Social impacts of Price Revolution (2)

Question 1

Who were the main losers in the PR? and why?

Answer 1

• those on fixed income
• those receiving low rents
• those receiving cash income instead of goods
• they couldn’t increase their incomes to match rising prices and each year their living standard declines as price of goods went up

Question 2

Give some examples of main losers in PR

Answer 2

• small landowners
• lower clergy
• government officials
• farm labourers
• town dwellers

Question 3

Why were unskilled labourers the worst off?

Answer 3

• relied on seasonal work, their wages usually rose but not enough to cope with inflation

Question 4

How did the roads end up reflecting how the PR affected people?

Answer 4

• lined with beggars, vagabonds, unemployed

Question 5

What aspects of crown costs increased?

Answer 5

• administration

- paying, feeding, equipping military

Question 6

How could the crown always gain more money?

Answer 6

• loans (in real terms the cost of loans was lower)

- levy more/ new taxes

Question 7

How did grandees maintain their income levels?

Answer 7

• they had vast estates with land which meant the rent could be increased in line with inflation
• the crown needed them and they were paid well for service in the highest military and administrative positions

Question 8

Did entrepreneurs benefit from the PR?

Answer 8

• their sales and trade benefitted
• manufacturers and merchants did well until 1550 when inflation ended up damaging their exports especially to their colonies

Question 9

How did powerful merchants survive?

Answer 9

• they made fortunes from the Indies especially those in the wine trade
• many claimed minor noble status and so became tax exempt