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The economics of English towns and trade in the Middle Ages is the economic history of English towns and trade from the Norman invasion in 1066, to the death of Henry VII in 1509. Although England's economy was fundamentally agricultural throughout the period, even before the invasion the market economy was important to producers.
Norman institutions, including serfdom, were superimposed on an existing system of open fields and mature, well-established towns involved in international trade. [2] Over the five centuries of the Middle Ages, the English economy would at first grow and then suffer an acute crisis, resulting in significant political and economic change.
[2] The trade's liveliest period, 1250–1350, was 'an era when trade in wool had been the backbone and driving force in the English medieval economy'. [3] The wool trade was a major driver of enclosure (the privatisation of common land) in English agriculture, which in turn had major social consequences, as part of the British Agricultural ...
The trade was dominated by the Merchants of the Staple who, from 1363, had been granted the exclusive right to trade raw wool in Calais. The English system remained in place for nearly two centuries, though it would decline in importance as exports of finished cloth were substituted for exports of raw wool.
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Trade routes became unstable and unsafe, a situation exacerbated by the rise of expansionist Turco-Persianate states, and the Silk Road largely collapsed for centuries. This period saw the rise of the mercantile Italian city-states , especially the maritime republics , Genoa , Venice , Pisa , and Amalfi , who viewed the Radhanites as unwanted ...
The trade recovered to reach a peak in the 1370s, with an annual average of 7,360 sacks, but the international recession from the 1380s saw a reduction to an annual average of 3,100 sacks. [16] The introduction of sheep-scab was a serious blow to the wool trade from the early fifteenth century. Despite a levelling off, there was another drop in ...
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