Trade
| Improvement | Decline |
|---|---|
| Increased during first halve of the 16th century | Decrease in export of cloth routed through other cities, especially Bristol; provincial traders struggled to compete |
| Continued rise in cloth exports | English traders received a minority of profits from cloth exported prior to 1550s |
| Woollen cloth exports nearly doubled | Cloth work was not secure and could lead to poverty |
| Rise in exports of hides and tin | Decrease in raw materials as discouraged by government, replaced by finished products |
| Rise in imports of wine (suggests increased spending power) | Uninterest in exploration harmed trade. |
| Rise in export routed through London, especially cloth | |
| Increase in cheaper fabrics, i.e., kersey | |
| Wool became a specialist industry from a domestic industry, led to women and children losing jobs | |
| Increase in dyeing industry | |
| Small increase in mining industry |
Summary
+ Increase in woollen cloth
+ Increase in export of other goods
+ Increase in trade of wine
+ Origin of London's trade dominance
+ Growth in mining industry
- Increase in selling raw materials - discouraged as government encouraged the export of finished products
- London's trade dominance negatively reflects on other cities
- Trade through foreign merchants, decrease in profits
@ Henry had very little impact on thisExploration
| Improvement | Decline |
|---|---|
| Vanity projects for the rich | Henry VIII was uninterested - made no attempt to build upon early achievements |
Understanding Henry’s Uninterest
Henry was much more focused on internal and foreign affairs. He did not have the bandwidth to spend time and money exploring or sending explorers.
Why?
- Personal uninterest in trade.
- Lack of royal patronage (sanctioning royal voyages).
- Limited naval development for exploration.
- Preoccupation with domestic and European affairs.
- Absence of significant explorers or discovery.
- Focus on internal colonisation.
Changes in Economy
The approach taken by Henry VII and Henry VIII towards both trade and exploration differs very little. They were highly hands-off, only intervening to change the general direction.
The economy is not drastically different, it followed natural progression with the largest changes being natural growth in industries.