economy

• England had a population of 2.2million
• 10% of the population were urban dwellers, therefore 90% lived in the countryside
• London had a population of 50k, followed by Norwich with 15k
• Henry had no economic policy
• Income from land declined after the Black Death
• There was a move to Wool which came at the price of peasants
• Regions


  • Highland Zone
  • Lowland Zone
• Lowland Zone


  • Mixed farming and pastoral farming
• Cloth accounted for 90% of exports
• Cloth trade increased by 60%
• Cloth trade


  Cloth was exported through Calais via merchants of the Stape
• Cloth production process


  Domestics such as fuelling and dyeing
• Winchester and Lincoln did not do so well. This is because the old corporate boroughs could not keep up with the cloth trade and only newer ones succeeded like in East Anglia
• Finished cloth exports


  Exported from London through the Merchant Adventurers
• Finished cloth exports highlighted London's commercial dominance which established an axis with Antwerp
• Henry's navigation acts in 1489 and 1485
• Hanseatic League dominated over Merchant Adventurers. Reinforced by the 1474 treaty and 1504. Henry wanted to ensure that the Hanseatic League would not offer support to the Yorkist claimant
• Spain was good for shipbuilding
• Resources


  • Tin
  • Coal
  • Blast Furnace
  • Basic Pumping technology
• Germany dominated in metallurgy and mining
• To increase customs revenue, Parliament granted sectional interests
• Embargo in 1493 but wanted another embargo in 1503
• Trading restrictions removed in 1497
• Bristol merchants and sea men interested in transatlantic trade
• John Cabot arrived in Bristol in 1494 or 1495
• 1497 said he found fishing waters in Newfoundland but that was disapproved saying that he never set foot in America. It was apparently William Weston
• Sebastian Cabot still got scholarships and praises he also tried to get a passage to India
• Decline in wool in 1490s and price of grain increased
• Temporary rise in real wages in 1480s