Great Slump (15th century)
The Great Slump was an
History
The Great Slump occurred in England between approximately 1440 and 1480.[1] The economic slowdown began in the 1430s in Northern England, spreading south in the 1440s, with the economy not recovering until the 1480s.[2] The Great Slump took place against a wider trading crisis in Northern Europe, driven by shortages of silver, essential for the money supply, and a breakdown in trade.[2] Some accounts refer to the event as a "credit crunch".[3]
Some scholars blamed the slump on the effects of the
The impact of the Great Slump was far-reaching across England. Certain groups were particularly badly affected: cloth exports fell by 35 per cent in just four years at the end of the 1440s, for example, collapsing by up to 90 per cent in some parts of the South-West.
One of the ways English merchants survived the Great Slump was through the formation of merchant networks, which enabled them to organize into large conglomerates.[10] This allowed access to needed bullion and well-guarded credit.[10]
See also
- Great Bullion Famine
- Economy of England in the Middle Ages
- John and William Merfold
- Hundred Years' War
References
- ^ Hicks, p.40.
- ^ a b Hicks, p.50.
- ^ ISBN 978-1-137-48985-2.
- ISBN 978-1-62894-279-8.
- ^ Hatcher, p.246.
- ^ "China's Silver Bullet". 23 May 2006.
- ^ Hicks, p.51.
- ^ Hatcher, p.243.
- ^ Hicks, pp.52–54.
- ^ ISBN 978-0-19-884442-6.
Bibliography
- Craig, John (1953). The Mint: A History of the London Mint from A.D. 287 to 1948. ASIN B0000CIHG7.
- Davies, Glyn (1997) [1994]. A History of Money: From Ancient Times to the Present Day (Reprint ed.). ISBN 978-0708313510.
- Hatcher, John (2002). "The Great Slump of the Mid-Fifteenth Century". In Britnell, Richard; Hatcher, John (eds.). Progress and Problems in Medieval England: Essays in Honour of Edward Miller. Cambridge, UK: Cambridge University Press. ISBN 978-0-521-52273-1.
- Hicks, Michael (2012). The Wars of the Roses. New Haven and London: Yale University Press. ISBN 978-0-300-18157-9.