𝕸 Economy

Economic History ..
Economy of Roman Empire 
European Bank Money Creation - History ..
guild ..
Medieval Banking ..
Papyrus .. 

Economic & Societal Consequences of Black Death

Black Death and the Success of Local Lockdowns - Pandemic Hx 3 - tgh > .

It is important to remember that past pandemics were far more deadly than coronavirus, which has a relatively low death rate.

Without modern medicine and institutions like the World Health Organization, past populations were more vulnerable. It is estimated that the Justinian plague of 541 AD killed 25 million and the Spanish flu of 1918 around 50 million.

By far the worst death rate in history was inflicted by the Black Death. Caused by several forms of plague, it lasted from 1348 to 1350killing anywhere between 75 million and 200 million people worldwide and perhaps one half of the population of England. The economic consequences were also profound.

The period after the Black Death was, according to economic historian Christopher Dyer, a time of “agitation, excitement, anger, antagonism and creativity”. The government’s immediate response was to try to hold back the tide of supply-and-demand economics.

The majority of those who survived went on to enjoy improved standards of living. Prior to the Black Death, England had suffered from severe overpopulation.

Following the pandemic, the shortage of manpower led to a rise in the daily wages of labourers, as they were able to market themselves to the highest bidder. The diets of labourers also improved and included more meat, fresh fish, white bread and ale. Although landlords struggled to find tenants for their lands, changes in forms of tenure improved estate incomes and reduced their demands.

This was the first time an English government had attempted to micromanage the economy. The Statute of Labourers law was passed in 1351 in an attempt to peg wages to pre-plague levels and restrict freedom of movement for labourers. Other laws were introduced attempting to control the price of food and even restrict which women were allowed to wear expensive fabrics.

But this attempt to regulate the market did not work. Enforcement of the labour legislation led to evasion and protests. In the longer term, real wages rose as the population level stagnated with recurrent outbreaks of the plague.

Landlords struggled to come to terms with the changes in the land market as a result of the loss in population. There was large-scale migration after the Black Death as people took advantage of opportunities to move to better land or pursue trade in the townsMost landlords were forced to offer more attractive deals to ensure tenants farmed their lands.

new middle class of men (almost always men) emerged. These were people who were not born into the landed gentry but were able to make enough surplus wealth to purchase plots of land. Recent research has shown that property ownership opened up to market speculation.

The parliament of a young Richard II came up with the innovative idea of punitive poll taxes in 1377, 1379 and 1380, leading directly to social unrest in the form of the Peasants’ Revolt of 1381.

This revolt, the largest ever seen in England, came as a direct consequence of the recurring outbreaks of plague and government attempts to tighten control over the economy and pursue its international ambitions. The rebels claimed that they were too severely oppressed, that their lords “treated them as beasts”.

https://theconversation.com/what-can-the-black-death-tell-us-about-the-global-economic-consequences-of-a-pandemic-132793 .

"[In response to the drastic reduction of the labour force] influential employers, such as large landowners, lobbied the English crown to pass the Ordinance of Laborers, which informed workers that they were “obliged to accept the employment offered” for the same measly wages as before.

As successive waves of plague shrunk the work force, hired hands and tenants “took no notice of the king’s command,” as the Augustinian clergyman Henry Knighton complained. “If anyone wanted to hire them he had to submit to their demands, for either his fruit and standing corn would be lost or he had to pander to the "arrogance and greed" [this from the arrogant, greedy medieval Church] of the workers.”

As a result of this shift in the balance between labor and capital, we now know, thanks to painstaking research by economic historians, that real incomes of unskilled workers doubled across much of Europe within a few decades. According to tax records that have survived in the archives of many Italian towns, wealth inequality in most of these places plummeted. In England, workers ate and drank better than they did before the plague and even wore fancy furs that used to be reserved for their betters. At the same time, higher wages and lower rents squeezed landlords, many of whom failed to hold on to their inherited privilege. Before long, there were fewer lords and knights, endowed with smaller fortunes, than there had been when the plague first struck....
Looking at the historical record across Europe during the late Middle Ages, we see that elites did not readily cede ground, even under extreme pressure after a pandemic. During the Great Rising of England’s peasants in 1381, workers demanded, among other things, the right to freely negotiate labor contracts. Nobles and their armed levies put down the revolt by force, in an attempt to coerce people to defer to the old order. But the last vestiges of feudal obligations soon faded. Workers could hold out for better wages, and landlords and employers broke ranks with each other to compete for scarce labor.

Elsewhere, however, repression carried the day. In late medieval Eastern Europe, from Prussia and Poland to Russia, nobles colluded to impose serfdom on their peasantries to lock down a depleted labor force. This altered the long-term economic outcomes for the entire region: Free labor and thriving cities drove modernization in western Europe, but in the eastern periphery, development fell behind. [As is already happening in the USA.]

Farther south, the Mamluks of Egypt, a regime of foreign conquerors of Turkic origin, maintained a united front to keep their tight control over the land and continue exploiting the peasantry. The Mamluks forced the dwindling subject population to hand over the same rent payments, in cash and kind, as before the plague. This strategy sent the economy into a tailspin as farmers revolted or abandoned their fields.

But more often than not, repression failed. The first known plague pandemic in Europe and the Middle East, which started in 541, provides the earliest example. Anticipating the English Ordinance of Laborers by 800 years, the Byzantine emperor Justinian railed against scarce workers who “demand double and triple wages and salaries, in violation of ancient customs” and forbade them “to yield to the detestable passion of avarice” — to charge market wages for their labor. The doubling or tripling of real incomes reported on papyrus documents from the Byzantine province of Egypt leaves no doubt that his decree fell on deaf ears."https://www.nytimes.com/2020/04/09/opinion/coronavirus-economy-history.html .

Plague in the Ancient and Medieval World - same > .

Ж Black Death - Impacts .. 
ЖЉ Black Death - Jewish Persecution, Europe ..
Quarantine ..

Economic History

Feifs to Economic Liberalism - BeFa > .

A fief (L: feudum) was the central element of feudalism. It consisted of heritable property or rights granted by an overlord to a vassal who held it in fealty (or "in fee") in return for a form of feudal allegiance and service, usually given by the personal ceremonies of homage and fealty. The fees were often lands or revenue-producing real property held in feudal land tenure: these are typically known as fiefs or fiefdoms. However, not only land but anything of value could be held in fee, including governmental office, rights of exploitation such as hunting or fishing, monopolies in trade, and tax farms.

European Bank Money Creation - History

.European History of Bank Money Creation - Money & Macro > .

Forest Law & Forest of Dean

Magna Carta concession to forest access > .
Magna Carta accedes to dis-afforestation > .
What was the Charter of the Forest? | Magna Carta Series > .
Carta Foresta 1217 - TrId >> .

Ray Mears: Forest of Dean Wild Britain S01E01 Deciduous Forest
https://www.youtube.com/watch?v=bhnBhObR5QU

The Forest of Dean lies in west Gloucestershire in the angle formed by the rivers Severn and Wye as they approach their confluence. A large tract of woodland and waste land there was reserved for royal hunting before 1066 and survived into the modern period as one of the principal Crown forests in England, the largest after the New Forest. The name Forest of Dean was recorded from c. 1080 and was probably taken from the valley on the north-east of the area, where a manor called Dean was the Forest's administrative centre in the late 11th century.

