The finances of the crown and attempts at reform Flashcards
What was the Treaty of London? 1604
peace agreement with Spain to reduce crown expenditure significantly
What was the Ante Supper ?1621
extravagant court feast. two feasts. one feast was for display and thrown away the other eaten
what was the Cockayne project? 1614
a financial scheme
tried to reorganised the cloth trade + a commission to prevent further building in LND.
monopoly on the prod and sale of finished cloth to LND Businessman Cockayne.
Why did the Cockayne project fail? 1614
Dutch refused to buy English cloth-lead to a slump in the trade
what was the source of crown’s financial problems?
A century of inflation 1540-1641
what were the reasons for finance becoming a serious problem for the crown?
The crown’s expenditure rose due to inflation,increase spending
The crown’s income was falling due to liz not reforming the crown’s source of income
what are the 2 main consequences of the crown’s financial weakness
it was difficult for the crown to govern efficiently especially to conduct aggressive foreign policy
the king had to consult parliament in order to raise taxes and have money for war- this happened more often
why did parliament want to control the Crown’s income and expenses?
king became self-sufficient=he would have absolute control= no need for parliament
keep the taxes low for people in parliament
why was parliament concerned about funds from parliamentary subsidies?
they could reduce the chance of wars and foreign tensions through not granting subsidies to the king
who is Sir Edward Coke?
Judge
defended the common law- superior to the king
In charge of all Justice Courts
Didn’t like Francis Bacon- who was close the Villiers who may have given Bacon his position
who is this description of?
Served as Attorney General and Lord Chancellor
philosopher- Aristotelian ideas
advised Government
was impeached for accepting bribes apparently
Sir Francis Bacon
define impeachment
the prosecution or removal of individuals in high office
how did the statute of monopoly limit Jame’s power 1623?
limited the crown’s right to grant monopolies to individuals
what is a monopoly?
the ownership of a product or service
as part of the crown’s prerogative the king could sell monopolies.
those who bought the right could charge anything they wanted for their product as they had no competition
why was selling monopolies considered the crown’s exploitation of its prerogative?
the king could sell monopolies for whatever they could raise, instead of taking economic issues into account-brought the financial device into disrepute
