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Economy and Trade, Henry VII (Economy (A mainly agrarian economy, with 1…
Economy and Trade, Henry VII
The Cloth Trade
Burgundy
Trade with Burgundy was inconsistent, as Henry and Margaret were enemies and he put this before trade.
It was the main European cloth centre, with 90% of English trade being cloth
1493 Trade Embargo, 1496 Intercursus Magnus and 1506 Intercursus Malus/Treaty of Windsor
The Merchant Adventurers were the main cloth trade company, going through London
60% increase in volume of cloth exports leading to an increase of the cottage industry, weaving
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The Hanseatic league were German merchants controlling trade in the Baltic area and also London, with privelages given to them by Edward IV. Henry initially removed these but to gain Suffolk had to reinstate them
France
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Trade with France was also inconsistent, as both countries used it diplomatically - 1487 restrictions imposed by France to get Henry to back down from Brittany, however Treaty of Etaples reversed these.
Exploration
Shipping
Henry passed the navigation acts of 1485 and 1489 specifying that English ships and crews had to be used in certain trades, but was only really concerned with the wine trade. In 1509 half of all trade was done by foreign ships.
It was an attempt to encourage English shipping and ship building, as Henry spent no money on the navy, it being reduced to just 5 ships from Edwards 16. However, Henry did pay for a new dry dock in Portsmouth
Exploration
From 1480 Bristol merchants had been voyaging further west after being forced from Icelandic fishing waters by the Hanseatic League. They discovered areas around Newfoundland.
From 1504 Henry acted as a patron for trans atlantic voyages and started English participation in finding new lands, backing John Cabot to voyage westwards. After he returned in 1497 he received an annual pension, but his second expedition with 6 ships never returned. His son, Sebastian, set out in 1508 and won patronage, but returned after Henry's death and Henry VIII was less interested.
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Economy
A mainly agrarian economy, with 1 in 4 harvests poor and 1 in 6 catastrophic
A recovery was held in the 1480s and 90s after the Black Death meant the population and productivity declined massively in the early part of the century and 1300s
There was a greater move to sheep farming in Henry's reign, due to decreasing crop profit and the increase in demand for wool due to population growth and overseas cloth trade developments
England was divided into lowland zones to the south and east, and highland zones to the north and west - mixed farming of animals and crops was common in lowland zones, woodlands saw the rearing of animals.
Open field husbandry was found n the grain growing areas of lowland England, especially in the Midlands, and this was where the manor and it's tenants formed strips of land in open fields held under common rights, especially for keeping animals. This came under pressure from enclosure.
Enclosure wasnt really happening at this stage, but threatened to take away common rights and access to land in the desire for more efficient farming.
Historiography
Jack Lander
- "overwehelmingly agrarian
- cloth industry was "Englands major industry"
Some tin, coal and other minor materials were traded
These remained small and couldnt compete or compare with these overseas, with Germany superior in mining and Spain/Portugal strong in ship building. The development in pump technology and North East coal began to expand some industries
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Prosperity vs Depression
Rise in prices in the 1480s was temporary, prices steady throughout the reign. Wages kept up with prices, and wages were mostly good.
Decline in the price of imported wool meant farming profits feel but wool, grain and animal productds were cheaper, and building workers and labourers were better off in 1490s than any other time