Henry VII - Economy Flashcards
How much of the population lived and worked on the land?
90%
What did greater sheep farming 1480-1490 reflect?
Depressed profits of arable farming
Increasing demand of wool, as pop grew after Black Death and overseas trade developed
What % of exports were cloth?
90%
By what % is it estimated cloth exports increased during Henry VII reign?
60%
How did the cloth trade develop?
Initially exports raw wool
Increasingly finished cloth dominated
Led to domestic commercial enterprises of fulling and dyeing (could supplement agrarian incomes)
Who were the Merchant Adventurers?
English merchants based in Calais - who increasingly exported finished cloth from London to Antwerp
(Reinforced London’s commercial dominance I england)
What were common rights, and what threatened them?
Rights of peasants to use common land for farming and keeping animals
Increasingly under pressure from enclosure (not frequent until 16th century)
What was the Hanseatic League?
Group of free cities. Dominated Northern European trade 13th-15th centuries
Granted trading privileges in 1474 and 1504 that merchants of the staple couldn’t overcome
Extent of industries
Most small-scale craft operations For subsistence purposes
E.g. weaving, brewing
Where was the first blast furnace (smelting iron)?
Weald of Sussex, early as 1496
Coal
Northeast coal shipped from newcastle to meet growing demand in London
Small export trade to Germany
When and where was the first development of basic pumping technology?
Finchdale, County Durham 1486
Enabled greater production
What was the biggest issue regarding trade?
Embargo on burgundy 1493-1496
Ended by intercursus Magnus
Navigation acts 1485 and 1489
Objective was to encourage English shipping - limited as foreign vessels continued to transport significant proportion of English exports
When did John Cabot discover Newfoundland and extensive fishing grounds?
1497 under Henry VII patronage
