Change and continuity in society (AQA A-Level History): Revision Notes
Change and continuity in society
📌 Why did the economy flourish under the second reign of Edward IV?
The Great Slump Major economic downturn/depression caused by:
- Shortage in silver used for monetary supply
- Fall in international trade resulting in a decline in English exports
- Poor harvests resulted in a decline in agrarian revenue (crops etc.) which in turn saw a fall in prices, rent and wages
📌 Who was affected by the Slump?
- The Magnates (Great Nobility), who saw their rental income fall
- Woollen cloth manufacturers who experienced a decline in woollen cloth exports
- Workers involved in manufacturing who were increasingly under-employed or unemployed
Edward's treatment of Foreign Merchants 1460-70
- How many instances of Alien Merchants can you find? 3356
- Where were they living in England? Can you explain this trend? Mostly in London or Southampton, because this is where the majority of trading took place in England.
- What nationalities were they and why is this significant? Mostly Italian – Italy was the central hub of European trading.
1470-80
Describe how this changed. There are only two merchants. Merchant immigrants were banned, and Edward aimed for an isolation policy. There was more focus on domestic goods.
📌 What does that suggest about international trade and the treatment of Alien merchants in Edward IV's second reign?
Edward's trade policy Alien Merchants
- The economic and trading downturn of the mid-15th century was often blamed on immigrants
- Parliament imposed the alien subsidies – taxation specifically aimed at people over the age of 12 who had not been born in England
- Was believed that immigrants and in particular alien merchants were richer than native Englishmen and were taking English money abroad to the detriment of the country
- Alien subsidies were in effect a poll tax on immigrants
- While they were initially popular with the English population they were time-consuming to administrate and generated far less income than expected. However, the surviving records show a unique insight into the immigrant population of England in the mid-15th century
- It highlights the many merchants trading in England English merchants and guilds
- Guilds were associations of craftsmen or merchants of the same craft or trade (trade-specific)
- In small towns, the town guild would be the association of all the town's important craftsmen and merchants
- In London, the top guilds (e.g. the Goldsmiths' Company and the Grocers' Company) were very powerful institutions
- English merchants could trade independently but were often associated with guilds
In the mid-15th century, England faced an economic downturn that many blamed on immigrants, particularly alien merchants. Parliament responded by imposing alien subsidies—a tax targeting non-English-born individuals over the age of 12. These taxes, essentially a poll tax on immigrants, were meant to curb the perceived outflow of wealth from England. However, they proved inefficient, generating less revenue than expected. Despite this, the records from these taxes provide a rare glimpse into the immigrant population and the thriving merchant guilds in England, particularly in powerful London guilds like the Goldsmiths' and Grocers' Companies.
The Merchant Adventurers' Company was focused on international trade
- They contracted dramatically by 1450 due to The Great Slump
- They had only been restored during the last years of Edward's reign
- By 1480 they were far more prosperous than they had ever been Wool trade. The most significant branch of trade, concerned both the merchants who traded it and the producers
- Fluctuations in the wool trade had a bearing on the rural economy of England
- Was steadily declining but still the foremost branch of English trading
- English wool was considered to be of superior quality
- Trade in wool did not show signs of decline until the Civil War
- It recovered quickly however and by 1465-69, annual export of wool sacks was an average of over 9000
- By the end of Edward's reign, an average of just under 10,000 sacks of wool were exported
After a dramatic contraction of the wool trade by 1450 due to The Great Slump, the industry saw a revival during the final years of Edward IV's reign. By 1480, the trade was more prosperous than ever, despite ongoing fluctuations affecting England's rural economy. Known for its superior quality, English wool remained the cornerstone of national trade, with exports rebounding to an average of over 9,000 sacks annually between 1465-69. By the end of Edward's reign, nearly 10,000 sacks were exported each year, showcasing the resilience and significance of the wool trade in England's economy.