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Conclusions

In: Enterprise, Money and Credit in England before the Black Death 1285–1349

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  • Pamela Nightingale

    (University of Oxford)

Abstract

This chapter discusses how the local enterpriseenterprise and credit revealed by the statute merchant certificates fits in with, or differs from, previous interpretations of the development of the English economy before the Black Death. It confirms the degree to which it was dependent on markets and coin, and on the commonplace use of credit in domestic and overseastradeoverseas trade tradeoverseas trade as well as in personal transactionstransactions. Wealth and enterpriseenterprise, though, were unevenly distributed between countiescounties and depended mainly on the extent to which their economies were dominated by wool exportswoolwool exports which earned the coin they needed to initiate and develop new enterprises. They were assisted mostly in this period by the success of English merchants in winning the greater share of wool exportswoolwool exports from their alien competitors, despite being inhibited by the outflow of coin to finance wars in EuropeEurope, and by the heavy wartime taxation imposed on the populationpopulation at large. England’s significant increase of credit in the 1340s suggests that it was on the verge of significant, and diverse economic growth, at the very point when it was assailed by the Black Death.

Suggested Citation

  • Pamela Nightingale, 2018. "Conclusions," Palgrave Studies in the History of Finance, in: Enterprise, Money and Credit in England before the Black Death 1285–1349, chapter 0, pages 333-349, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-90251-7_12
    DOI: 10.1007/978-3-319-90251-7_12
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