financial weakness

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  • Financial weakness
    • James I
      • Inflation and antiquated financial system.
      • Elizabeth's failure to reform crown finances, and sold of crown lands.
        • Book of Bounty attempt to reform rent on crown lands.
      • Undertaxed, the Political Nation are the ones enforcing it. Peerage were the most undertaxed.
      • Ordinary expenses increased fivefold. Household expenses went up, but necessary.
      • Monopolies were a problem under James.
        • Statute of monopolies limited his ability to grant monopolies.
        • The Cockayne Project. This failed and impacted trade in cotton with the Dutch.
        • Tensions were factional infighting, not opposition to monopolies themselves.
        • Buckingham controlled patronage and gave monopolies to his relatives.
      • The Great Contract 1610. Cecil, but each side had too much too lose.
      • 1606 Crown had an absolute prerogative right to impositions, raised £70,000.
    • Charles I
      • Needed more money because he wanted to enter the Thirty Years War.
        • Count Mansfield. Cadiz.
      • Only granted tonnage and poundage for one year. Collected this anyway. Cycle of distrust.
      • Petition of Right and Three Resolutions 1628-29.
      • 1626 Benevolence, relied on the goodwill of the Political Nation, but didn't raise much money.
      • 1626 Forced Loan. 70% raised.
      • Problems during Personal Rule
        • Ship money, 1634. Extended to inland towns and annually.
          • Hampden court case. 7 for 5 against.
        • coiled-spring effect- political backlash.
        • fiscal feudalism: forest fines, distraint of knighthoods, wardship.
          • increased fear of absolutism
    • Cromwell
    • Charles II
    • James II
    • William and Mary

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