In modern times the name Forest of Dean was sometimes used loosely for the part of Gloucestershire between the Severn and Wye, but all that land belonged to the Forest (used in the specific sense of the area subject to the forest law) only for a period in the early Middle Ages. In the 13th century the Forest's bounds were the two rivers and it extended northwards as far as Ross-on-Wye (Herefs.), Newent, and Gloucester; it then included 33 Gloucestershire and Herefordshire parishes, besides a central, uncultivated area which the Crown retained in demesne. Revised bounds, perambulated in 1300 and accepted by the Crown in 1327, reduced the extent of the Forest to the royal demesne and 14 parishes or parts of parishes, most of them, like the demesne itself, in St. Briavels hundred. The royal demesne remained extraparochial until the 1840s when, villages and hamlets having grown up within it, it was formed into the civil townships (later parishes) of East Dean and West Dean and into ecclesiastical districts.
......
The formerly extraparochial land of the Forest of Dean lies mainly at over 200 m. (656 ft.), reaching its highest point, 290 m. (951 ft.), at Ruardean hill in the north. Sometimes described as a plateau but actually comprising steep ridges and the valleys of streams draining to the Severn and Wye, its boundaries with the surrounding cultivated and ancient parochial lands are in most places defined by a scarp where the underlying carboniferous limestone of the region outcrops. On the west, however, the limestone outcrops at a shallower angle and there is a less obvious distinction in height between the Forest and the cultivated land of the large ancient parish of Newland. The long valley of Cannop brook, earlier called the Newerne stream, crosses the west part of the Forest from north to south, and a stream called in its northern part Cinderford brook and in its southern Soudley brook forms a long winding valley through the east part. Blackpool brook, so called by 1282, carves another deep valley through the south-eastern edge of the high land to meet Soudley brook at Blakeney below the Forest's scarp, and at the Forest's northern edge Greathough brook, formerly Lyd brook, descends a valley to the Wye. The streams were dammed in places for ironworks, notably in the Cannop valley where two large ponds were made in the 1820s to provide power for works at Parkend. Other large ponds on a tributary stream of Soudley brook at Sutton bottom, near Soudley, were built as fishponds in the mid 19th century for a privately-owned estate in that part of the Forest called Abbots wood. In the late 20th century the Forestry Commission maintained the Forest's ponds as nature reserves and as a public amenity; new ones were made at Woorgreen, near the centre of the Forest, as part of landscape restoration following opencast coal mining in the 1970s, and at Mallards Pike, near the head of Blackpool brook, in 1980.

Geology has given the Forest its rich industrial history. The land is formed of basin-shaped strata of the Carboniferous series. Underlying and outcropping at the rim are limestones which, especially the stratum called Crease Limestone, contain deposits of iron ore. Above are beds of sandstone, shale, and coal. The lowest bed of sandstone is known by the local name of Drybrook Sandstone, and the highest is the Pennant Sandstone. There are over 20 separate coal seams, varying in thickness from a few inches to 5 ft., the highest yielding being the Coleford High Delf which rises close to the surface near the rim of the Forest. Surface workings, shallow pits, or levels driven into the hillsides were the means of winning the iron ore and coal until the late 18th century when deeper mines were sunk. There were also numerous quarries, notably those in the Pennant Sandstone at Bixhead and elsewhere on the west side of the Cannop valley; that stone, which varies in colour but is mainly dark grey, was the principal building material used in the Forest's 19th-century industrial hamlets.

The Forest was most significant as a producer of oak timber, which was the principal reason for its survival in the modern period. Until the early 17th century, however, there was as much beech as oak among its large timber trees, and chestnut trees once grew in profusion on the north-east side of the Forest near Flaxley and gave the name by 1282 to a wood called the Chestnuts. The underwood was composed of a variety of small species such as hazel, birch, sallow, holly, and alder. The ancient forest contained many open areas. In 1282 various 'lands', or forest glades, maintained by the Crown presumably as grazing for the deer, included several with names later familiar in the Forest's history, Kensley, Moseley, Cannop, Crump meadow, and Whitemead (later a part of Newland parish). Numerous smaller clearings called 'trenches' had also been made as corridors alongside roads for securing travellers against ambush or for the grazing and passage of the deer. Larger areas of waste, or 'meends', such as Clearwell Meend and Mitcheldean Meend, lay on the borders adjoining the manorial lands, whose inhabitants used them for commoning their animals.

Although the royal demesne land was without permanent habitation until the early modern period, it was crossed by many ancient tracks, used by ironworkers, miners, and charcoal burners; large numbers, many termed 'mersty' (meaning a boundary path), were recorded in 1282 in a perambulation of the Forest bailiwicks, its administrative divisions. One of the more important ancient routes, known as the Dean road, had a pitched stone surface and borders of kerbstones. It ran between Lydney and Mitcheldean across the eastern part of the demesne by way of Oldcroft, a crossing of Blackpool brook, recorded as Blackpool ford in 1282, and a crossing of Soudley brook at Upper Soudley. The survival of much pitching and kerbing after the road went out of use in the turnpike era, and the possibility that it had linked two important Roman sites at Lydney and Ariconium, in Weston under Penyard (Herefs.), has led to the suggestion that it was a Roman road, though much of the stonework probably dates from the medieval and early modern periods; an estimate was made for renewing long stretches of the road, including the provision of new border stones, as late as the 1760s.

Two main routes crossed the extraparochial Forest from north-east to south-west and on them were sited the principal points of reference in a terrain with few landmarks. A route from the Severn crossing at Newnham to Monmouth recorded in 1255, when 'trenches' were ordered to be made beside it, was presumably that through Littledean, the central Forest, and Coleford. It entered over a high ridge west of Littledean, where a hermitage of St. White had been founded by 1225, and crossed Soudley (or Cinderford) brook at the place called Cinder ford in 1258, long before its name was taken by the principal settlement of the extraparochial Forest that formed on the hillside to the north-east of the crossing. Further west, near the centre of the Forest, the road passed the clearing called Kensley, where a courthouse stood by 1338 close to the site of the later Speech House, and crossed Newerne (or Cannop) brook at Cannop. The road emerged into the cultivated land of Coleford tithing at a place later called Broadwell Lane End, where a tree called Woolman oak in 1608 (fn. 34) was probably the 'W(o)lfmyen' oak which in 1282 was a landmark at the boundary of four of the Forest's bailiwicks. The other main route, recorded in 1282 as the high road to Monmouth, was that crossing the high north-western part of the extraparochial land from Mitcheldean, by way of Nailbridge, Brierley, Mirystock, where it crossed a tributary of Cannop brook above Lydbrook, to Coleford. The two remained the principal routes through the Forest but the northern one, described in the 1760s as the great road through the Forest from Gloucester to South Wales, was much altered in its course by later improvements.

The rivers Severn and Wye played a vital role in the development of Dean's industry but few of the various tracks and hollow ways that led from the central Forest to riverside landing-places and ferries were usable other than by packhorses before the 19th century. One of the few routes negotiable by wagons and timber rigs was the central main road out to Littledean with its branch down to Newnham; that was the usual route for carrying timber out of the Forest in 1737 when the Crown was asked to assist Newnham parish to repair part of it. Later in the 18th century a road leading from the south part of the woodlands by way of Parkend and Viney Hill to Gatcombe and Purton on the Severn became the principal route for timber destined for the naval dockyards.

The Crown's hunting rights, which provided the original motive for the Forest's preservation, were much used in the 13th century. The frequent orders made at the period for taking deer for gifts by the Crown and to meet the needs of the royal household suggest that fallow deer were the majority species in Dean, with red deer and roe present in smaller numbers. In 1278 the Forest was sufficiently well stocked for royal huntsmen to take 100 fallow bucks. At that period all three species of deer were classed as beasts of the forest, reserved for the exclusive use of the Crown, but roe were not classified as such after 1340.

http://www.british-history.ac.uk/vch/glos/vol5/pp285-294

Forest of Dean: Forest administration
http://www.british-history.ac.uk/vch/glos/vol5/pp354-377

Forest of Dean: search
http://www.british-history.ac.uk/search?query=forest%20of%20dean

Fugger - Habsburg Banker

.Jakob Fugger - Banker Who Financed the Habsburgs - K&G > .

Jakob Fugger, German banker and businessman became one of the richest people of the late medieval period by introducing a number of new business practices and tying his fortune to the rising Habsburgs, financing them in becoming the hegemon power in Europe. His loans were crucial for the Habsburg victory at the battle of Pavia in 1525 (https://youtu.be/mcprW-tXuaA) and the election of Maximilian I.

Jakob Fugger of the Lily (Jakob Fugger von der Lilie; 6 March 1459 – 30 December 1525), also known as Jakob Fugger the Rich or sometimes Jakob II, was a major German merchant, mining entrepreneur, and banker. He was a descendant of the Fugger merchant family located in the Mixed Imperial City of Augsburg, where he was born and later also elevated through marriage to Grand Burgher of Augsburg (Großbürger zu Augsburg). Within a few decades he expanded the family firm to a business operating in all of Europe. He began his education at the age of 14 in Venice, which also remained his main residence until 1487. At the same time he was a cleric and held several prebendaries, even though he never lived in a monastery. With an inflation adjusted net worth of over $400 billion, Fugger is held to be one of the wealthiest individuals in modern history, alongside the early 20th century industrialists John D. Rockefeller and Andrew Carnegie. At the time of his death in 1525, Fugger's personal wealth was equivalent to 2% of the GDP of Europe.

