Henry VIII - Economy

Question 1

Engrossing (def)

Answer 1

The merging of 2 or more farms to make an agricultural unit

Question 2

Enclosure (def)

Answer 2

The appropriation of “waste” or “common land” and depriving commoners of their traditional rights of access and usage.

Question 3

The cloth trade:

Answer 3

• Continued reliance on wool exports, especially to Antwerp.
• Trade was a vital income source but vulnerable to European politics.
• 70% of cloth exports were transported by English merchants; much of the trade was in foreign hands before this.
• Stable income but no major expansion from reign of H7.
• Sustained economy but limited diversification and too reliant on a single market.

Question 4

Exploration:

Answer 4

• Little interest in exploration in contrast with his father.
• Merchants that showed interest in exploration were unable to win royal support.
• Sebastian Cabot remained in Spain for the majority of Henry VIII’s reign, making only 2 short visits to England.

Question 5

Economic depression:

Answer 5

• Increased food prices and a decline in wages.
• Rural workers found work in rural industries.
• 5000 migrants moved to London for better work per year.

Question 6

mostly scotland and france!

The Price of Wars:

Answer 6

• Spent over £2 million on wars, far more than income.
• Massive borrowing and debasement to cover costs.
• Failure – economically draining with victory bringing short-term success.
• Wars brought little gain and destabilized finances.

Question 7

Debasement of Coinage (1544–1551)

Answer 7

• Silver content in coins was reduced to raise money for war.
• Created inflation and reduced trust in currency.
• Failure – harmed economic stability.
• Short-term funds gained but caused long-term inflation and devaluation of English currency.

Question 8

Dissolution of the monasteires (1536-1541)

Answer 8

• Henry seized monastic lands and wealth by dissolving monasteries.
• Brought in approx. £1.3 million in revenue.
• Short-term success – massive boost to royal finances.
• Gave Henry more control over land and wealth; however, long-term effects were negative due to sale of lands at low prices and loss of welfare functions provided by monasteries.