Was james 1st to blame for all the financial problems essay in 2021
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What was the cause of James I's financial problems?
However, as the war was concluded following the Treaty of London in 1604, just one year after James’ accession to the throne, it could be argued that the Anglo-Spanish war he inherited was not a major factor in causing financial tumult. Despite this, Elizabeth’s legacy was partly to blame for James unstable financial position.
How did James I overestimate the value of money?
James appeared unable to grasp the concept of the value of money and significantly overestimated the wealth of the crown. James’s irresponsible handling of money only exasperated the problems that he had inherited in his reign. Elizabeth had left him a debt of £100,000, and had sold of much of the crowns land during the war with Spain.
Why did James I inherit so much debt?
The original debt that James inherited was primarily caused by the war with Spain; however James ended this war within his first year of becoming King. This new debt showed James as being incapable when handling money and provides strong evidence against his case when asked the question ‘ how far were his financial problems of his own making?’.
Why did James I live off his own?
During peace time James had to ‘live off his own’ so therefore had to obtain revenue from other sources such as purveyance, wardship and monopolies. Many would argue that the blame for the financial issues that James faced were primarily on the shoulders of Elizabeth and the failures of Parliament in trying to find new sources of income.
Last Update: Oct 2021
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This picture illustrates was james 1st to blame for all the financial problems essay.
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