The foundation of the family's wealth was created mainly by the textile trade with Italy. The company grew rapidly after the brothers Ulrich, Georg and Jakob began banking transactions with the House of Habsburg as well as the Roman Curia, and at the same time began mining operations in Tyrol, and from 1493 on the extraction of silver and copper in the kingdoms of Bohemia and Hungary. As of 1525 they also had the right to mine quicksilver and cinnabar in Almadén.

After 1487, Jakob Fugger was the de facto head of the Fugger business operations which soon had an almost monopolistic hold on the European copper market. Copper from Hungary was transported through Antwerp to Lisbon, and from there shipped to India. Jakob Fugger also contributed to the first and only trade expedition to India that German merchants cooperated in, a Portuguese fleet to the Indian west coast (1505/06) as well as a failed Spanish trade expedition to the Maluku Islands.

With his support of the Habsburg dynasty as a banker he had a decisive influence on European politics at the time. He financed the rise of Maximilian I and made considerable contributions to secure the election of the Spanish king Charles I to become Holy Roman Emperor Charles V. Jakob Fugger also funded the marriages which later resulted in the House of Habsburg gaining the kingdoms of Bohemia and Hungary.

Jakob Fugger secured his legacy and lasting fame through his foundations in Augsburg. A chapel funded by him and built from 1509 to 1512 is Germany's first renaissance building and contains the tombs of the brothers Ulrich, Georg and Jakob. The Fuggerei which was founded by Jakob in 1521 is the world's oldest social housing complex still in use. The Damenhof, part of the Fuggerhäuser in Augsburg, is the first secular renaissance building in Germany and was built in 1515.

At his death on 30 December 1525, Jakob Fugger bequeathed to his nephew Anton Fugger company assets totaling 2,032,652 guilders. He is among the most well known Germans and arguably the most famous citizen of Augsburg, with his wealth earning him the moniker "Fugger the Rich". In 1967 a bust of him was placed in the Walhalla, a "hall of fame" near Regensburg that honors laudable and distinguished Germans.

guild


A guild is an association of craftsmen in a particular trade. The earliest types of guild were formed as confraternities of workers. They were organized in a manner something between a trade union, a cartel and a secret society. They often depended on grants of letters patent by an authority or monarch to enforce the flow of trade to their self-employed members, and to retain ownership of tools and the supply of materials. A lasting legacy of traditional guilds are the guildhalls constructed and used as meeting places.

In the Early Middle Ages most of the Roman craft organizations, originally formed as religious confraternities, had disappeared, with the apparent exceptions of stonecutters and perhaps glassmakers. Gregory of Tours tells a miraculous tale of a builder whose art and techniques suddenly left him, but were restored by an apparition of the Virgin Mary in a dream. Michel Rouche remarks that the story speaks for the importance of practically transmitted journeymanship.

The early egalitarian communities called "guilds" (for the gold deposited in their common funds) were denounced by Catholic clergy for their "conjurations"—the binding oaths sworn among artisans to support one another in adversity and back one another in feuds or in business ventures. The occasion for the drunken banquets at which these oaths were made was December 25, the pagan feast of Jul: Bishop Hincmar, in 858, sought vainly to Christianize them.

By about 1100, European guilds (or gilds) and livery companies began their medieval progression into an approximate equivalent to modern-day business organizations such as institutes or consortia. The guilds were termed corps de métiers in France, where the more familiar term corporations did not appear until the Le Chapelier Law of 1791 that abolished them, according to Fernand Braudel.[4] The guild system reached a mature state in Germany circa 1300 and held on in the German cities into the 19th century, with some special privileges for certain occupations remaining today. The latest guilds to develop in Western Europe were the gremios of Spain: e.g., Barcelona (1301), Valencia (1332) and Toledo (1426).

In 1300 Paris had 6000 workers in the mechanical arts. In the fifteenth century Hamburg had 100 guilds, Cologne 80, and Lübeck 70. The most striking example of an elaborate classification according to craft is found in the metal-workers: the farriers, knife-makers, locksmiths, chain-forgers, nail-makers, often formed separate and distinct corporations; the armourers were divided into helmet-makers, escutcheon-makers, harness-makers, harness-polishers, etc.

Not all city economies were controlled by guilds; some cities were "free". Where guilds were in control they shaped labour, production and trade; they had strong controls over instructional capital, and the modern concepts of a lifetime progression of apprentice to craftsman, journeyman, and eventually to widely-recognized master and grandmaster began to emerge. In order to become a Master, a Journeyman would have to go on a 3 year voyage called Journeyman years. This was also known as the Waltz and is the origin of the Australian song Waltzing Matilda. The practice of the Journeyman years still exists in Germany.

As production became more specialized, trade guilds were divided and subdivided, eliciting the squabbles over jurisdiction that produced the paperwork by which economic historians trace their development: there were 101 trades in Paris by 1260, and earlier in the century the metalworking guilds of Nuremberg were already divided among dozens of independent trades, in the boom economy of the 13th century. In Ghent as in Florence the woolen textile industry developed as a congeries of specialized guilds. The appearance of the European guilds was tied to the emergent money economy, and to urbanization. Before this time it was not possible to run a money-driven organization, as commodity money was the normal way of doing business.


A center of urban government: the Guildhall, London (engraving, ca 1805)
The guild was at the center of European handicraft organization into the 16th century. In France, a resurgence of the guilds in the second half of the 17th century is symptomatic of the monarchy's concerns to impose unity, control production and reap the benefits of transparent structure in the shape of more efficient taxation.[citation needed] Although many people believe there were guilds for food to travel to soldiers, in Europe during the 16th century there were only craft-making guilds.

The guilds were identified with organizations enjoying certain privileges (letters patent), usually issued by the king or state and overseen by local town business authorities (some kind of chamber of commerce). These were the predecessors of the modern patent and trademark system. The guilds also maintained funds in order to support infirm or elderly members, as well as widows and orphans of guild members, funeral benefits, and a 'tramping' allowance for those needing to travel to find work. As the guild system of the City of London declined during the 17th century, the Livery Companies transformed into mutual assistance fraternities along such lines.
European guilds imposed long standardized periods of apprenticeship, and made it difficult for those lacking the capital to set up for themselves or without the approval of their peers to gain access to materials or knowledge, or to sell into certain markets, an area that equally dominated the guilds' concerns. These are defining characteristics of mercantilism in economics, which dominated most European thinking about political economy until the rise of classical economics.
The guild system survived the emergence of early capitalists, which began to divide guild members into "haves" and dependent "have-nots". The civil struggles that characterize the 14th century towns and cities were struggles in part between the greater guilds and the lesser artisanal guilds, which depended on piecework. "In Florence, they were openly distinguished: the Arti maggiori and the Arti minori—already there was a popolo grasso and a popolo magro". Fiercer struggles were those between essentially conservative guilds and the merchant class, which increasingly came to control the means of production and the capital that could be ventured in expansive schemes, often under the rules of guilds of their own. German social historians trace the Zunftrevolution, the urban revolution of guildmembers against a controlling urban patriciate, sometimes reading into them, however, perceived foretastes of the class struggles of the 19th century.

In the countryside, where guild rules did not operate, there was freedom for the entrepreneur with capital to organize cottage industry, a network of cottagers who spun and wove in their own premises on his account, provided with their raw materials, perhaps even their looms, by the capitalist who reaped the profits. Such a dispersed system could not so easily be controlled where there was a vigorous local market for the raw materials: wool was easily available in sheep-rearing regions, whereas silk was not.

