Elizabeth I: Economy & Finance Flashcards
(25 cards)
What was the biggest development in internal trade during Elizabeth’s reign?
Trade in coal from the Tyne to the Thames.
What was a by-product of English exploration?
It antagonised the Spanish
What did the Act for Maintaining Tillage (1563) do?
Prevented land being converted to pasture if used for tillage for 4 years
Where were the poorest counties in England during the reign?
The north and the west Midlands
How much debt did Elizabeth leave at the end of her reign?
£350,000
Which English sailor founded the English slave trade?
John Hawkins leading 3 slave trading exepeditions
Between what years of the reign were there successive bad harvests?
1594-1597
By what percentage did the price of food inflate during Elizabeth’s reign?
75%
What were the main changes in English trading patterns?
Main market for English wool moved from Antwerp to Amsterdam
How much income was generated through the selling of crown lands?
£600,000
Which trading companies were set up when and where did they trade?
- 1555: Muscovy – Russia
- 1579: Eastland – Baltic
- 1581: Levant – Ottoman Empire
- 1600: East India Company - Asia
How many harvests in Elizabeth’s reign could be described as ‘poor’
9/44
What was England’s financial position by 1585?
£300,000 debt from Mary paid off, and £300,000 reserve built up
How did farmers benefit during Elizabeth’s reign?
A rise in agricultural prices and living standards, especially those in the south-east
What were monopoly rights?
When the crown granted an individual the exclusive rights over the sale or trade of a product
What action did Elizabeth take to attempt to solve issues with the currency? What were impacts of this? (Positive and Negative)
- Withdrew all debased coins from circulation early in her reign, replacing these with soundly minted coins.
- This did result in some people losing money as a result
- Value of the currency being stabilised and preventing major inflation.
What % of England’s wealth belonged to 1% of families under Elizabeth?
14% of England’s wealth belonged to 1% of families.
What % of national income did commoners provide under Elizabeth? - Elizabeth I
20%
By what % did the cost of living increase under Elizabeth? - Elizabeth I
Cost of living increased by 60% under Elizabeth.
What % of land was enclosed in the worst impacted areas in 1603?
9%
By what % did wages and agricultural commodities respectively increase over Elizabeth’s reign?
- Wages increased by 90% over Elizabeth’s reign
- Agricultural commodities increased by 170%.
What % of wages were spent on food and basic commodities in Elizabethan England?
80%
By 1596, by what % had real wages fallen in the previous 9 years? - Elizabeth I
50% to the level 9 years previously.
How many homeless people are reported to have starved in Newcastle under Elizabeth?
25
