Credit and Trade in Later Medieval England, 1353-1532 by Richard Goddard PDF

By Richard Goddard

This publication demanding situations the idea that monetary crises are smooth phenomena via its exploration of the tumultuous ‘credit-crunch’ of the later heart a long time. It illustrates basically how affects akin to the Black dying, inter-European struggle, weather swap and a bullion famine occasioned serious and lengthy monetary decline throughout 15th century England. Early chapters speak about traits in lending and borrowing, and using credits to fund family exchange via distinctive research of the Statute Staple and wealthy fundamental assets. the writer then adopts a broad-based geographic lens to envision provincial credits sooner than concentrating on London’s improvement because the advertisement powerhouse in past due medieval company.

teachers and scholars of contemporary financial switch and ancient monetary revolutions alike will see that the years from 1353 to 1532 encompassed significant upheaval and alter, such as sleek recessions. the writer rigorously publications the reader to determine that those shifts are the precursors of financial switch within the early sleek interval, laying the principles for the monetary international as we all know it today.

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Tucker, ‘Relationships between London’s courts and the Westminster courts in the reign of Edward IV’, in Courts, Counties and the Capital in the Later Middle Ages, ed.  S. Dunn (New York: St Martin’s Press, 1996), 123; Kermode, ‘Money and credit’, 488–91. 108 C 241/192/57. 109 CCR, 1402–05, 503.  K. James, ‘A London merchant in the fourteenth century’, Economic History Review 8 (1965): 369. 36 Credit and Trade in Later Medieval England, 1353–1532 1482, a husbandman from Warmington (Northamptonshire), William Furmour, sought to borrow £20 from his lord, William Stokes.

100 It is possible that in the more populous capital, merchants’ past credit indiscretions were more easily hidden, allowing potential borrowers to always find someone willing to extend sales credit, especially, as in these cases, during periods of economic boom and mercantile (over-) confidence (see Chap. 3). 101 However, this was extremely rare. Those seeking trade finance needed to retain a solid business reputation or spend time and money (thereby increasing their transaction costs) locating willing, or injudicious, lenders, often in a new location where their credit history was not public knowledge.

107 By making a separate but concurrent agreement to transfer land, creditors were bypassing the Staple recovery system with a legally binding enfeoffment in the event of a default. 108 Pyl defaulted and was sued by Gravesend ten years later. 109 By cutting out Chancery and the sheriff, the recovery process was probably faster and cheaper, even if the end result was exactly the same.  Goddard, ‘Bullish markets: the property market in thirteenth-century Coventry’, Midland History, 23 (1998): 27.

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