The structures of the craftsmen's associations tended everywhere in similar directions: a governing body, assisting functionaries and the members' assembly. The governing body consisted of the leader and deputies. In Ptolemeic Egypt the presidents were known as presbyter, in Roman Egypt as proestotes, egoymenos or archonelates, in Byzantine Egypt epistates, in the Roman Empire as decurio, in Florence of the Middle Ages as consul, officialis or rector, in France as consul, recteur, baile or surposé, in Germany Zunftmeister or Kerzenmeister, in England alderman, graceman or master, in Iran as rish safid or pishavaran, in India as adhyaksha, mukhya, pamukkha or jettaka, in Tibet as dbu chen mo, in China as hangshou, hangtou or hanglao, in the West African Yoruba region as bale or baba egbe and in the Nupe region as dakodza, muku or ndakó, depending on the type of craft.[citation needed]
The guild was made up by experienced and confirmed experts in their field of handicraft. They were called master craftsmen. Before a new employee could rise to the level of mastery, he had to go through a schooling period during which he was first called an apprentice. After this period he could rise to the level of journeyman. Apprentices would typically not learn more than the most basic techniques until they were trusted by their peers to keep the guild's or company's secrets.


Like journey, the distance that could be travelled in a day, the title 'journeyman' derives from the French words for 'day' (jour and journée) from which came the middle English word journei. Journeymen were able to work for other masters, unlike apprentices, and generally paid by the day and were thus day labourers. After being employed by a master for several years, and after producing a qualifying piece of work, the apprentice was granted the rank of journeyman and was given documents (letters or certificates from his master and/or the guild itself) which certified him as a journeyman and entitled him to travel to other towns and countries to learn the art from other masters. These journeys could span large parts of Europe and were an unofficial way of communicating new methods and techniques, though by no means all journeymen made such travels - they were most common in Germany and Italy, and in other countries journeymen from small cities would often visit the capital.

After this journey and several years of experience, a journeyman could be received as master craftsman, though in some guilds this step could be made straight from apprentice. This would typically require the approval of all masters of a guild, a donation of money and other goods (often omitted for sons of existing members), and the production of a so-called masterpiece, which would illustrate the abilities of the aspiring master craftsman; this was often retained by the guild.

The medieval guild was established by charters or letters patent or similar authority by the city or the ruler and normally held a monopoly on trade in its craft within the city in which it operated: handicraft workers were forbidden by law to run any business if they were not members of a guild, and only masters were allowed to be members of a guild. Before these privileges were legislated, these groups of handicraft workers were simply called 'handicraft associations'.

The town authorities might be represented in the guild meetings and thus had a means of controlling the handicraft activities. This was important since towns very often depended on a good reputation for export of a narrow range of products, on which not only the guild's, but the town's, reputation depended. Controls on the association of physical locations to well-known exported products, e.g. wine from the Champagne and Bordeaux regions of France, tin-glazed earthenwares from certain cities in Holland, lace from Chantilly, etc., helped to establish a town's place in global commerce — this led to modern trademarks.

In many German and Italian cities, the more powerful guilds often had considerable political influence, and sometimes attempted to control the city authorities. In the 14th century, this led to numerous bloody uprisings, during which the guilds dissolved town councils and detained patricians in an attempt to increase their influence. In the early 14th century, some guilds in the cities of North-East Germany introduced statutes, under which persons of Wendish, i.e. Slavic, origin were forbidden from joining the guild.[9] According to Wilhelm Raabe, "down into the eighteenth century no German guild accepted a Wend."

In Chester England the earl had given a charter to the guild merchants at the end of the 12th century assuring them of the exclusive rights for retail sales within the city (excepting fairs and some markets where 'foreigners' could pay for the privilege of selling).

Guildsmen had to be freemen of the city. They had to take an oath to serve the city and the king. There were four ways to become a freeman: by apprenticeship of five or seven years, by being born as the son of a freeman (in 1453 dues were remitted to a token 10 shillings 1/2 denarius), by purchasing membership (in 1453 this was 26s8d), or by becoming an honorary freeman as a gift of the assembly.

As well as running local government, by electing the 78 common councillors, the guilds took responsibility for the welfare of their members and their families. They put on the Chester Mystery Plays and the Chester Midsummer Watch Parade. Guildsmen had to attend meetings, often in local inns or in the towers on the city walls. No person of any 'arte, mystery syence, occupacion, or crafte' could 'intermeddle' or practice another trade. In the 15th century the Innkeepers threatened to brew their own beer and the Brewers took them to court and won.

Charters of incorporation were given to each guild, the earliest to the Bakers in 1462. Of the original 25, 19 companies were recorded in 1475. In 1533 another company formed. This was the Merchant Venturers who were the only traders allowed to merchandise in foreign ports and, at first, they were not able to do any manual trade or retail in the city.

Guilds, however, were groups of self-employed skilled craftsmen with ownership and control over the materials and tools they needed to produce their goods. Guilds were, in other words, small business associations and thus had very little in common with trade unions. Guilds were more like cartels than they were like trade unions (Olson 1982). However, the journeymen organizations, which were at the time illegal[citation needed], may have been influential.

The exclusive privilege of a guild to produce certain goods or provide certain services was similar in spirit and character with the original patent systems that surfaced in England in 1624. These systems played a role in ending the guilds' dominance, as trade secret methods were superseded by modern firms directly revealing their techniques, and counting on the state to enforce their legal monopoly.

http://eh.net/encyclopedia/article/richardson.guilds


Medieval Guilds

Guilds existed throughout Europe during the Middle Ages. Guilds were groups of individuals with common goals. The term guild probably derives from the Anglo-Saxon root geld which meant ‘to pay, contribute.’ The noun form of geld meant an association of persons contributing money for some common purpose. The root also meant ‘to sacrifice, worship.’ The dual definitions probably reflected guilds’ origins as both secular and religious organizations.

The term guild had many synonyms in the Middle Ages. These included association, brotherhood, college, company, confraternity, corporation, craft, fellowship, fraternity, livery, society, and equivalents of these terms in Latin, Germanic, Scandinavian, and Romance languages such as ambach, arte, collegium, corporatio, fraternitas, gilda, innung, corps de métier, societas, and zunft. In the late nineteenth century, as a professional lexicon evolved among historians, the term guild became the universal reference for these groups of merchants, artisans, and other individuals from the ordinary (non-priestly and non-aristocratic) classes of society which were not part of the established religious, military, or governmental hierarchies.

Much of the academic debate about guilds stems from confusion caused by incomplete lexicographical standardization. Scholars study guilds in one time and place and then assume that their findings apply to guilds everywhere and at all times or assert that the organizations that they studied were the one type of true guild, while other organizations deserved neither the distinction nor serious study. To avoid this mistake, this encyclopedia entry begins with the recognition that guilds were groups whose activities, characteristics, and composition varied greatly across centuries, regions, and industries.

Guild Activities and Taxonomy
Guilds filled many niches in medieval economy and society. Typical taxonomies divide urban occupational guilds into two types: merchant and craft.

Merchant guilds were organizations of merchants who were involved in long-distance commerce and local wholesale trade, and may also have been retail sellers of commodities in their home cities and distant venues where they possessed rights to set up shop. The largest and most influential merchant guilds participated in international commerce and politics and established colonies in foreign cities. In many cases, they evolved into or became inextricably intertwined with the governments of their home towns.

Merchant guilds enforced contracts among members and between members and outsiders. Guilds policed members’ behavior because medieval commerce operated according to the community responsibility system. If a merchant from a particular town failed to fulfill his part of a bargain or pay his debts, all members of his guild could be held liable. When they were in a foreign port, their goods could be seized and sold to alleviate the bad debt. They would then return to their hometown, where they would seek compensation from the original defaulter.

Merchant guilds also protected members against predation by rulers. Rulers seeking revenue had an incentive to seize money and merchandise from foreign merchants. Guilds threatened to boycott the realms of rulers who did this, a practice known as withernam in medieval England. Since boycotts impoverished both kingdoms which depended on commerce and governments for whom tariffs were the principal source of revenue, the threat of retaliation deterred medieval potentates from excessive expropriations.

Merchant guilds tended to be wealthier and of higher social status than craft guilds. Merchants’ organizations usually possessed privileged positions in religious and secular ceremonies and inordinately influenced local governments.

Craft guilds were organized along lines of particular trades. Members of these guilds typically owned and operated small businesses or family workshops. Craft guilds operated in many sectors of the economy. Guilds of victuallers bought agricultural commodities, converted them to consumables, and sold finished foodstuffs. Examples included bakers, brewers, and butchers. Guilds of manufacturers made durable goods, and when profitable, exported them from their towns to consumers in distant markets. Examples include makers of textiles, military equipment, and metal ware. Guilds of a third type sold skills and services. Examples include clerks, teamsters, and entertainers.

