Economics in the Tudor Dynasty-

Economics in the Tudor Dynasty- - Economics in the Tudor...

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Unformatted text preview: Economics in the Tudor Dynasty Price Revolution Large scale inflation Prices of food fluctuate dramatically between epidemics Prices of manufactured goods rose due to dislocation Partly due to the influx of gold and silver Population growth after the Black Death %3Fq%3D%2522enclosure%2Bmovement%2522%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DG The Enclosure Movement Turning the common lands (that were used for grazing and planting) into individual private lands Privatization of fens, marshes, moors, etc Mercantilism Popular economic system from the 16th Century to the 18th Century Large government role protective tariffs States should have a favorable balance of trade bullion as a measure of wealth Principle Exports Wool Cotton Due to the population growth, there was a small amount of agricultural exports Only 8% of people lived in the city (>5000 people) Conditions varied from place to place Conditions Problems Most exports went to the Dutch Prospects Customs and tariffs on textile exports gave the government a large budget This budget could be spent on maintaining an army, wars, etc. Economics during the Stuart Dynasty and Interregnum Mercantilism Navigation Acts Established by Oliver Cromwell Used to help deter Dutch dominance in trade Gave England a monopoly with its colonies Charles II extended the Acts further in 1660 and 1663 Exports Industrial Exports Agricultural Exports Textiles Major ship builder Linen Wool Cotton Tea Spices Sugar Problems Salutary Neglect Civil War Stealing Trade from the Dutch Acquiring Caribbean Island for sugar production Prospects Economics in the Eighteenth Century Agricultural Revolution Must come before an industrial revolution Must utilize the land to feed the masses Mechanization (Seed drill and plough) Crop Rotation Selective Breeding Reclaiming Land (Cornelius Vermuyden) The Putting Out System Merchant Loaned the raw materials to the workers Rural Worker Processed the raw materials in their homes and returned a finished product Exports Industrial Exports Wool Linens Cotton Cloth Tea Spices Agricultural Exports Other Exports Slaves in the Triangle Trade Problems Goods were not regulated Quality of the goods varied Many workers failed to meet their required output Required several spinners to keep up with the weaver Prospects The putting out system employed many farmers who were forced of the land by the enclosure movement Asiento Gained in the Treaty of Utrecht Nineteenth Century Economics Industrial and Agricultural Changes Industrial Revolution Industrial Revolution Began in the late Eighteenth Century and felt fully in the Nineteenth Century Manual labor to machine Manpower, Markets, Money, Machines, Materials Transportation Revolution Must accompany an Industrial Revolution to deliver the products Roads Canals Railroads Adam Smith Scottish political economist and moral philosopher Wealth of Nations Argued for free trade, laissezfaire government, and capitalism Exports Industrial Exports Agricultural Exports Textile Products Machines Iron Coal Tea Grains Sugar Colonial Goods Economic Laws Corn Laws 1815 Reform Bill of 1832 Factory Act of 1833 New Poor Law in 1834 1847 10 Hour Work Day Improvement in working conditions Problems Dirty Environment Bad working conditions at first Unpopularity of the Corn Laws Ricardo Iron Law of Wages Malthus Principle of Population Prospects Leading Industrial Nation ...
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