Trade, Exploration and Economic Development in the reign of Henry VII

TRADE, EXPLORATION AND ECONOMIC DEVELOPMENT IN THE REIGN OF HENRY VII

ECONOMIC DEVELOPMENT

• 90% of the population lived and worked on the land
• Arable farming was the centre of the agricultural industry but it's dominance was being challenged by the growth of pastoral farming
• Cloth, coal and iron were three biggest industries in England at the start of the 16th century; iron and coal were small in comparison to the cloth industry.
• The cloth industry was closely linked to agriculture because it relied on the supply of wool
• English cloth was exported to the continent mainly through the city of Antwerp and England's cloth trade with the Netherlands was so significant that it was used as an economic weapon by Henry VII to encourage the Duke of Burgundy to cease his support for Perkin Warbeck.

TRADE

• To expand English trade with other countries, Henry built a merchant fleet that could compete with…