I.i: Avarice addresses the audience directly. He introduces himself and says the only way he may work is to assume a disguise. His favorite, he says, is to go under the name of Policy. He tells us that the noble Respublica has fallen on hard times. He determines to win her confidence and, under her protection, grow wealthy cheating her people.

I.ii: Adulation (a.k.a. Flattery), Insolence, and Oppression come in looking for their "founder" Avarice. They exit still looking for him, for he is the one who directs all of their "worthy" enterprises.

I.iii: Avarice enters, he suspects he has surprised robbers in the act of breaking into his home and thereby narrowly avoided having his precious belongings stolen. Insolence, Adulation, and Oppression come in and find Avarice. Avarice at first acts as if he does not know them-"Founder me no foundering." Finally Avarice comes to an amicable recognition of his fellows and tells them of Respublica's vulnerability. She is recently widowed. Avarice tells them of his intent to win her confidence and prosper as her counselor. He will in time bring the other three into her service to suck blood (as Pistol would later call it in HV). Insolence will be made chief among them when they come to their fortune. The others bicker for their share, and Avarice upbraids them for excluding him who will make all possible.

I.iv: The scene changes for no apparent reason other than Avarice's companions make a false exit from I.iii and are called back by Avarice. Avarice has called them back to change their names. Those they have are hateful to all that hear them. Insolence is dubbed "Authority"; Oppression becomes "Reformation"; Avarice saves "Policy" for himself though Adulation wants it; and Adulation/Flattery is renamed "Honesty." They are sent off to change into clothes befitting their new names. Avarice instructs them to assume a grave demeanor. Avarice warns them to keep their new robes closed in front so no one might look under and see their true identities.

II.i: Respublica laments her fate. She prays for deliverance from her present lowly state.

II.ii: Avarice, newly dressed as Policy, enters looking for Respublica. In an interesting bit of playwriting, the two characters do not see each other at first, Avarice addresses his hopeful comments to his money bags while Respublica addresses her hopeful comments to God. Policy/Avarice introduces himself to Respublica as her deliverer. She is almost at once taken with him and entrusts her estate to him entirely. Policy/Avarice then suggests to Respublica to employ his friends Reformation, Authority, and Honesty, which she immediately consents to do. She is happy at the prospect of her new found fortune-or so she believes it to be.

II.iii: Policy/Avarice introduces Respublica to Honesty/Adulation (Flattery), Authority/Insolence, and Reformation/Oppression who have come to "help" her. After she greets them and leaves they separate to suck the land. They exit singing.

III.i: Respublica expresses herself relieved to have been eased of her "greate greefe and smarte."

III.ii: Honesty/Flattery is pleased at having filched three hundred pounds per year and a goode manor place besides. He meets Respublica and announces that he has been working hard in her name, as has Policy ("what a prudente man"), Reformation, and Authority. People enters. His appearance surprises Honesty/Flattery who "had thought as soone to have mette here paules steeple."

III.iii: People tells Respublica that things are very bad in her commonwealth. The people are in great extremity. People says that he sees what he thinks to be the handiwork of Flattery, Oppression, Insolence, and Covetice in the land. Respublica responds that she has good counselors who are even now trying to rectify the problems, and she introduces him to Honesty, whom People says could just as easily be a flatterer as Honesty. People asks Honesty/Flattery what good he has yet done. Honesty responds that it is yet too early for his good work to be felt in the general commonwealth. People reluctantly agrees to wait a while longer. People and Respublica leave. Honesty/Flattery swears to undo People for his effrontery.

III.iv: Avarice enters cooing to his "swete bags of golde." before he and Flattery can begin a conversation, though,

III.v: Oppression enters wearily. He has undone four or five bishoprics and more half bishoprics than he can number. Oppression and Avarice flout Flattery for having gained only three hundred pounds in the same space of time ("thowe shamest our fraternitee.") Oppression relates how he took all in the name of Respublica and so met no resistance. Flattery warns them against People who "against vs all fowre with a wyde throte dothe he rore."

