Economic development of henry VII
- Created by: Becca Newman
- Created on: 26-05-19 19:53
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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
- Lowland = pastoral farming + mixed farming
- 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.
- Moved from raw wool to finished cloth
- 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
- 90% of English exports were cloth
- 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
- Merchants had to trade through Calais
- 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
- 1486 - trading restrictions were removed
- Navigation Acts of 1485 + 1489 encouraged Ebglish shipping of English products
- Cloth trade
- 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
- He sailed in 1497 and found 'Newfoundland'
- He received authorisation from Henry to explore for new lands
- 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
- The Agrarian Economy
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