Economy

Economic development: trade, exploration, prosperity and depression

what did trade under henry vii include?

• Merchant adventurers

• treaty of medina del campo

• the navigation acts

• the Hanseatic league

Who were the merchant adventurers?

A collection of English merchants who controlled the export of wool and cloth (one of England’s largest exports)

How did the merchant adventurers help England economically

Helped boost the wool trade in the low countries and boost trade with France and other European markets

By the end of henrys reign the woollen cloth industry became one of the most important in England and profitable in Europe

Statistics that show how the merchant adventures helped England economically

• around 90% of the nations exports

• increased the woollen cloth trade by 60%

what year was the treaty of medina del campo signed and who was it with?

1489

England and spain

How did the treaty of medina del campo benefit England trade and economy?

Allowed for the export of English wool and other goods to Spain and addressed the issues of trade tariffs

What were the navigation acts?

1485 & 96 - laws boosting trade by requiring English merchants to use English ships and crews for certain goods, especially imports like Gascony wine, to increase profits

Why were the navigation acts beneficial for England’s trade?

Promote maritime trade, strengthens the navy and encouraged the production of English merchants ships

What was the Hanseatic league?

A commercial alliance that operated in northern European cities ad dominated trade in the north sea + Baltic

How did Henry avoid conflict with the Hanseatic league?

He negotiated agreements that allowed English merchants access to these key markets

Evidence of trades growth under henry vii

• Exports of wool and cloth rose steadily

• 60% increase of woollen cloth exports

• English merchants began tom gain a larger share of markets in northern Europe

Exploration under Henry vii

John Cabot’s expedition, 1497 - voyage to north America supported by henry. Cabot is credited for discovering the coast of newfoundland.

Planted the beginnings of colonisation

Prospertiy under henry vii

Henry’s reign was relatively stable especially government and security

the financial reforms: increased the crowns income, allowed for governmental monopolies and increased income from feudal dues

Depression under Henry vii

• Agricultural depression - poor harvests leading to economic depressions. e.g 1493 & 94 crop failures resulting in food shortage, prices raising and social unrest

• Taxation and rebellions - 1497 Cornish rebellion due to increasing taxes to pay for Scottish invasion

• Unemployment in urban areas - usually after the economic distruptiosn caused by poor harvests