These occupational organizations engaged in a wide array of economic activities. Some manipulated input and output markets to their own advantage. Others established reputations for quality, fostering the expansion of anonymous exchange and making everyone better off. Because of the underlying economic realities, victualling guilds tended towards the former. Manufacturing guilds tended towards the latter. Guilds of service providers fell somewhere in between. All three types of guilds managed labor markets, lowered wages, and advanced their own interests at their subordinates’ expense. These undertakings had a common theme. Merchant and craft guilds acted to increase and stabilize members’ incomes.

Non-occupational guilds also operated in medieval towns and cities. These organizations had both secular and religious functions. Historians refer to these organizations as social, religious, or parish guilds as well as fraternities and confraternities. The secular activities of these organizations included providing members with mutual insurance, extending credit to members in times of need, aiding members in courts of law, and helping the children of members afford apprenticeships and dowries.

The principal pious objective was the salvation of the soul and escape from Purgatory. The doctrine of Purgatory was the belief that there lay between Heaven and Hell an intermediate place, by passing though which the souls of the dead might cleanse themselves of guilt attached to the sins committed during their lifetime by submitting to a graduated scale of divine punishment. The suffering through which they were cleansed might be abbreviated by the prayers of the living, and most especially by masses. Praying devoutly, sponsoring masses, and giving alms were three of the most effective methods of redeeming one’s soul. These works of atonement could be performed by the penitent on their own or by someone else on their behalf.

Guilds served as mechanisms for organizing, managing, and financing the collective quest for eternal salvation. Efforts centered on three types of tasks. The first were routine and participatory religious services. Members of guilds gathered at church on Sundays and often also on other days of the week. Members marked ceremonial occasions, such as the day of their patron saint or Good Friday, with prayers, processions, banquets, masses, the singing of psalms, the illumination of holy symbols, and the distribution of alms to the poor. Some guilds kept chaplains on call. Others hired priests when the need arose. These clerics hosted regular religious services, such as vespers each evening or mass on Sunday morning, and prayed for the souls of members living and deceased.

The second category consisted of actions performed on members’ behalf after their deaths and for the benefit of their souls. Postmortem services began with funerals and burials, which guilds arranged for the recently departed. The services were elaborate and extensive. On the day before internment, members gathered around the corpse, lit candles, and sung a placebo and a dirge, which were the vespers and matins from the Office of the Dead. On the day of internment, a procession marched from churchyard to graveyard, buried the body, distributed alms, and attended mass. Additional masses numbering one to forty occurred later that day and sometimes for months thereafter. Postmortem prayers continued even further into the future and in theory into perpetuity. All guilds prayed for the souls of deceased members. These prayers were a prominent part of all guild events. Many guilds also hired priests to pray for the souls of the deceased. A few guilds built chantries where priests said those prayers.

The third category involved indoctrination and monitoring to maintain the piety of members. The Christian catechism of the era contained clear commandments. Rest on the Sabbath and religious holidays. Be truthful. Do not deceive others. Be chaste. Do not commit adultery. Be faithful to your family. Obey authorities. Be modest. Do not covet thy neighbors’ possessions. Do not steal. Do not gamble. Work hard. Support the church. Guild ordinances echoed these exhortations. Members should neither gamble nor lie nor steal nor drink to excess. They should restrain their gluttony, lust, avarice, and corporal impulses. They should pray to the Lord, live like His son, and give alms to the poor.

Righteous living was important because members’ fates were linked together. The more pious one’s brethren, the more helpful their prayers, and the quicker one escaped from purgatory. The worse one’s brethren, the less salutary their supplications and the longer one suffered during the afterlife. So, in hopes of minimizing purgatorial pain and maximizing eternal happiness, guilds beseeched members to restrain physical desires and forgo worldly pleasures.

Guilds also operated in villages and the countryside. Rural guilds performed the same tasks as social and religious guilds in towns and cities. Recent research on medieval England indicates that guilds operated in most, if not all, villages. Villages often possessed multiple guilds. Most rural residents belonged to a guild. Some may have joined more than one organization.

Guilds often spanned multiple dimensions of this taxonomy. Members of craft guilds participated in wholesale commerce. Members of merchant guilds opened retail shops. Social and religious guilds evolved into occupational associations. All merchant and craft guilds possessed religious and fraternal features.

In sum, guild members sought prosperity in this life and providence in the next. Members wanted high and stable incomes, quick passage through Purgatory, and eternity in Heaven. Guilds helped them coordinate their collective efforts to attain these goals.

Guild Structure and Organization

To attain their collective goals, guild members had to cooperate. If some members slacked off, all would suffer. Guilds that wished to lower the costs of labor had to get all masters to reduce wages. Guilds that wished to raise the prices of products had to get all members to restrict output. Guilds that wished to develop respected reputations had to get all members to sell superior merchandise. Guild members contributed money – to pay priests and purchase pious paraphernalia – and contributed time, emotion, and personal energy, as well. Members participated in frequent religious services, attended funerals, and prayed for the souls of the brethren. Members had to live piously, abstaining both from the pleasures of the flesh and the material temptations of secular life. Members also had to administer their associations. The need for coordination was a common denominator.

To convince members to cooperate and advance their common interests, guilds formed stable, self-enforcing associations that possessed structures for making and implementing collective decisions.

A guild’s members met at least once a year (and in most cases more often) to elect officers, audit accounts, induct new members, debate policies, and amend ordinances. Officers such as aldermen, stewards, deans, and clerks managed the guild’s day to day affairs. Aldermen directed guild activities and supervised lower-ranking officers. Stewards kept guild funds, and their accounts were periodically audited. Deans summoned members to meetings, feasts, and funerals, and in many cases, policed members’ behavior. Clerks kept records. Decisions were usually made by majority vote among the master craftsmen.

These officers administered a nexus of agreements among a guild’s members. Details of these agreements varied greatly from guild to guild, but the issues addressed were similar in all cases. Members agreed to contribute certain resources and/or take certain actions that furthered the guild’s occupational and spiritual endeavors. Officers of the guild monitored members’ contributions. Manufacturing guilds, for example, employed officers known as searchers who scrutinized members’ merchandise to make sure it met guild standards and inspected members’ shops and homes seeking evidence of attempts to circumvent the rules. Members who failed to fulfill their obligations faced punishments of various sorts.

Punishments varied across transgressions, guilds, time, and space, but a pattern existed. First time offenders were punished lightly, perhaps suffering public scolding and paying small monetary fines, and repeat offenders punished harshly. The ultimate threat was expulsion. Guilds could do nothing harsher because laws protected persons and property from arbitrary expropriations and physical abuse. The legal system set the rights of individuals above the interests of organizations. Guilds were voluntary associations. Members facing harsh punishments could quit the guild and walk away. The most the guild could extract was the value of membership. Abundant evidence indicates that guilds enforced agreements in this manner.

Other game-theoretic options existed, of course. Guilds could have punished uncooperative members by taking actions with wider consequences. Members of a manufacturing guild who caught one of their own passing off shoddy merchandise under the guilds’ good name could have punished the offender by collectively lowering the quality of their products for a prolonged period. That would lower the offender’s income, albeit at the cost of lowering the income of all other members as well. Similarly, members of a guild that caught one of their brethren shirking on prayers and sinning incessantly could have punished the offender by collectively forsaking the Lord and descending into debauchery. Then, no one would or could pray for the soul of the offender, and his period in Purgatory would be extended significantly. In broader terms, cheaters could have been punished by any action that reduced the average incomes of all guild members or increased the pain that all members expected to endure in Purgatory. In theory, such threats could have convinced even the most recalcitrant members to contribute to the common good.

