S4: How Much Did the Economy Prosper Under Elizabeth? Flashcards
Prosperity: What makes a proserpering economy?
-Good harvests.
-Low inflation.
-Good trade.
-High wages/wages increasing
-Access to land (no enclosure).
-Stable population.
-Happy people.
-Good trade.
Prosperity: What evidence is there that the economy was propsering under Elizabeth, in terms of wages? What evidence is there that they stayed the same.
-Purchasing power fluctuated throughout her reign, reaching a peak of 69 in the 1570s, for agricultural labourers.
-In 1559, money wage rates were 160. They then rose fairly consistently, going from 177 in 1560s, to 219 in 1600s.
-Money wage rates stayed at 219 for the final 20 years of her reign.
Prosperity: What evidence is there that there was prosperity in terms of inflation? How did it stay the same?
-Inflation did briefly drop in the 1560s, falling from 289 to 279.
-Prices had already doubled between 1500-1550, so inflation was arguably simply continuing the trend of the century.
-Inflation over the 16th century was about 400%, so, again, she was continuing her general trend.
Prosperity: What evidence is there that there was prosperity in terms of population stability? How did it stay the same?
-Population reduced due to plague from 1594-97, in the same years as the poor harvests.
-While this might seem poor, it was good that the population was decreasing in places, as it was arguably growing at an unsustainable rate.
-These outbreaks of plague were simply repetitions of what had happened with Mary, and were less severe than they had been under her.
Prosperity: What evidence is there that there was prosperity in terms of trade?
-Drake’s circumnavigation, in 1577, as well as piracy in the New World enabled England to take profit away from Spain.
-This also set up the basis for later exploration in the New World.
-Trade with West Africa under the Barbary Company, giving cloth for Morrocan sugar. In 1562 & 1564, Hawkins led expeditions taking part in the Slave Trade.
-1572, Drake gained £40,000 Spanish silver in Panama.
-The East India Company was established in 1600, again, setting up the basis for greater prosperity in the future.
-London-Antwerp cloth trade remained integral to Liz’s economy. Cloth trade still accounted fro 75% of exports, bringing in £35,000-£50,000 pa.
Prosperity: What evidence is there that there was prosperity in terms of Harvests? How did it stay the same?
-Harvest failures had been an issue across the entire Tudor period, so it was arguably not an issue specific to Elizabeth, but rather the century as a whole.
-Crop failure under E was by no means as severe as they had been under Mary, and they were also less frequent.
Prosperity: What evidence is there that there was prosperity in terms of the people? In terms of access to land?
-While there were some food riots, the scale of these rebellions did not match earlier economic rebellions of the Tudor period.
-Also, these were not the biggests threats to Elizabeth even in her reign.
-Great landlords owned 17% of cultivatable land, compared to 10% under Henry VII.
-Only 9% of land was enclosed under Elizabeth, and there was only an increase of 2% across her reign.
Decline: What evidence is there that there was decline in terms of wages?
-Purchasing power of agricultural labourers dropped from 59 in 1559 to 50 by 1609.
-For craftsmen, fell from 51 to 46.
-Money wage rates did not rise in accordance with the cost of living, which was 439 by 1600-9.
Decline: What evidence is there that there was decline in terms of inflation?
-The effects of the crop failure pushed up prices.
-Prices of consumables reached 472 by 1590-9, from the 289 it had been 40 years earlier. Over her reign, they increased by 1/3.
-Poverty was generally on the increase, which led to Elizabeth’s Poor Laws.
-10% of people lived in countryside lived in poverty, and 20% of those in towns.
Decline: What evidence is there that there was decline in terms of stable population? Trade? Harvests?
-Population had quickly rocketed over Elizabeth’s reign, going from 3 million in 1566 to 4 million in 1601.
-Elizabeth had wanted to move away from the traditional reliance of the cloth trade & European powers, but 74% of English trade still took place with Spain, HRE, and Netherlands.
-There were four consecutive crop failures between 1594-97.
Decline: What evidence is there that there was decline in terms of rebellions? Access to land?
-There were at least 40 food riots between 1586-1631. There were three riots in 1598: Oxford, London, Norfolk.
-The Oxfordshire Rebellion in 1596 was a reaction to crop failures that had left people desperate.
-Half of the families in the 16th Century were classed as ‘labouring poor’ and they received only 20% of national income.
-The Oxfordshire Rebellion was also motivated by problems with enclosurement.
Countryside: Why were landowners able to prosper?
They were able to:
-Increase the prices of farm produce.
-Increase annual rents.
-Increase entry fines.
-Buy more land.
-Enclose their land.
