Henry VIII: economy

Question 1

Trade

Answer 1

-Eng trade increased during 1st 1/2 16th C with encouragement of crown.
-Most imp export = woollen cloth & exports almost doubled during H8’s reign.
-Broadcloths & cheaper fabrics such as kersey exported thr’ London although foreign merchants controlled much of trade until 1550s.
-Eng company of Merchant Adventurer’s flourished - traded in finished cloth which was sent to base in Antwerp (Netherlands) for dyeing & finishing. Also controlled trade with NW Ger. Enjoyed special privileges & in return provided crown with much needed loans.
-Other exports incl Cornish tin, hides and furs. Wine increasingly imported from continent reflecting changing tastes & wealth of social elites.

Question 2

Exploration

Answer 2

-H8 made NO attempt to build on achievements of Cabot & Bristol merchants at end 15th C.
-Robert Thorne, Bristol trader, continued involvement in Iceland & Newfoundland fishery but other merchants failed to procure royal support for exploration.

Question 3

Prosperity

Answer 3

-Compared to earlier times Tudor Eng = relatively prosperous.
-Woollen industry (WRoY, east Anglia) grew to keep pace with increased trade and demand.
-Tin mining in Cornwall & coal mining in NE Eng also prospered.
-Growth of pop from 1525 aided prosperity as surplus labour could work in industry.
-Debasement of coinage 1st attempted 1536 & more frequent 1540s created short term artificial boom 1544-6 by putting coin in circulation.
-Agricultural prices rose 1520s, increasing farmers income.
-Enclosure (which increased farm size by using common land), new agricultural techniques (rotation of crops) & engrossing (amalgamating farms) benefited agriculture.

Question 4

Depression

Answer 4

-Bad harvests (1520-1 & 1527-9) raised food prices - almost doubled across H8’s reign which brought urban poverty.
-In rural areas some were made homeless due to enclosure & engrossing. Although there was legalisation to limit practice of enclosure 1515 & W est enclosure commission 1517 - not particularly effective.
-Debasement brought inflation & for many there had been a fall in real wages by end of reign as prices & rents rose.

Question 5

Impact of population growth

Answer 5

Distress:
1. rising demand put strain on food supply
2. plentiful supply of labour -> wages stagnated.
3. some peasants moved from rural to urban communities & suffered hardship.
Prosperity:
Increase in agricultural prices -> increase in farming incomes -> increased wealth for husbandmen, yeomen & landowners.