Economic change and its social Impact Flashcards
(27 cards)
Briefly describe Mary’s economy success?
it had a mixed economic record
What was the long term factor in increasing inflation?
Continued pressure on demand from population growth
What was the medium-term factor for inflation?
debasement of the coinage
What was a short term factor for inflation?
the harvest failures of 1555 and 1556 which brought severe food shortages and strain on real wages
What years were the harvest failures?
1555 and 1556
What happened as a result of the harvest failures of 1555 and 1556? (2)
- severe food shortages
- strain on real wages
What years did the ‘sweating sickness’ (influenza) sweep across the country,the worst toll since the Black Death?
1557 and 1558
In the long term, what did Mary do which benefitted the Crown financially ?
The Crown made several improvements to financial administration
What prevented any of Northumberland’s ideas to improve the administration of Crown Finances?
Edward’s premature death
What improvements to the administration of Crown Finances did Northumberland sought before Edward’s premature death?
to setup a commission to investigate the shortcomings of the system and to recommend reforms
Which two courts did the Court of Exchequer take over?
Court of First Fruits and Tenths
Court of Augmentations
When were the
Court of First Fruits and Tenths
Court of Augmentations
set up?
1530’s
why were the
Court of First Fruits and Tenths
Court of Augmentations
set up in the 1530’s?
to deal with the new ‘revenue streams’ which the Crown acquired
What did the Court of First Fruits and Tenths primarily deal with in the 1530’s?
the funds which had previously gone to the papacy
What did the Court of Augmentations deal with?
income from monastic lands
Under who’s control was financial administrations competent?
Treasurer Winchester
What was Mary’s one big financial mistake for cheap popularity?
the remitting of the final part of Edward’s last subsidy
What was a success with the level of royal indebtedness which rose?
it did not make any dramatic impacts, surprising given England’s war with France
For a government at war, how was its financial record?
satisfactory
What was long term security for Crown finances boosted by?
the plans for recoinage drawn up from 1556-1558 but implemented under Elizabeth
What years were the plans for recoinage drawn up which were implemented under Elizabeth’s reign?
1556-1558
What was the primary reason for inflationary pressures?
because of the proliferation of debased coins in circulation
What enabled the efficient implementation of recoinage in the reign of Elizabeth?
the thoroughness of preparation under Mary’s reign
Other than the preparations for recoinage under Mary, what else did Elizabeth reap the benefits of?
the introduction of a new Book of Rates 1558
