Please enable JavaScript.
Coggle requires JavaScript to display documents.
HVIII - Economic Developments - Coggle Diagram
HVIII - Economic Developments
Trade
This was dominated by the Merchant Adventurers and they established themselves in Antwerp
The volume of English trade increased due to the:
Rise in cloth exports and there was an increase in the imports of wine
Leading exports went from London to Antwerp which had a negative impact on Ports like Bristol and Hull. Provincial traders found it difficult to rival London traders
The ability of the cloth trade to supply dependent on woollen trade industry as the industry grew in the 16th century and operated on a domestic basis.
Mining industries were somewhat integral to the economy as Cornish tin was a prize export as lead mining in high Pennines and coal mining in the North East of England were important
Exploration
HVIII was uninterested in exploration and made no attempt to build upon the achievements of Cabot
Though Robert Thorne continued his involvement in Iceland and Newfoundland, other merchants were unable to gain royal support
Inflation
After 1500, prices and rents continued to steadily rise and by the 1530s, grain and meat prices had doubled due to poor harvests.
Debasement of coinage became more frequent in the 1540s, causing rapid inflation
Impact of Enclosure
This was perceived as a moral problem as it led to the poor being forced from their homes. There had been muddled legislation passed from 1489-1515
More's 'Utopia' of 1516 pointed out the harmful social effects of enclosure and Wolsey did launch an enclosure commission to ascertain the scale of the problem showing how 188 defendants had been illegally enclosed
Prosperity and Depression
It has been argued that under the Tudors, England was economically healthy
This can be supported by the population growth and the decline in the mortality rate. Moreover, in the 1520s, agricultural prices rose significantly which in turn, led to an increase in farming incomes.
The debasement of coinage provided a short-term artificial boom
This can be disputed as there were multiple bad harvests (1520-21 and 1527-29) which led to a significant increase in food prices.
Moreover, real wages began to decline and there was evidence of growing unemployment and the assessment for subsidies proved that there was a considerable form of urban poverty
Population
An increase in population led to a considerable strain on food supply and wages began to stagnate. This issue led to a class divide within society and sterner measures were issued upon vagrancy and beggars
Vagabonds Act (1531) issued hard punishments for vagrants and vagabonds such as whipping and it did provide some provisions but the act was harsh upon vagrants
Act for Punishment of Sturdy Vagabonds and Beggars (1536) which stated that those who could work should be set to work after punishment and even children could be put to service
Ordering Vagabonds to the Galleys (1545) - Such a proclamation aimed to prevent people from avoiding the press gangs and vagrants could be used as galley slaves ( a practice continued into E1's reign)