Causes of the Mid-Tudor Price Rises

OCR History A

Mid-Tudor Crises, 1536-69

Social and Economic Change

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  • Causes of the Price Rises - Harry Jordan 12RO
    • Bullion
      • For
        • Governments could mint more money as the output of central European mines increased fivefold between 1460 and 1530.
      • Against
        • The main influx of sliver coming from Spain's South American mines came after 1545 and so was too late to account for inflation
        • Unlikely that enough silver reached England to account for inflation
    • War
      • For
        • Heavy spending increased demand and create inflation
        • England had to borrow more money to provide for the army and defences
        • Inflation peaked in the 1540s during heavy military spending
    • Bad Harvest
      • For
        • Crop failure reduced the amount of food available and forced prices up
        • the 1540s saw a huge number of poor harvests
      • Against
        • Would only cause a temporary shortage
        • Prices of industrial goods rose as well
    • Land Sales
      • For
        • More land up for sale after the dissolution of the monasteries
        • Increased demand for land among the gentry and the merhcants forced prices up
      • Against
        • Land sales applied to very few and did not effect the prices of goods
  • Debasement
    • Causes of the Price Rises - Harry Jordan 12RO
      • Bullion
        • For
          • Governments could mint more money as the output of central European mines increased fivefold between 1460 and 1530.
        • Against
          • The main influx of sliver coming from Spain's South American mines came after 1545 and so was too late to account for inflation
          • Unlikely that enough silver reached England to account for inflation
      • War
        • For
          • Heavy spending increased demand and create inflation
          • England had to borrow more money to provide for the army and defences
          • Inflation peaked in the 1540s during heavy military spending
      • Bad Harvest
        • For
          • Crop failure reduced the amount of food available and forced prices up
          • the 1540s saw a huge number of poor harvests
        • Against
          • Would only cause a temporary shortage
          • Prices of industrial goods rose as well
      • Land Sales
        • For
          • More land up for sale after the dissolution of the monasteries
          • Increased demand for land among the gentry and the merhcants forced prices up
        • Against
          • Land sales applied to very few and did not effect the prices of goods
    • For
      • Took place 1542-1551, same period as rapid price rise
      • reducing amount of silver content meant that more money could be put into circulation. More money chasing same quality of goods can cause a price rise.
      • Sellers demanded more money as they knew there was less silver in coins.
    • Against
      • Inflation started before debasement
      • Inflation continued after Northumberland reduced money supply in 1551
      • Inflation was prevalent throughout Europe
  • More silver entering England from Spain during Elizabeth's reign
    • Inflation started at the end of Henry VII's more peaceful reign and when Henry VIII's aggressive policies had begun.
      • Against
        • Tudor spending on war was not as high as modern standards so impact on inflation would've been minimal

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