouth, Manchester and Norwich

20
Q

What positive and negative impacts occurred from the growth of London as an economic hub?

A
  • Positive: Newcastle grew in significance as a result of supplying London’s economic needs + London became an economic powerhouse as its population grew.
  • Negative: London’s growth led to a substantial decline in the fortunes of other towns and cities.
21
Q

When did 4 successive bad harvest occur under Liz ?

A
  • 1594-7
22
Q

By 1596, by what factor had real wages fallen in the previous 9 years?

A
  • 50%
23
Q

When was the substance crisis under Elizabeth ?

A
  • 1590’s
24
Q

How many people in Newcastle starved to death under Elizabeth’s reign ?

A
  • 25
25
Q

Where were living standards improved for farmers ?

A
  • South East of England 1577
26
Q

What is evidence of a disparity between Hertfordshire and the North of England ?

A
  • Labourers in Hertfordshire left goods worth 3x as much as their Northern Counterparts

z Tudors : Elizabeth (4 decks)

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