But, no evidence exists that craft guilds ever operated in such a manner. None of the hundreds of surviving guild ordinances contains threats of such a kind. No surviving guild documents describe punishing the innocent along with the guilty. Guilds appear to have eschewed indiscriminant retaliation for several salient reasons. First, monitoring members’ behavior was costly and imperfect. Time and risk preferences varied across individuals. Uncertainty of many kinds influenced craftsmen’s decisions. Some members would have attempted to cheat regardless of the threatened punishment. Punishments, in other words, would have occurred in equilibrium. The cost of carrying out an equilibrium-sustaining threat of expulsion would have been lower than the cost of carrying out an equilibrium-sustaining threat that reduced average income. Thus, expelling members caught violating the rules was an efficient method of enforcing the rules. Second, punishing free riders by indiscriminately harming all guild members may not have been a convincing threat. Individuals may not have believed that threats of mutual assured destruction would be carried out. The incentive to renegotiate was strong. Third, skepticism probably existed about threats to do onto others as they had done onto you. That concept contradicted a fundamental teaching of the church, to do onto others as you would have them do onto you. It also contradicted Jesus’ admonition to turn the other cheek. Thus, indiscriminant retaliation based upon hair-trigger strategies was not an organizing principle likely to be adopted by guilds whose members hoped to speed passage through Purgatory.

A hierarchy existed in large guilds. Masters were full members who usually owned their own workshops, retail outlets, or trading vessels. Masters employed journeymen, who were laborers who worked for wages on short term contracts or a daily basis (hence the term journeyman, from the French word for day). Journeymen hoped to one day advance to the level of master. To do this, journeymen usually had to save enough money to open a workshop and pay for admittance, or if they were lucky, receive a workshop through marriage or inheritance.

Masters also supervised apprentices, who were usually boys in their teens who worked for room, board, and perhaps a small stipend in exchange for a vocational education. Both guilds and government regulated apprenticeships, usually to ensure that masters fulfilled their part of the apprenticeship agreement. Terms of apprenticeships varied, usually lasting from five to nine years.

The internal structure of guilds varied widely across Europe. Little is known for certain about the structure of smaller guilds, since they left few written documents. Most of the evidence comes from large, successful associations whose internal records survive to the present day. The description above is based on such documents. It seems likely that smaller organizations fulfilled many of the same functions, but their structure was probably less formal and more horizontal.

Relationships between guilds and governments also varied across Europe. Most guilds aspired to attain recognition as a self-governing association with the right to possess property and other legal privileges. Guilds often purchased these rights from municipal and national authorities. In England, for example, a guild which wished to possess property had to purchase from the royal government a writ allowing it to do so. But, most guilds operated without formal sanction from the government. Guilds were spontaneous, voluntary, and self-enforcing associations.

Guild Chronology and Impact
Reconstructing the history of guilds poses several problems. Few written records survive from the twelfth century and earlier. Surviving documents consist principally of the records of rulers – kings, princes, churches – that taxed, chartered, and granted privileges to organizations. Some evidence also exists in the records of notaries and courts, which recorded and enforced contracts between guild masters and outsiders, such as the parents of apprentices. From the fourteenth and fifteenth centuries, records survive in larger numbers. Surviving records include statute books and other documents describing the internal organization and operation of guilds. The evidence at hand links the rise and decline of guilds to several important events in the history of Western Europe.

In the late Roman Empire, organizations resembling guilds existed in most towns and cities. These voluntary associations of artisans, known as collegia, were occasionally regulated by the state but largely left alone. They were organized along trade lines and possessed a strong social base, since their members shared religious observances and fraternal dinners. Most of these organizations disappeared during the Dark Ages, when the Western Roman Empire disintegrated and urban life collapsed. In the Eastern Empire, some collegia appear to have survived from antiquity into the Middle Ages, particularly in Constantinople, where Leo the Wise codified laws concerning commerce and crafts at the beginning of the tenth century and sources reveal an unbroken tradition of state management of guilds from ancient times. Some scholars suspect that in the West, a few of the most resilient collegia in the surviving urban areas may have evolved in an unbroken descent into medieval guilds, but the absence of documentary evidence makes it appear unlikely and unprovable.

In the centuries following the Germanic invasions, evidence indicates that numerous guild-like associations existed in towns and rural areas. These organizations functioned as modern burial and benefit societies, whose objectives included prayers for the souls of deceased members, payments of weregilds in cases of justifiable homicide, and supporting members involved in legal disputes. These rural guilds were descendents of Germanic social organizations known as gilda which the Roman historian Tacitus referred to as convivium.

During the eleventh through thirteenth centuries, considerable economic development occurred. The sources of development were increases in the productivity of medieval agriculture, the abatement of external raiding by Scandinavian and Muslim brigands, and population increases. The revival of long-distance trade coincided with the expansion of urban areas. Merchant guilds formed an institutional foundation for this commercial revolution. Merchant guilds flourished in towns throughout Europe, and in many places, rose to prominence in urban political structures. In many towns in England, for example, the merchant guild became synonymous with the body of burgesses and evolved into the municipal government. In Genoa and Venice, the merchant aristocracy controlled the city government, which promoted their interests so well as to preclude the need for a formal guild.

Merchant guilds’ principal accomplishment was establishing the institutional foundations for long-distance commerce. Italian sources provide the best picture of guilds’ rise to prominence as an economic and social institution. Merchant guilds appear in many Italian cities in the twelfth century. Craft guilds became ubiquitous during the succeeding century.

In northern Europe, merchant guilds rose to prominence a few generations later. In the twelfth and early thirteenth centuries, local merchant guilds in trading cities such as Lubeck and Bremen formed alliances with merchants throughout the Baltic region. The alliance system grew into the Hanseatic League which dominated trade around the Baltic and North Seas and in Northern Germany.

Social and religious guilds existed at this time, but few records survive. Small numbers of craft guilds developed, principally in prosperous industries such as cloth manufacturing, but records are also rare, and numbers appear to have been small.

As economic expansion continued in the thirteenth and fourteenth centuries, the influence of the Catholic Church grew, and the doctrine of Purgatory developed. The doctrine inspired the creation of countless religious guilds, since the doctrine provided members with strong incentives to want to belong to a group whose prayers would help one enter heaven and it provided guilds with mechanisms to induce members to exert effort on behalf of the organization. Many of these religious associations evolved into occupational guilds. Most of the Livery Companies of London, for example, began as intercessory societies around this time.

The number of guilds continued to grow after the Black Death. There are several potential explanations. The decline in population raised per-capita incomes, which encouraged the expansion of consumption and commerce, which in turn necessitated the formation of institutions to satisfy this demand. Repeated epidemics decreased family sizes, particularly in cities, where the typical adult had on average perhaps 1.5 surviving children, few surviving siblings, and only a small extended family, if any. Guilds replaced extended families in a form of fictive kinship. The decline in family size and impoverishment of the church also forced individuals to rely on their guild more in times of trouble, since they no longer could rely on relatives and priests to sustain them through periods of crisis. All of these changes bound individuals more closely to guilds, discouraged free riding, and encouraged the expansion of collective institutions.

For nearly two centuries after the Black Death, guilds dominated life in medieval towns. Any town resident of consequence belonged to a guild. Most urban residents thought guild membership to be indispensable. Guilds dominated manufacturing, marketing, and commerce. Guilds dominated local politics and influenced national and international affairs. Guilds were the center of social and spiritual life.

The heyday of guilds lasted into the sixteenth century. The Reformation weakened guilds in most newly Protestant nations. In England, for example, the royal government suppressed thousands of guilds in the 1530s and 1540s. The king and his ministers dispatched auditors to every guild in the realm. The auditors seized spiritual paraphernalia and funds retained for religious purposes, disbanded guilds which existed for purely pious purposes, and forced craft and merchant guilds to pay large sums for the right to remain in operation. Those guilds that did still lost the ability to provide members with spiritual services.

In Protestant nations after the Reformation, the influence of guilds waned. Many turned to governments for assistance. They requested monopolies on manufacturing and commerce and asked courts to force members to live up to their obligations. Guilds lingered where governments provided such assistance. Guilds faded where governments did not. By the seventeenth century, the power of guilds had withered in England. Guilds retained strength in nations which remained Catholic. France abolished its guilds during the French Revolution in 1791, and Napoleon’s armies disbanded guilds in most of the continental nations which they occupied during the next two decades.

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₤ Prices

English Economy

Medieval Prices & Wages
1 pound (L) ₤ = 20 shillings (s)
1 crown = 5 shillings
1 shilling = 12 pence (d)
1 penny = 4 farthings
1 mark = 13s 4d

https://thehistoryofengland.co.uk/resource/medieval-prices-and-wages/
http://www.medievalcoinage.com/prices/medievalprices.htm
http://medieval.ucdavis.edu/120D/Money.html
http://faculty.goucher.edu/eng240/medieval_prices.html
http://web.archive.org/web/20110628231215/http://www.fordham.edu/halsall/source/medievalprices.html
........
http://www.florilegium.org/?http%3A//www.florilegium.org/files/COMMERCE/p-prices-msg.html .

