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Flashcards in Henry 7th Economy + Trade Developments Deck (8)
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Why was the Cloth Trade help with England's economic stability under henrys reign?

England's Cloth Trade;
was responsible for 90% of exports and the industry flourished in the last quarter of the 15th century as cloth and wool began dominating the trade, leading to the development of domestic weaving usually with dyeing which was commercial enterprise. As result industry offered opportunities for rural employment to supplement agrarian incomes which help towards decreasing unemployment.


Why were Merchant Adventurers important for Trade?

They dominated London's wool/cloth trade.Postive relations between crown meant they were the voice of the Industry and voiced commercial needs and policies. The king increasingly used there expertise for negotiating trade deals like Intercurses Magnus.


Why was Intercures Magnus with Netherlands good for England's economic stability?

It was positive as it ended the embargos(ban) on trading with the Netherlands previously done cause of Margaret Burgundy's support for PerkinW. which meant English merchants could export to any part of Duke of Burgundy's lands apart from one and would be granted swift and fair justice and effective agreements would be ut in place. This was popular amongst all areas of population especially merchant's and traders.


Overall what was economy like in Henrys reign?

Prices were mostly stable throughout and inflation and prices were never bad despite the increase in sheep farming.Living standards were generally good by end of 15th century.


What is a reason to argue Henry's reign wasnt one of economic stability?

Trade Laws and treaties;
Crown approach to trade had little consistency and was more focused apon dynastic security and maximising customs revenue. Henry was interested in his own personal wealth and had no specific economic policies like regular monarch would.


What is another reason to argue Henrys reign wasnt one of economic stability?

Biggest issue around Trade was Henrys Embargo with Trade w Netherlands in 1493 as result of fear of Margaret Burgundy's support for Warbeck. Fact Henry let insecurities determine deals for his country was bad decision and each time he was threatened he imposed embargos.Meaning instead of English merchants having access to trade freely and directly they had to trade through calais which directly invited retaliation from Netherlands. Despite Henry's Trade deal with Netherlands in 1496 Intercurses Magnus terms were still being debated over 2 years after it was signed which was not helpful for merchants or economy.


What is another reason to argue Henrys reign wasnt one of economic stability?

England remained completely dependent on Trading terms and deal in cloth industry especially as other industries remained small and failed to compete w international competitors . Eg Germany was superior in mining and Spain in ship building.


What were Henrys actions toward Trade?

- Navigation Acts of 1485+1489 ruled that only English ships could carry certain products to and from English ports; they were designed to boost English shipbuilding industry + challenge Hanseatic league(had monopoly over trade)
- Supported the 'Merchant Adventurers' - English company who controlled cloth trade
-Intercursus Magnus 1496 between Henry + Philip which ended Henrys embargo on trade w Netherlands stating that;
English merchants could export to any parts of Burgundy exempt Flanders
Merchants would be granted swift + fair justice
Disputes would be solved quickly + fairly.