Henry VIII - Economy Flashcards
What were some products that were traded?
Continued rise in cloth exports, though the market for raw wool declined. Woollen cloth exports almost doubled during his reign. Increases in the exports of hides and tin.
What were the routes for trade?
From London to Antwerp, where it was frequently sent to customers in Central Europe and the Baltic. Increase in trade from London had an impact on other ports, especially Bristol, Hull and Boston. Southampton enjoyed a boom, but t was short lived.
What was kersey?
Coarse woollen cloth which was lighter than the traditional English broadcloth
What were the profits from trade?
Profits did not always find their way into English pockets. 70% of cloth exports were transported by English merchants from the 1550s, however much of the trade was in foreign hands before this.
What happened to industry?
The industry worked largely on a domestic basis, with children carding the wool, women spinning and men weaving it. The biggest growth in the cloth industry was in the West Riding of Yorkshire, East Anglia and parts of the West Country.
There was some growth in mining industries. Cornish tin remained a prize export. Lead and coal mining grew in importance.
Exploration?
Henry made no attempts to build on the achievements of Cabot. Other merchants were unable to win royal support for any venture.
Population?
Grew significantly from 1525.
Agricultural prices?
From the 1520s, prices began rose significantly, therefore there was an increase in farming incomes
Debasement?
Debasement of the coinage created a short term artificial boom in 1544 to 1546, but a long term cost to living standards?
Bad harvests?
1520-21 and 1527-29 led to temporary but significant increases in food prices - they almost doubled across his reign.
Real wages?
After a period of stability, they began to decline for many. This was at its worst when the effects of debasement of the coinage were particularly evident.
Poverty?
Assessment of subsidies indicated considerable urban poverty. Half the population of Coventry were recorded as having no personal wealth.
Unemployment?
Growing unemployment among rural labourers. Unemployment in rural industries led to a migration to London on 5,000 people a year.
Impact of enclosure?
It created a moral problem as the poor were forced to leave their homes. Muddled legislation had been passed against enclosure in 1489 and 15
How did Cromwell attempt to aid social and economic problems?
In the 1530s, Cromwell introduced the Act against Vagrancy which argued for the punishment of idle vagrants but charitable payments for those who were incapable of work. He planned a scheme to pay the able-bodied unemployed a basic wage to take part in public work projects with wages supplied by local taxes – parliament refused this.
