Henry vii - Economy Flashcards
What were the bonds of good behaviour ?
When giving bonds to landowners, Henry noted himself as owning the lump sum. The sum did not have to be paid back provided the condition. If the condition was broken then the sum had to be paid back in penalty.
How did Henry improve royal finances ?
-never threw money away.
-left a vast amount of money to his son.
How did Henry improve the collection of royal finances from crown lands ?
Henry reverted back to Edward’s system of administration through the chamber.
What sources of income did Henry exploit ?
-crown lands
-customs revenue
-pensions
-profits of justice
-extraordinary revenue
What percentage of exports was cloth ?
-90% the value of exports was cloth
-increase of over 60% during Henry’s reign
Which areas were known as cloth towns ?
-suffolk
-Hewes (Suffolk)
-market towns and villages in East Anglia, West riding of Yorkshire and the West Country.
What was the overview of the population at the time ?
-Population was 2.2million and most lived in the country-subsistence farming
-Bristol/York/Coventry=8,000-10,000. Industries were cloth and wool and tin, lead, coal, metal, and
leather.
-London=50,000
-Norwich=10,000
What were the different types of farming and where could they be found in England ?
sheep farming (improved profitability)
-The Holland zone was from the Tees to Weymouth (mixed family)
-Highland zone-north and west of that line.
Why was Antwerp important for the cloth industry ?
Finished cloth can be exported to from London through merchant Adventurers to Antwerp and distributed throughout Europe.
Why were the Merchant Adventures important ?
-dominated London’s cloth trade with Antwerp
-Antwerp=voice of the industry
What was the purpose of the Hanseatic League ?
They were a group of free cities (13th cent) who joined and formed a commercial union, controlling trade in the Baltic Sea (13th and 15th century)
What approach did Henry take towards trade ?
There was little consistency, he was interested in maximising the customs revenue, however was willing to sacrifice/compromise in order to secure his dynastic rule.
What position was the English economy in by the end of Henry’s reign ?
-rise in prices in 1480’s
-decline on export price of wool, grain, and annual products in 1490’s
-building workers and agricultural labourers were better off on the 1490’s
Who was John Cabot and why was he important ?
-similar to Christopher Columbus
-he was a native explorer
-arrived in Bristol in 1494/95 looking for all fishing grounds after Hanseatic league banished him from Baltic
-He laid the way for Bristol fishery
What was feudal aid ?
A right by which the king could impose a tax on their tenants for the knighting of the eldest.
