Economic Changes Flashcards
What were 3 interconnected economic factors which helped bring about discontent during Somerset’s period of rule?
- inflationary pressures
- agrarian issues, enclosure and harvest failures
- taxation
What did the rapid increase in the rate of inflation bring about?
a marked reduction in real wages for many people particularly those at the lower end of the income scale
Why did Somerset continue Henry’s disastrous policy of debasing the coinage?
to finance war against Scotland
How much did the debasement of coinage make?
£537,000
Although the debasement of coinage raised £537,000, what were 2 negatives?
it heightened the inflationary pressures
added to the social distress many felt at this time
What year was there a poor harvest?
1548
With the problem of the debasement of the coinage, what reinforced inflationary pressures even more?
the poor harvest of 1548
Who was Somerset’s attitudes on enclosures influenced by?
John Hales
Somerset’s attitudes on enclosures were influenced by John Hales, what did he argue?
that enclosures were the root cause of many of the country’s social and economic problems
alike Wolsey, what did Somerset do regarding enclosures?
he set up a commission to investigate the problems and issued a proclamation against enclosure
What was the downside to Somerset’s enclosure commission?
little was actually achieved apart from raising the expectations of the poor and annoying landowners
What was the Scottish war mostly financed by?
land scales and borrowing
What was seen to be the biggest driver of the increasing amounts of enclosure?
the profits that could be gained from converting land to graze large stocks of sheep
How did Somerset try to deter the process of enclosing for profit?
by introducing a tax on sheep
What was the main effect of the sheep tax which Somerset imposed with the intention to deter enclosing?
twos created huge financial pressure on small farmers in upland areas who had little choice but to rely on sheep for subsistence
