Phillip II Finance 1556-98
- Created by: _bella_
- Created on: 16-01-19 18:30
View mindmap
- Phillip II Economy + Finance 1556-98
- Agricultural problems
- Land of limited fertility+ poor harvest
- Most workers didn't have enough land to sustain their families
- Castile had to rely on grain import= higher bread prices
- Forms of Revenue
- Bribery, selling crown crown lands + Juros
- Led to corruption + political weakness
- Raised tax + Cortes gave him regular subsidies + introduced new customs duties
- Tax from church provided 20% of royal income
- Expenditure
- Lavish spending + not prepared to scale back military ops.
- America brings a lot of income through bullion + tax regulated by Casa decontratacion
- Relative Weakness
- Spain became part of wider European economy
- Lacked expanding middle class so merchants and merchant vessels fail to expand sufficiently due to increasing trade
- Most successful merchants aspired to move out of commerce and into nobility
- Growth in population
- Increase in agricultural production
- High demand for woollen clothes + silk
- 3 Economic issues
- Inflation: imports of metal from NW generally spent outside Spain
- Increased commodity prices
- Interest rates: Due to debt + reliance on foreign finances
- Important parts of Spanish economy in hands of foreigners
- Trade with NW
- Spain stopped trade w/ NW + looked for needs elsewhere
- 1590's Dutch and English start trade undermining Spain's trading
- Stared off w/ 36 million ducats in debt + left 85 million ducats in debt
- Agricultural problems
Similar History resources:
Teacher recommended
Comments
No comments have yet been made