ELIZABETH ECONOMIC

• How much did Elizabeth's procession cost?

  16700 pounds
• What debt did Elizabeth inherit?

  - 227000 pounds

  - Over 100000 owed to Antwerp at a 14% interest rate

  - Debasement was still having aftershocks
• Why was Parliament often ineffective in dealing with fixing the economy for the local people?

  - Parliament were uninterested in changing the economy as they were the ones who dominated it

  - Since they were business owners, they wanted to keep wages as low as possible in order to bolster their own personal profit
• How did Elizabeth bypass government as a result?

  - She used royal proclamation

  - However by relying on the JPs to spread her legislation, the impacts were often limted,
• How did Elizabeth rely on local authorities?

  - She relied on them to solve the wage crisis

  - However, despite wages being low, the local councils still saw them as too high

  - The Council of the North prosecuted 113 labours for "unlawfully high wages"
• What caused economic migration?

  - As wages varied in different town counties, people sought out the highest wages they could and moved there

  - This created unrest
• Was the Statue of Artificers a success?

  - 1563

  - Compulsory labour time at harvest time

  - Minimum work contracts of a year

  - Compromise between Parliament and Elizabeth

  - A book of custom rates and tariffs

  - Relied heavily on the goodwill therefore often ineffective
• What did Elizabeth do with the currency?

  - Henry VIII had debased the coin to 75% of its original value

  - The Usuary Laws were put in place so that interest rates remained fixed in 1571

  - Gresham brough down interest rates from 30% to 15%

  - Rebased in 1560
• What trade did Elizabeth partake in?

  - In 1558, Elizabeth started to trade with the Muscovy Company in Russia, led by Anthony Jenkinson which exported various English goods, such as tin, bringing in over 25000, strengthening the economy even further. The trend in the success of international trade continued through the 1592 Levant Company which negotiated the sale of English cloth 1583 East India Company founded by John New Berry.
• What is significant about the Coast of Panama?

  - In 1572, off the coast of Panama, over 140000 pounds worth of silver and 400000 more treasures were captured, which although disrupted foreign relations as privateering could be considered to be immoral
• What was opened in 1571?

  - The Royal Exchange in London

  - The epitome of economic progression

  - which was a stock exchange where shares could bought and sold, enabling companies to join the equity market to raise capital and increase their profile.
• Did Elizabeth make any Personal changes to put less strain on the economy?

  - Stopped construction of castles and manor houses

  - Only called ordinary revenue 13 times in 44 years (Less than any other Tudor monarch)
• How much debt was left by 1601?

  123000
• Did Elizabeth remove anyone's debt?

  - Elizabeth removed over 30000 debt of Dudley, which while weakening the crown finances, also set a precedent that was very hard to remove and an expectation of others, Worsening turmoil in court due to the different treatment of different nobles

  - Removed Cecil debt of 70000

  - Weakened the crown financially as this debt was never cleared
• How did Elizabeth use monopolies?

  - While Elizabeth cut the pay in Parliament, she often replaced pay with monopolies, resulting in economic stagnation. Although these were removable, such as the Earl of Essex having his sweet wine monopoly in 1601, it ultimately was only making it harder for the lower classes to gain profits in this buisnesses

  - Exclusive trading rights on commodities
• What were the John Act Circa?

  - 1563 Navigation Acts

  - the first outright reservation of English domestic maritime trade to English vessels.
• How much money did Elizabeth make from selling crown lands?

  - 600000 pounds
• What is significant about the Madre de Dios?

  - in 1592, it was captured

  - Gained 77000 in profit

  - Privateering

  - However, Howard and Essex did not hand over all profits
• How did foreign policy impact the economy?

  - Cloth accounted for 75% of exports

  - Custom duties brought in 35000 to 50000 annually

  - Trade embargo with the Netherlands in 1563 but was dropped in 1564
• What was the significance of Drakes Circumnavigation of the Globe?

  - 1577

  - The capture of Spanish treasure ships, such as the Cacafuego

  - This newfound wealth contributed to the growth of London as a financial center, and investments from successful voyages flowed into various industries, fostering economic development.

  - 400000 of treasure
• A summary of debt?

  - Down from 350000 to 123000

  - Interest rates brought down from 30% to 14% by Gresham

  - After 20 years, Walter Mildmay announced all foreign debt had been cleared and dependency was removed
• What is a negative aspect about Cecil?

  - He was too conservative in his polices

  - He limited foreign trade and privateering

  - When his son, Robert Cecil took over in 1598 and reformed the Court of Wards, profited increased by 4 times
• How did Cecil benifit from his Monopolies?

  - He was only paid 133 a year as Lord Treasurer and through monopolies he earned 4000 pounds