economic development trade exploration prosperity and depression

Population

At beginning of fifteenth century was 2.2 mill majority lived in countryside and relayed on farming

10% of urban dwellers lived in small towns by continental standards

London pop around 50,000 but no more than 20 towns had more than 3000 people

In urban areas wool and cloth main industries

Henry interested in economy?

No vested personal interest most of acts of parliament dealing with economic matters were resulted of lobbying of private merchants

Agrarian economy

Had been a decrease after black death but started to increase again 1480-90s

Move towards sheep farming with the increasing demand for wool and better profitability as pop grew and trade overseas developed

Mixed farming

Growing of crops and live stock

Pastoral farming

Rearing of animals

Common rights

Legal rights of tenants to use common land e.g for keeping animals

Open field husbandry

Common in south.

The manor the land estate had strips of land which tenants farmed and fields where common rights enjoyed but system came under increasing pressure by enclosure - for sheep farming but more peasants lost their access to common land and were left destitute

But other than that no sig changes in agriculture

Women and the cloth trade

Wool surely spun by girls and women. Some also worked as silk weavers and girls could apprentice in needlework

Katherine Fenkyll inherited her husbands drapery business which she continued and even took on male apprentices securing them freedom of the city giving them the right to trade

Cloth trade

Around 90% of English exports

Flourished in last quarter of century

Over Henry vii’s reign increase of over 60%in volume of exports of cloth

Previously bulk of exports had been raw wool exported through Calais by merchants of the staple, but finished cloth was increasingly dominating the trade

Leading to the development of weaving, fulling and dyeing as commercial enterprises

Industry offered opportunities for rural employment to supplement agregarian incomes

Lewis I Sussex extremely prosperous

But some historic towns such as Winchester underwent decay as cloth industry moved from older corporate boroughs to newer manufacturing centres to villages in east anglia and Yorkshire

Increasing proportion of finished cloth exported from London through the merchant adventurers-reinforcing London commercial dominance and Antwerp tunnel as cloth went to Antwerp before being transported across Europe

Merchants of the staple

1319 incorporated into royal charter, controlled the export of wool based in Calais but eventual decline in wool trade decreased their importance

Merchant adventurers

Dominated by members of the mercer’s company the most in infliuential and wealthy company in London. Trading organisation which dominated cloth trade with Antwerp

Positive relation with crown meant that they could act as voice of industry when commercial needs subordinated national policy and king increasingly used their expertise in negotiating trade treaties such as Intercursus Magnus and intercursus malus.

But never fully dominated trade bc couldn’t overcome trading privilidges of hanseatic league - rights reasserted by 1504 treaty. Henry potentially did this so they they did not offer support to earl of Suffolk

Hanseatic league

Group of free cities which came together to form a commercial union with intention of controlling trade in Baltic Sea, dominated activity in northern euorope

Other industries

Remained dependant on cloth in trading industry

Other industries remained small compared to continental competitors

Germany + Bohemia superior in mining and metallurgy

Spanish Portuguese and Dutch superior in ship building

Must industrial activities like weaving or brewing were small scale craft operations which needed little capital investment- most supplied basic necessities of life

Mining remained small scale, tin mined in Cornwall and lead in Pennines, coal in Durham and Northumberland iron mined in Sussex + Kent

Most of coal shipped from Newcastle to meet need for fuel in London but was a small export trade to Germany + Netherlands

Development of basic pumping technology in 1486 enabled greater production

Trade laws and treaties

Biggest Trade issue stemmed from trade embargo with Netherlands imposed in 1493 as result of fear + insecurity about Margaret of burgundy’s support for perkin warbeck. Instead of trading directly with Netherlands merchants had to go through Calais inviting retaliation from Netherlands was ended by intercursus Magnus

1503 over panic around d burgundy supporting earl of Suffolk henry attempted to reinstate trade embargo.

But fortunate that managed ri negotiate intercursus malus in 1506 though much never imposed

Only few small trade treaties Henry valued foreign policy and dynastic interest more

1486 trading restrictions removed but reimposed next year as result of Henry’s support for Brittany, but largely removed by 1492 treaty if etaples, most of remaining trade restrictions removed 1497

Weaknesses shown by failed attempt to breakthrough Mediterranean trade + hansdeastic league limited English trading interest in Baltic

Navigation acts

1485 and 1489 - objective to encourage English shipping to ensure that I only English ships could carry certain products to and from english ports- but foreign vessels still transported substantial proportion of English exports

Trading developments under henry vii

1485-navigation act

1489-navigation act

1492 treaty of etaples

1493 trading embargo with Netherlands

1496 intercursus Magnus

1506 intercursus malus

Early English exploration

Evidence of small scale exploration form 1480 by Bristol

John Cabot was in Bristol in 1490’s when they were looking for new fishing waters bc had been blocked out of Iceland d by hanseatic league

Henry vii authored Cabot to search out new lands

Sailed in 1497 and located Newfoundland-reported extensive fishing grounds

1498-set off on second voyage but never returned presumed lost at sea

Though limited Cabot did establish sunctantial landmass did exist within reasonable sailing from Europe and laid way for Bristol fishery

Cabot’s sons Sebastian received sponsorship from henry vii but was unsuccessful to find north west passage to Asia in 1508, exploration tailed off under henry viii

Prosperity and depression

Apart from temporary rise in 1480’s prices remained steady same with wages

But seems to have been a decline in export price of wool and price of grain in 1490’s

Rising real incomes for domestic consumers

Both building craftsmen’s dn agricultural labourers better off than they were at any other time in Tudor period