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Lecture

Lecture 43, Part 2 – Tudor Economy


Department
History
Course Code
HIS 2405E
Professor
Barbara Murison

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Lecture 43, Part 2 Tudor Economy
II) Explanations
Had been about a century of price stability, price rising shocking to the people
Contemporaries paid more attention to agricultural prices rather than industrial
ones
Really during the reign of Edward VI there is a lot of discussion
1560s-1590s there was a little talk
1594-1597: contemporaries start to become more agitated and trying to make
sense of it
Some Contemporary Explanations
o Enclosure
Seen by some as good, mostly bad
See previous
o “Corrupting of our Coin”
Debasement
“Chief cause of our dearth” according to Smith
Lessened the metal content in the coin, may require to give more
because there might not be enough precious metals in the coin
Very bad idea, causes inflation
Henry VIII: great period of debasement, getting ready for second
French campaign in the 1540s
To encourage Mary, Queen of Scots to marry his son, he
sent an army to Scotland
Similar thing done by Lord Protector Edward Seymour,
Duke of Somerset
Elizabeth revalues the coinage, great idea; probably an ideal from
her great advisor William Cecil
o Moral Explanations
Oppressing the poor to make lives of the rich better
Exploiting the many to help the few Thomas More
Preachers making lengthy sermons on the topic of greed
Influx of gold and silver from the New World, mostly went into
Spain
o Money Supply Ideas: Jean Bodin, Sir Thomas Smith
Jean Boudin
Frenchman
Famous French philosopher and monetary theorist/
bullionist (referring to gold and silver bullion)
Smith
Published in 1581 (Edward VI)
Was ambassador to Paris, may have met Boudin
Modern Debare
o Monetarist Explanations Irving Fisher’s “Equation of Exchange”:
MV = PT
Invented the equation MV=PT
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