Economic + Social Situation Flashcards
(30 cards)
Were socio-economic conditions overall good or bad under Mary? Why?
Bad
- Inherited socio-economic situation still needed improvement
- Unlucky circumstances during Mary’s reign (harvests, influenza)
- Mary’s reign was too short for her counter-policies to have much effect
What socio-economic issues did Mary inherit?
- Increasing population (raising inflation + unemployment)
- Continued inflation impact of a debased coinage in circulation
What unlucky circumstances worsened the socio-economic situation under Mary?
- Harvest failures (1555+1556): heavy rain, big food shortages + strain on the poor
- Influenza epidemic (1557+1558): highest mortality rates of century
Give an example of how Mary’s short reign reduced the success of some of her policies aimed at improving socio-economics
Planned to start recoinage (1556-8)
(Replace coins to reduce inflation from debased coinage moving around country)
Didn’t have time - done under Elizabeth
List 5 actions Mary took to improve socio-economic conditions
- Reformed structure of the financial system
- Borrowed from Antwerp
- Formed the Muscovy Company
- Attempt to reduce urban poverty
- Attempt to reduce rural poverty
How did Mary reform the structure of the financial system?
- Court of First Fruit and Tenths + Court of Augmentations replaced by the Court of Exchequer
- Court of Exchequer adopted many of the other courts’ superior methods, creating one modern, centralised, efficient system
- Lord Treasurer Winchester headed the system
What were the Court of First Fruit and Tenths + Court of Exchequer initially set up for?
To deal with revenue from papacy + monastic land
What was the Muscovy Company?
New trading company formed by Mary in 1557 in attempt to boost employment + overseas trade (particularly with Russia)
Was the restructuring of the financial system effective?
Yes - created a centralised, efficient, modern system (Exchequer)
Was the formation of the Muscovy Company successful?
Partially
- Started trade with Russia + N.Africa
- Exploration + new trading route openings was limited due to anxiety surrounding the reaction of the Spanish + Portuguese
Why did Mary borrow money from Antwerp?
To bolster Crown funds in hope to improve socio-economic situation
At what rate was Mary borrowing from Antwerp?
12-13%
What allowed Mary to continue to borrow from Antwerp?
Her good credit score
How did Mary try to reduce urban poverty?
Discouraged + restricted movement of industry from towns -> countryside.
Hoped this would boost employment + improve socio-economics.
Were Mary’s attempts to reduce poverty in rural + urban areas successful?
No - unemployment would only be properly reduced if new industry opened up in both towns + countryside
How did Mary attempt to reduce rural poverty?
- Encouraged land conversion from pasture to crops (more benefits from less land)
- Encouraged implementation of laws against grain hoarders
What was the Poor Law Act (1555)?
Extension of the 1552 Vagrancy Act
Ordered vagrants to wear badges to demonstrate poverty + encourage more of public to donate alms for poor relief
What was the only major rebellion under Mary?
Wyatt’s Rebellion (1554)
When was Wyatt’s Rebellion?
Jan-Feb 1554
What were the causes of Wyatt’s Rebellion?
- MAIN: Opposition to Philip-Mary marriage (feared Spanish influence/Philip may control England)
- Opposition to religious change (Protestantism -> Catholicism)
- Socio-economic grievances may have played a less significant role
What trade was declining under Mary?
Cloth trade (with Antwerp)
How many simultaneous uprisings made up Wyatt’s Rebellion? Where were they?
4
- Devon (led by Earl Ed. Courtenay)
- Hertfordshire
- Leicestershire
- Kent (led by Sir Thomas Wyatt)
Where was the only properly successful rising in Wyatt’s Rebellion? How many people were there?
Kent
Approx 3000 men
Why is it called Wyatt’s Rebellion?
Sir Thomas Wyatt led the only successful branch of the rebellion in Kent
