james 1st and finance

• Who was James I of England also known as?


  James VI of Scotland
• What significant event marked the beginning of the Stuart dynasty in England?


  The ascension of James I to the English throne in 1603
• Who was James I's mother?


  Mary, Queen of Scots
• What challenge did James I face regarding the kingdoms he ruled?


  He had to rule two separate kingdoms with different laws and customs
• What was the state of the English treasury when James I ascended to the throne?


  The treasury was nearly empty
• What economic issue was growing in the early 17th century during James I's reign?


  Inflation
• What had drained resources leading to financial difficulties for James I?


  The costs of war with Spain
• What was the condition of the taxation system inherited by James I?


  The taxation system was outdated and inefficient
• How did James I's spending habits compare to those of Elizabeth I?


  James I significantly increased royal expenditure compared to Elizabeth I
• What lifestyle was James I known for?


  A lavish lifestyle
• What new sources of revenue did James I introduce?


  The sale of titles and monopolies
• What methods did James I use to raise funds apart from traditional taxation?


  Forced loans and impositions (additional customs duties)
• What was one of the failures of James I regarding financial management?


  He failed to implement effective financial reforms
• What was the role of Parliament in James I's financial matters?


  Parliament had the power to grant subsidies (taxes) to the monarch
• What was the "Great Contract" of 1610?


  An attempt to resolve financial disputes between James I and Parliament
• How did Parliament use its financial power during James I's reign?


  To influence royal policies
• What extra-parliamentary means did James I sometimes resort to for raising funds?


  Extra-parliamentary means included forced loans and impositions
• What were the long-term financial consequences of James I's reign?


  Increased national debt, persistent inflation, and growing tensions with Parliament
• How did James I's financial policies contribute to the breakdown of royal authority?


  His financial strain and failure to implement reforms increased tensions with Parliament
• What future conflicts were set in motion by James I's financial policies?


  Conflicts faced by Charles I
• What were the key financial challenges James I faced upon ascending to the throne?

  • Significant national debt (around 400,000)
  • Nearly empty English treasury
  • Growing inflation
  • Costs of war with Spain draining resources
  • Outdated and inefficient taxation system
• What were the key aspects of James I's financial policies and their consequences?


  • Increased royal expenditure due to lavish lifestyle
  • Introduction of new revenue sources (titles and monopolies)
  • Failure to implement effective financial reforms
  • Growing national debt and persistent inflation
  • Increased tensions with Parliament and breakdown of royal authority