Medieval Economics
http://www.petesqbsite.com/sections/tutorials/tuts/m_econ.htm

1350-1400
4d - Master Carpenter (1360)
3.78d - Chanter at a church (£5/15/- per annum, 1315)
3d - Master Carpenter, Mason, Tiler (1351)
2.63d - Chaplain at Anglesey (£4 per annum, 1332)
2.5d - Threshing 8 bushels of wheat and rye
2d - Corn reaper per acre (or day)
2d - Skilled Carpenter, Mason, Tiler
1.5d - Carpenters' Servants/Apprentices
1.5d - Threshing 8 bushels of beans, barley, peas, oats
0.44d - Bailiff of Husbandry (160d per annum)
0.33d - Swineherd (120d per annum)
0.20d - Dairy woman (72d per annum)

1301
Bull, 96d
Cow, 72d
Ducks, 1½-2d
Ewe, 9-12d
Geese, 2-3½d
Hens, ¾-1d
Horse (Cart), 144-240d
Lamb, 5-7d
Muttons, 10-15d
Pigs, 20-30d

...............................1260......1300......1350
Barley, bushel 4-4¼d 4-6d 5-13½d
Oats, bushel 2½-2¾d 2-3¼d 2¼-6d
Rye, bushel 5-6d 3¼-6¾d 4¼-11d
Wheat, bushel 6-8d 7½-8½d 8-16d

1350 is the year following the great outbreak of bubonic plague, the huge price variance is in part illustrative of the shortage of labor for the harvesting of food grains and the dwindling of reserves. The year 1348 already saw a terrible harvest, and in November the plague hit London and spread explosively to virtually all quarters of England. In nearly all cases the higher price for foodstuffs and labor in this year is from records of prices in the winter of 1350-1351.

Spices - price
https://www.economics.utoronto.ca/munro5/SPICES1.htm

JOB TITLES
Bailiff of Husbandry - The "Manager" of a manor's farms
Cooper - A barrel maker
Pargetter - A plasterer, especially of chimney flues, in medieval times using a mortar composed of lime, hair, dung, and earth.

MEDIEVAL MEASUREMENTS
Dry Measures
1 Sextarius = 1 Sester = 1 Sema = 1 Quarter = 1 Seam = 8 Bushels
1 Bushel = 1 Sceppe = 4 Quartalium = 4 Pecks
1 Peck = 2 Gallons (dry) = 8 Quarts (dry) = 16 Pints (dry) = 32 Ounces (dry)

Liquids
1 Tun = 252 Gallons

Mass/Weight
1 Petra = a variable weight between 8 and 20 pounds
1 Great Pound = 1 Clove = 1 Nail (wool measure) 7 Pounds
1 Stone = 2 Clove = 14 pounds = ½ Tod
1 Sack = 2 Pisa = 26 Stone = 52 Clove

https://en.wikipedia.org/wiki/Economy_of_England_in_the_Middle_Ages
Pounds, shillings, and pence: a history of English coinage - Lindy > .

14th century coins -- first three Edwards & Richard II
14th Coins -- first three Edwards & Richard II

English Money
From the 8th century the Anglo-Saxons made silver pennies. A pound weight of silver was melted to make 240 pennies. There were 240 pennies in a pound until 1971. However in the 8th century a penny was a large sum of money (4 or 5 pence would buy a sheep). Most people continued to barter for everyday goods.

In the late 13th century the farthing (one quarter of a penny) was introduced. (The farthing ceased to be legal tender in 1961). Also in the late 13th century half pennies and groats (worth four pence) were minted.
https://andreacefalo.com/2014/10/27/halfpennies-farthings-and-nobles-a-guide-to-englands-medieval-coins/

In the 14th century a coin called a noble, which was worth 80 pence or 1/3 of a pound was minted. So were coins called half-nobles. However they went out of use about 1470 and they were replaced by coins called angels and half-angels. Angels were last used in the early 17th century.
http://www.localhistories.org/money.html
Noble
https://en.wikipedia.org/wiki/Noble_(English_coin)
https://en.wikipedia.org/wiki/Noble_(English_coin)#/media/File:London_Noble_of_Richard_II.jpg
http://commodityhq.com/education/a-brief-2000-year-history-of-gold-prices/

Around 1300 AD, a laborer in England could expect two earn about 2 pounds sterling in a year, or about 672 g of silver (approximately 2.1 g of silver per day, given the different workweek of medieval times). Likewise, we know a thatcher in 1261 could look to earn about 2 pennies a day or 2.8 g of silver. Thatchers’ pay increased to about 3 pence (approximately 4.2 g of silver) in 1341, 4 pence in 1381, and 6 pence in 1481. Along the way, a city “craftsman” could look to earn about 4 pence a day in the 1350s.

So what would those wages buy? In the early 14th century, wine cost between 3 pence and 10 pence per gallon in England, and two dozen eggs could be had for 1 pent. Some time later, an axe cost about 5 pence in mid-15th century England, while wheat cost approximately 0.2 g of silver per liter (not much different than the per-liter price in ancient Greece).
http://commodityhq.com/education/a-brief-2000-year-history-of-silver-prices/

Copper/bronze coinage was not minted regularly during the medieval period, as government mints focused on silver and gold coinage. Given that the large majority of the population was too poor to frequently conduct business with gold coins or large amounts of silver, the absence of copper coinage perpetuated trade through barter and credit.

The Byzantine empire was arguably the most active minter of low-value copper coinage, with the bronze folles amounting to 1:288 of the gold nomisma. Soldiers of the Byzantine empire were paid one gold nomisma per year of service. It was arguably the great emphasis on trade in the Byzantine empire that led to the significant production of bronze/copper coinage.

In the late 1500s, England did start minting a copper farthing under King James I, and the German and Italian states periodically produced copper coinage as well. However, copper’s most common use in European coinage was in debasing silver coinage – with Henry VIII famously swapping out as much of two-thirds of the silver content of coins with copper. As Europe moved into the 1700s, bronze coinage became more common, with most major governments producing them.
http://commodityhq.com/education/a-brief-2000-year-history-of-copper-prices/

Minting
The Middle Ages

Up until the 1660s, English coins were struck between a pair of hand-held dies. The pile, or lower die, had a spiked end to enable it to be driven firmly into a block of wood; a blank was placed on top of the pile and above it was held the trussel or upper die. The trussel then received blows from a hammer, causing the blank to be impressed with the obverse and reverse designs.
Dies were produced on average at the rate of two trussels to one pile, for the trussel by sustaining the direct blows of the hammer was subjected to greater wear and tear. It was therefore the custom for the trussel to bear the reverse design, since this was simpler and more easy to replace than the royal portrait which by now normally appeared on the obverse. Yet even the portrait may not have been that difficult to reproduce, being constructed by small chisel-like punches showing crescents, pellets, wedges and bars.
Written accounts of the minting process from this time are few and far between but a document of 1606 lists out a 16-stage process:
melting and casting the ingots,
annealing, or heat treating, the ingots to soften them,
hammering the ingots,
another annealing,
cutting the ingots into blanks,
annealing the blanks,
hammering the blanks thinner,
another annealing,
another hammering of the blanks,
another annealing,
another hammering of the blanks,
rolling and
hammering the edges to make the blanks rounder,
another annealing,
blanching to clean the blanks
and then finally coining.
http://www.royalmintmuseum.org.uk/history/making-money/making-money-in-the-past/the-middle-ages/index.html

Plantagenets to Tudors
http://home.eckerd.edu/~oberhot/eplant.htm

In order to be accepted outside the territory where it was issued, a coin had to satisfy a number of conditions relating to its weight, alloy and value, and had to be familiar to many. From the end of the 12th century, the English sterling penny amply fulfilled these conditions; throughout north-western Europe it enjoyed a reputation as a strong and reliable currency, in contrast to the silver pennies of the continent, which had gradually lost much of their value.
https://www.nbbmuseum.be/en/2009/12/sterling.htm

images Pinterest
https://www.pinterest.ca/pin/217861700695844732/
https://www.pinterest.ca/pin/316448311289099720/

https://finds.org.uk/medievalcoins/categories/category/id/16

[edited] Hammered English gold coins are so captivating in their designs, which invariably include intricate symbolism and Latin abbreviations of Biblical quotations favored by the respective monarchs, that many collectors focus too much on the coin designs, without understanding the historical motivations behind the coinages.

