Elizabeth - Finance and Economics Flashcards
(32 cards)
Who was William Paulet?
Marquis of Winchester; Lord Treasurer until 1572
Who was William Cecil?
Secretary of State; Lord Treasurer from 1572
Who was Sir Thomas Gresham?
Founded the Royal Exchange (equivalent to Antwerp) in 1565; a key financial advisor to Elizabeth
Who was Sir Walter Mildway?
Chancellor of the Exchequer and announced in 1576 that Elizabeth had delivered the kingdom from debt
When and what was the Act for Maintaining Tillage?
1563- land which had been under tillage for 4 years since 1528 could not be converted to pasture
When and what was the Statue of Artificers?
1563- all unemployed people to seek work and fixed a maximum wage – increased poverty for those with work
When and what was the Vagabonds Act?
1572- serve penalties against vagrants. JPs to keep a register of the poor in their parish and raise poor rate to provide shelter for the elderly and
the sick
When and what was the Act for the Relief of the Poor?
1576- The able-bodied poor were to be directed by JPs to find work. Those that refused were sent to a house of correction
What two things happen in 1885?
War with Spain begins, Elizabeth has paid off Mary’s debt and has £300,000 in the reserve
What were the protests in parliament about in 1589?
Purveyance
When and what was the Statute Regarding the Export of Corn?
1592-3 - banned the export of corn unless the home prices was below twenty shillings a quarter
What were the protests in parliament about in 1597?
Monopolies
What was the Act for the Relief of the Poor?
1598 - Overseers appointed to supervise the admin of the poor relief; secure apprenticeships for children, provide employment or materials for adults, build hospitals for the old and sick. Compulsory poor rate from the inhabitants of each parish.
What was the Act for the Punishment of Rogues?
1598 - JPs to establish houses of correction rogues and vagabonds. Rogues were to be whipped
What does Statute against the Conversions to Pasture mean?
stop further enclosure
When was the golden speech?
1601
What does ordinary income mean?
The crown’s regular and personal sources of income, which were paid directly into the Exchequer.
What is extraordinary income mean?
Occasional sums of money, to cover unexpected and expensive things such as warfare. It had to be granted by Parliament and usually came in
the form of taxation.
What is Tenths and Fifteenths?
A basic parliamentary tax. It was, theoretically, a tenth of the value of moveable goods in urban areas and a fifteenth in rural areas.
What is Exchequer?
Royal treasury; collected revenue and made payments; income came mainly from lands, import duties and any taxation granted by Parliament
What is Debasement?
The act of adding non-precious metals (such as lead) to the coinage of the land. This increased the spending power of the monarch, but led to inflation.
What are Monopolies?
This was “royal patent for the sole right of exporting, importing, manufacturing, or distributing some particular article”; (S Atkins). Monopolists could thus set their own prices, and were often very unpopular as a result – in 1601 one MP famously called them “the bloodsuckers of thecommonweal”.
What were Wardships?
Principle landowners were technically tenants in chief of Crown, who held their land in return for military service. Underage heirs could not do this military service, so the land was held under royal ward. This wardship could be sold, or exploited for profit. As such, they were a useful additional to the Crown’s ordinary revenue.
What does Purveyance mean?
This was the right of the Court to buy commodities at a price they themselves set. It was meant to be used only in extraordinary times, such as war.
