By Richard Goddard

This ebook demanding situations the suggestion that fiscal crises are smooth phenomena via its exploration of the tumultuous ‘credit-crunch’ of the later center a while. It illustrates essentially how affects comparable to the Black demise, inter-European conflict, weather swap and a bullion famine occasioned serious and lengthy financial decline throughout 15th century England. Early chapters speak about traits in lending and borrowing, and using credits to fund household exchange via unique research of the Statute Staple and wealthy basic resources. the writer then adopts a broad-based geographic lens to check provincial credits earlier than concentrating on London’s improvement because the advertisement powerhouse in past due medieval company.

teachers and scholars of contemporary monetary swap and historical monetary revolutions alike will see that the years from 1353 to 1532 encompassed giant upheaval and alter, corresponding to glossy recessions. the writer rigorously publications the reader to determine that those shifts are the precursors of financial switch within the early smooth interval, laying the principles for the monetary global as we all know it today.

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Galloway, 63. As with the Staple evidence, this mean excludes exceptionally large ‘outlier’ debts. 88 Postan, ‘Private financial instruments’, 43–51, 55, 57, 71–3. 89 Postan, ‘Private financial instruments’, 29–54; Bolton, Money, 279–83. 90 Recognisances did not require pledges to ensure the payment of the debt—as in common law—because the written recognisance personally, solemnly and publicly ‘bound (teneri et firmiter obligari)’ the debtor to the creditor and was thus equivalent to a judgment against the debtor should he default.

Whilst significant numbers of the debts recorded in the Staple certificates were for sales credit, some were also described as loans (mutuum). Some transactions, particularly in the later fourteenth century, are described explicitly as ‘on account of a loan’ rather than ‘for diverse merchandise’, but this is not common except in the certificates from Lincoln and Newcastle, where they comprise about 17 per cent of the transactions. 49 Indeed, some of the larger agreements transacted in the Staple courts—which mention neither merchandise nor loans—may well have been loans of money.

Horrox, ‘The urban gentry in the fifteenth century’, in Towns and Townspeople in the Fifteenth Century, ed.  A.  Thomson (Gloucester: Sutton, 1988), 22–44. 79 See, for example, C 241/266/34. 80 Statutes of the Realm, vol. 2, 399–402; R. L.  R. Myers, ed.  Clough (Liverpool University Press, 1982), 90–129. 81 Thrupp, Merchant Class, 269–78. 82 C 241/144/54; C 241/147/145; C 241/149/137. 83 C 241/149/57. 28 Credit and Trade in Later Medieval England, 1353–1532 was created a Knight of the Garter and was one of Edward III’s ambassadors to the Pope.

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