1.7 Economy and Exploration Flashcards
(23 cards)
What % of cloth exports made up English exports?
90%
What did % of cloth exports rise to under Henry VII?
60%
Who were the Merchant Adventurers?
Traders who came together in ports under one company
- In control of trade (wool export) mostly in agriculture towns
What was Henry VII opinion on Merchant Adventurers and what was their impact?
Henry supported and encouraged merchants as he knew they promoted trade with England
- Helped reinforce London’s commercial dominance across the country
How did the Intercusus Magnus impact trading wool specifically and when was it?
Led to normalisation of trade with Burgundy
Why was Burgundy important for trade?
Antwerp made clothes from England’s cloth so vital for each other’s successes and economies
Why did Henry agree to reinstate the Hanseatic League in 1504?
He needed to ensure that support would not be offered to the Earl of Suffolk (a Yorkist claimant) by the League.
- They also enjoyed trading privileges which England couldn’t overcome
Overall view of cloth/wool trade for England
Crucial to the English economy
- Grew during his reign to 60%
What were Navigation Acts?
Attempted to limit foreign control on English trade
- Encourage English shipping
When did Henry pass 2 Navigation Acts?
1485 and 1489
What was the Hanseatic League?
Group of free cities which came together to form a commercial union to control trade in the Baltic Sea specifically northern Europe
Aim of the Navigation Acts
- Increase English control of trade over Europe
- Only important goods in foreign ships if no English available
What did the Navigation Act lead to?
- Conflict between Hanseatic League, Spain and England
- Spain created Navigation Acts of their own and led to less trade between England and Spain
Navigation Acts impact on English shipping reputation?
- Henry VII renowned strength of ships
- Important link between trade and defence
- England gained a more dominant shipping position in Europe
State of English Navy at the end of Henry VII reign?
Not as impactful as his Son of Elizabeth but established the foundation of a proper Navy as
- Better equipped ships
- More efficient
Impact of the English Navy on the Tudor Dynasty?
- Constructed first naval base in Portsmouth
- Prepared to defend England from sea
- Laid the foundations of naval defence for his son and granddaughter to build upon
Exploration with Columbus?
- Henry criticised for turning him down
- His proposal was a voyage across islands such as the Caribbean
- Came successful for Spain as it offered immense trade and economic aid
John Cabot and his achievements
1497 - Discovery of New foundland and fisheries off North America
Sebastian Cabot and his exploration
1508 - Voyage to discover NW passage to Asia however failed
Evaluation of English exploration
Had successes but overall not convincing
- Never exploited findings financially
- Second to Ferdinand (Spain) to discover the New World
- Offered commercial links and had more knowledge of North America than anyone else in Europe
(Not exploited by Henry VIII)
What was enclosure?
Fencing off of common land and abolition rights over it therefore the sole responsibility lied with the landowner
Advantages of enclosure
- Land could be divided
- Productivity increases for economy
- Increase profitability of land
Disadvantages of enclosure
- Removed people’s right to graze animals on common land
- Evicted families who couldn’t prove legal right to land