III.vi: Avarice arrives and tells them of his spoils-naming his bags for the activities in which he engaged to win them. He warns against their great enemy Time who sees all and tells all and of his daughter Verity who confirms his blabbing. He describes the emblem of Fortune, with her long forelock and rolling ball, and warns that they may have already allowed their opportunity to pass while they talked of what to do about People.

IV.i: Respublica worries over People's reports of ill treatment.

IV.ii: People meets Respublica and desires to speak with Policy, who he thought had "drownde trowe last yeare."

IV.iii: Policy/Avarice meets Respublica and People. People complains that, despite Policy's assurances, he is no better off now than when Policy began. Respublica admits that she sees no improvement in the commonwealth either. Policy/Avarice says he will bring Authority and Reformation and allow them to be charged as well as he with double-dealing.

IV.iv: Avarice conspires with Oppression and Insolence to remove Respublica by some ruse and then threaten People to keep quite about his problems. People says his piece to the "counselors," but after Respublica leaves the three vices turn on People and threaten him greatly if he does not stay at home and mind his own business. People is frightened and does as they say.

V.i: Misericordia (Compassion/Mercy) enters. She has been sent by heaven to answer Respublica's prayers for assistance.

V.ii: Misericordia meets Respublica and introduces herself and her mission. Respublica says she doesn't know who has caused the misery in the commonwealth but swears she is well directed by Policy. Misericordia says Policy is a good counselor. Policy/Avarice enters complaining of the pickpockets in the commonwealth-fearing he will lose his ill-gotten gain. He is introduced to Misericordia. She is planning to bring Verity to the commonwealth to find out who is oppressing it. Avarice leaves to strengthen himself secretly against the coming of Verity who will surely expose them. He instructs Insolence and Oppression to hinder Verity's arrival.

V.iii: Misericordia brings Verity to Respublica. She instructs Respublica to embrace Verity forever. Verity tells Respublica of the "woulves in the clothing of sheepe" who are raping her commonwealth. Justice and Peace are called for to join with Verity and Misericordia. The four sister virtues will flush out the four (male) vices.

V.iv: The four virtues meet and take Respublica to be "newe appareled."

V.v: Avarice meets with Flattery, who says that Justice and Peace have arrived from heaven. Avarice plots to discredit the four virtues and save himself.

V.vi: Avarice/Policy meets Respublica, who is in a new robe, and pronounces himself happy that his fiscal reforms have begun to show. He takes credit for her new-found prosperity. Respublica will not brunt his foolishness, though, and orders him away from her. He chides her for berating her benefactor. Respublica is firm and charges him to leave her. He leaves. People enters.

V.vii: People, initially afraid lest the vices punish him for seeing Respublica, is assured by her that he may speak openly to her. She hears his complaint, sympathizes, and suggests that he act as bait to entrap the vices. People readily agrees.

V.viii: The vices appear and see People. They are enraged that he would flout their warnings. The virtues trap them.

V.ix: Avarice tries to discredit the virtues by questioning why they should depart heaven to come to earth if heaven is perfect, etc. But he is answered at every turn. Ultimately he swears that he is not Avarice, but Verity reveals him by finding his gold bags hidden under his robe. He swears he got the gold for the good of Respublica, but he is not believed. The other three are exposed, as Avarice had warned they might be, when the virtues see under their robes. The punishment of the vices is reserved for Nemesis, who is summoned. People guards the vices while the virtues go to retrieve Nemesis.

V.x: Nemesis enters, immediately befriending Respublica. Flattery is called before Nemesis and tells her that he was led astray by Avarice. Avarice denies all and tells her that the other vices got more goods than he did. Flattery, who was most innocent of the crimes and who may yet turn into proper Adulation is pardoned. Avarice is ordered to disgorge his gains and then sent to prison. Insolence and Oppression are also ordered jailed. People takes them to the jail. Nemesis then turns her attention to foreign affairs. The play ends with a prayer to Queen Mary I.