Countryside: What evidence is there of economic prosperity for Landowners?
-Gentry & Nobility constructed many new houses across the period. For example, Bess of Hardwick built Hardwick Hall in 1597, and Montacue House was built between 1588-1601.
-Robert Smythson was a key architect.
-They owned 17% of all cultivated land.
-9% of land had been enclosed.
-Richest 23% of population owned 55% of all taxable land.
Countryside: What evidence is there for decline of landowners?
-Arable farming was in demand, but it was costly. The Black Death and subsequent plagues had also massively depleted the workforce.
-Enclosure was not expanded massively, suggesting that most stuck with costly arable, and didn’t take advantage of the possibility of enclosure.
Countryside: Why were Yeoman able to prosper? What evidence is there of their prosperity?
-They could sell surplus food at a high price, and save/invest profits in farm buildings.
-Chimneys were built in Yeomen’s houses and they were nicely furnished, according to William Smith in his 1585 description of Cheshire.
-W. Harrison, in 1577 “The Description of England,” stated that typical farmers had “a good reserve of cash… three or four feather beds.”
Countryside: What could landless labourers do to sustain themselves? What evidence is there of economic prosperity for landless labourers?
-Supplement wages through spinning/weaving, use the common rights over moorlands, and woodlands to dig for coal & sell it, Live off the common land by eating hares etc.
-Money wage rates -> 160 in 1550s to 219 in 1590s.
-Enclosure was only in, at most, 9% of land.
Countryside: What evidence is there of economic decline for landless labourers?
-W. Harrison said, in 1577, that “Poore neighbours are forced to content themselves with rie, or barleie.”
-1/2 the families in Elizabethan England were “labouring poor,” earning only 20% of national income.
-The rise of money wage rates was not in accordance with the cost of living, so any rises were largely ineffectual.
-Bad harvests in 1594, 1596, and 1598 lead to many starving to death.
Towns: Who made up towns? How large a group were they? Did they prosper?
-Merchants, were 5% of the urban population, who lived off of profits from trade. They benefited in the Elizabeth economy.
-Professionals made large profits, as they bought up larhe esyayes.
-Independent employers worked from home. While the prices of the goods they produced rose, this was not in line with the cost of living.
-Skilled employees, were 40% of the population. Their wages were set by JPs, who rose them in accordance with local rates.
-Unskilled labourers, who were 40% of the population, and were massively at risk due to poor harvests.
-Urban poor, who suffered massively.
Towns: What evidence is there of merchants prospering?
-On a ‘lucky adventure’ they could gain as much as 400% profit.
-They had benefitted massively from expansion into the New World, and other new trade routes.
-However, there were many risks to being a merchant. John Isham, for example, retired after 1570, and discouraged the career.
-William Fleetwood discussed a man who, after failing as a merchant, set up an school-house to train young boys as thieves.
Towns: What evidence is there of Professionals prospering? Of unskilled labourers?
-Nicholas Bacon and Edward Coke both made large fortunes as lawyers, which enabled them to buy large estates.
-Labourers were largely declining. In Sheffield in 1596, 725/2207 were unable to live without charity.
Towns: What evidence is there of Craftsmen prospering?
-60% of skilled craftsmen lived in homes with between 3 and 5 rooms.
-Thomas Herries’ 1599 inventory totalled £1 18s 5d.
-However, the purchasing power of craftsmen dropped from 62 in the 1560s to 47 in the 1590s.
-Statute of Artificers, 1563. Made 7-year apprenticeships compulsory for any craft. Those who didn’t do this would be fined 40s for every month.
Trade: What evidence is there of prosperity in the Colonisation of America?
-Richard Hakluyt published a 700,000 word book in 1589 w/ accounts from sailors, which stirred interest.
-Elizabethan exploration set up the basis for Jacobean exploration, and the establishment of Jamestown colony in 1607.
-Virginia voyages introduced tobacco in 1586.
Trade: What evidence is there of decline in the Colonisation of America?
-1578, Humphrey Gilbert sails to set up a colony, though he is unsuccessful.
-The Roanoke colony failed in 1584.
-Raleigh tried to establsih colonies in 1585, and 1587, but both failed.
-Raleigh also failed in his 1595 trip, in the search of El Dorado.
Trade: What evidence is there of prosperity in Trade with the New World?
-Trade w/ West Africa was undertaken by the Barbary Company.
-1562+4, Hawkins begins British involvement in the Slave Trade.
-1572, Drake’s expedition to Panama nettled £40,000 worth of Spanish silver.
-1579, Drake captured the Spanish ship, the Cacafuego, and finished his circumnavigation.
-However, San Juan du Ulua, 1568.
