Economic development of henry VII

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  • Economic Development: Trade, Exploration, Prosperity and Depression
    • The Agrarian Economy
      • After the Black Death income from lands decreased
      • 1480s and 90s there was a greater move toward sheep farming
        • There was an increased demand for wool
        • Depressed profitability of arable (crop) farming
      • There was a 'lowland' and a 'highland' zone
        • Lowland = pastoral farming + mixed farming
          • Traditional open field husbandry was also in these areas
      • Increase in wool and cloth trade - making sheep farming more profitable
      • Peasants lost their access to land and common rights
    • Trade and Industry
      • Cloth trade
        • 90% of English exports were cloth
          • Moved from raw wool to finished cloth
            • Led to a trade development in weaving + fulling + dyeing
          • Cloth trade moved to newer manufacturing cities, and the new ones thrived while the old ones suffered.
        • Increase of over 60% in the volume of cloth exports in Henry VII's reign
        • An increased amount of cloth was exported from London through the Merchant Adventurers
          • This reinforced the dominance of London and created a stronger link to Antwerp
          • The Merchant Adventurers dominated cloth trade, and had a positive relationship with the Crown
          • Trading privileges enjoyed by the Hanseatic League meant the merchant Adventurers couldn't become too dominant
      • Other Industries
        • England remained on the trading terms of cloth
        • Weaving and brewing were small scale trades - providing the basics of life
        • Mining required capital investment and stayed small scale
          • Tin was mined in Cornwall, lead in the Upland Areas, and Coal was mined in Durham and Northumberland
          • Iron ore was mined and smleted in Sussex and kent
      • Trade Laws and Treaties
        • Henry wanted to increase customs revenue, but he would sacrifice revenue and trade in favour of securing the dynasty
        • 1493 ban on trade with the Netherlands
          • Merchants had to trade through Calais
            • Trade Embargo ended with the Intercursus malus
        • There were a few trade treaties, however they were of minor importance.
          • 1486 - trading restrictions were removed
            • They were reimposed the following year, and then removed again in 1497
        • Navigation Acts of 1485 + 1489 encouraged Ebglish shipping of English products
    • Early English Exploration
      • Spanish + Portuguese explorers opened up much of the world
      • John Cabot arrived in Bristol 1494/95
        • He received authorisation from Henry to explore for new lands
          • He sailed in 1497 and found 'Newfoundland'
            • Set off on a second voyage and never returned - presumed lost at sea
      • A Bristol mercahnt named William Weston might have set foot in America in 1499/1500
      • John Cabot's son Sebastian led an unsuccessful expedition to find the 'North-West' passage to Asia in 1508.
        • This was the end of exploration for this period as Henry VIII had little taste for it.
    • Prosperity and Depression
      • Prices and wages seemed to have remained steady
      • There was a decline in the export price of wool, grain and animal products in 1490s
        • This implies a reduction in farming profitability but rising incomes for domestic consumers
      • Building workers and agricultural labourers were better off during the 1490s than the rest of the Tudor period

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