Economy VII Flashcards
(26 cards)
What years were the Intercursus Magnus and the Intercursus Malus signed?
1496; 1506
What percentage of export revenue did cloth make up under Henry VII?
90%
What was open field husbandry?
Where tenant farmers tended strips of land in open fields with common rights
In what year did Henry VIIs parliament pass legislation against enclosure?
1489
What happened to most of the coal mined in Newcastle?
It was shipped to London for domestic and industrial fuel
Henry failed to break the dominance over trade in the Baltic which was held by which group?
The Hanseatic league
What was the most significant English export and where was most trade established?
Cloth through Antwerp
When was the first blast furnace established in England?
1496
The trade of which product increased by 60% during Henry VII’s reign?
Cloth
The export price of which products reduced in the 1490s?
Wool and grain
To which explorers did Henry VII provide financial support?
John and Sebastian Cabot
What were enclosures?
Public land which was closed off from public access, normally to support sheep grazing
What was the name of the trading company that dominated London’s cloth trade?
The Merchant Adventurers
When was the first blast furnace established in England?
1496
What did the Navigation Acts do, and when were they?
They stipulated that goods from the mother country should can only be carried in ships from that country 1485, 1489, 1494
Henry VII increase from income from customs revenue
Rose from £33,000 in 1485 to £40,000 in 1509
When did Henry VII renew trading relations with Portugal ?
1489
Which treaties included trade clauses?
Medina Del Campo 1489
Treaty of Etaples 1492
How did Henry VII improve his position for his merchants in the Mediterranean?
Treaty in 1490 with Florence
Allowed English wool to be sold there
What happened to wool trade?
It was replaced by cloth trade and suffered decline
Which cities suffered decline due to cloth trade moving to market towns?
Winchester
Lincoln
Why did many industries remain small?
Failed to compete with overseas competitors eg. Germany’s mining industry & Portuguese and Dutch ship building
Why was the open field system inefficient?
1/3 of land was left fallow for it to recover
What happened to arable farming ?
Enclosures meant that profitability declined
