HVII Economy

Question 1

Summarise the agrarian economy

Answer 1

Income from land had declined in the aftermath of the Black Death
Evidence of more sheep farming in 1480s and 90s
= depressed profitability of arable farming and increased demand for wool as population grew and trade overseas developed
low land south and east
Highland north and west

Question 2

Summarise trade and industry

Answer 2

Cloth trade responsible for 90% of value of English exports
Increase of over 60% in cloth exports during reign
Merchant adventurers - exported a lot of finished cloth from London
Established a commercial axis with Antwerp

Question 3

What were the six trading developments

Answer 3

Navigation act 1485 
Navigation act 1489 
Treaty of Etaples 1493 
Trading embargo with Netherlands 1493 
Intercursus Magnus 1496 
Intercursus Malus 1506

Question 4

Summarise prosperity and depression

Answer 4

Apart from temporary rise in 1480s prices seem to have remained steady
same happened to wages
both building workers and agricultural labourers were on a whole better off during the 1490s than any other time in the Tudor period

Question 5

Give examples of how Henry VIIs economic policy was effective

Answer 5

Intercursus Magnus 1499 - Antwerp’s controls trade
Treaty of Etaples - trade through France
Small industries required little investment - weaving , brewing, metal
Cloth industry 90% of trade - increased by 60%
Navigation Acts 1485-9 - only English ships to enter certain ports - increased shipping industry
Sheep farming
1497 - increased fishing Newfoundland
Steady prices - living standards
Building workers better off

Question 6

Give examples of how Henry VIIs economic policy was ineffective

Answer 6

Malus 1504 never fully enacted
Merchant adventurers unable to dominate trade due to Henry’s treaties with the Hanseatic League
Failed to find NW passage which would have allowed trade w Asia
Too reliant on cloth
Crop and grain farming (arable)
1490s fall in farming profit