Prior to the 14th century, gold was rare in England. Almost no earlier English gold coins exist. In the reign of Edward III (1327-77), the next to last Plantagenet King, this all changed. All the silver coinage types continued, with little alteration other than title, as they had been under Edward I and II. A complicated system of privy-marks developed under the first Edward, called “Longshanks” ... he set up numerous mints to issue large amounts of silver coins, and died leaving England a wealthy nation.

Edward III ..... Black Plague. Defying the French, he kept the title “King of France” on his coins, slaughtered them in a naval victory at Sluys in 1340, and expanded England’s horizons into international trade.

This latter development was the reason behind the first sizable gold coinage for the nation. Alliance with the Low Countries (Holland) had military value, but it also meant a new trade of England’s wool for foreign goods and money. Edward III introduced gold coins similar enough to those of Flanders to make trade exchanges equitable.

The first attempt did not last, despite their great beauty of design, because Edward’s new gold was of too high a quality. These were the famed Florins, Leopards and Helms, and it proved profitable in their day to melt them in exchange for more silver than they were worth in England. As a consequence, today they are all great rarities.

The second attempt at an English gold coin proved successful. We call these coins today the Nobles. Their fineness was decreased just a bit, to bring them into almost exactly the same exchange value both in the Low Countries and in England. They met with instant success and were made in large quantities. However, war with France again had an impact on the coins, this time creating a fascinating variety of “types” as the king’s title changed and mint initials were introduced, including a “C” for Calais, the port of France so long claimed as English soil. This time it became so English that an English mint was built there!

It is no coincidence that England’s wool-trade with the Flemish market gained sudden vigor right after the peace treaty of 1343, and the introduction of English gold in 1344.

Fascinating array of types of Nobles seen during this reign. War ended in 1343 with the treaty of Malestroit, but broke out almost immediately again. As would be duplicated almost to the Nth degree in 1415 at Agincourt, the Battle of Crecy of 1346 saw a small army of English decimate a large French force. Victory was short lived, however, as the Black Death plague struck the same year and did not end until 1350, during which very little gold was needed, or made, for commerce.

. . .” and when both Edward the king died in 1377, and his great warrior son The Black Prince died the year before him, England was inherited by a weak, fearful man, Richard II. He continued the Noble coinage but its output was meager, the nation suffered badly from the long war with France, and murderous politics put a sharp end to Richard’s claim to French lands. When the last Plantagenet died a prisoner in Pontefract castle, a new but divided Royal House came to England, that of Lancaster and York, and a new feud would erupt as an internal war.

https://coinweek.com/world-coins/english-coins/english-gold-coins-rise-gold-standard-14th-century-england/

DENOMINATIONS & WEIGHT STANDARDS
Denomination Metal Value Weight standard (in grains)
1351
Farthing Silver ¼ pence .........4.5
Halfpenny Silver ½ pence ......9
Penny Silver 1 penny ..............18
Half-groat Silver 2 pence........ 36
Groat Silver 4 pence........... 72
Noble Gold 6s. 8d....................128.59
file:///C:/Users/Gillian/Downloads/Introduction%20to%20later%20medieval%20coins.pdf

[Extensive details] The Different Means of Payment in the Medieval and Early-Modern European Economies:

a) means of payment: At the same time, you must realize that coined money was not the sole medium of exchange in medieval Europe, the sole means of effecting payments. You must avoid the common pitfall of supposing that actual coins were used merely because the transaction was recorded in monetary terms in some account book or register. These notations represent merely the 'standard of value' function of money. Actual payment may have occurred by either:

i) barter: the simple exchange of goods for goods, or the exchange of goods for services, especially labour services, computed and recorded in monetary terms. And don't make the common mistake of believing in a mythical 'rise of a money economy' that displaced barter transactions. There was always, from Greco-Roman times, some form of a 'money-economy' utilizing coinage; and conversely, barter transactions continued on into modern times, even in sophisticated economies. Thus the following, still popular, stage theory of economic development, advanced by 19th-century German economic historians (in particular Bruno Hildebrand), deeply influenced by current evolutionary theories, is patently unhistorical:

Barter Economy (Naturalwirtschaft) Coined-Money Economy (Geldwirtschaft) Credit Economy (Kreditwirtschaft)

ii) credit: that is, a written promise to pay at some future date, recorded on paper, sometimes notarized, but often informal. By such credit instruments in this period -- and functioning along side both coin and barter transactions, I mean specifically: lettres de foire or 'fair letters,' by which a merchant purchased goods at one fair and promised to pay at the next; letters obligatory, which are a form of a promissory note or I.O.U.; bills-of-exchange, by which a merchant promised to pay the sum borrowed or to pay for goods received at a later date, in another city, and in different currency; and bank money, what the Italians called moneta di banco, by which deposits were recorded in bank ledgers that permitted transfers from one account to another to effect payments. And finally, by the 16th and 17th centuries, actual cheques (rather than verbal commands) to effect such bank-account transfers, and banknotes. The use of the earlier credit instruments mentioned go back certainly as far as 12th-century Italy, and to the 9th century Islamic world. All related to coins; but many could be used in place of coin.

b) European Money Supply as a means of payment and as a foundation for moneys-of-account was largely though not entirely in the form of silver coinage. During medieval and early modern times, most of Europe operated on essentially silver based monetary systems that were supplemented by gold coinages from about mid 13th century. Much later, in the 18th century, England drifted quite unintentionally onto a gold standard: to a gold-based monetary system supplemented by silver. But that fortunately lies well beyond this course, during which most countries operated conversely on a silver standard.
https://www.economics.utoronto.ca/munro5/MONEYLEC.htm

http://machaut.weebly.com/money-in-the-middle-ages.html
http://www.britishmuseum.org/research/research_projects/all_current_projects/collaborative_doctoral_awards/patterns_of_monetisation.aspx

Money and Coinage in Elizabethan England
http://www.elizabethan.org/compendium/6.html

Money making: A brief history of currency from the British Museum
http://www.bbc.com/news/business-36047863
A time traveller’s guide to medieval shopping

https://www.youtube.com/watch?v=WdMlKVio0LA
https://www.youtube.com/user/TheMSsoundeffects/videos
https://en.wikipedia.org/wiki/Economy_of_England_in_the_Middle_Ages
Medieval Economics
http://www.petesqbsite.com/sections/tutorials/tuts/m_econ.htm

The marketplace
“Ribs of beef and many a pie!” you hear someone call over your shoulder. Turning, you see a young lad walking through the crowd bearing a tray laden with wooden bowls of cooked meats from a local shop.

All around him people are moving, gesturing, talking. So many have come in from the surrounding villages that this town of about 3,000 inhabitants is today thronged with twice as many. Here are men in knee-length brown tunics driving their cattle before them. Here are their wives in long kirtles with wimples around their heads and necks. Those men in short tunics and hoods are valets in a knight’s household. Those in long gowns with high collars and beaver-fur hats are wealthy merchants. Across the marketplace more peasants are leading in their flocks of sheep, or packhorses and carts loaded with crates of chickens.

Crowds are noisy. People are talking so much that chatter could almost be the whole purpose of the market – and in many ways it is. This is the one open public area in the town where people can meet and exchange information. When a company performs a mystery play, it is to the marketplace that they will drag the cart containing their stage, set and costumes. When the town crier rings his bell to address the people of the town, it is in the marketplace that the crowd will gather to hear him. The marketplace is the heart of any town: indeed, the very definition of a town is that it has a market.

What can you buy? Let’s start at the fishmongers’ stalls. You may have heard that many sorts of freshwater and sea fish are eaten in medieval England. Indeed, more than 150 species are consumed by the nobility and churchmen, drawn from their own fishponds as well as the rivers and seas.

But in most markets it is the popular varieties which you see glistening in the wet hay-filled crates. Mackerel, herring, lampreys, cod, eels, Aberdeen fish (cured salmon and herring), and stockfish (salt cod) are the most common varieties. Crabs and lobsters are transported live, in barrels. In season you will see fresh salmon – attracting the hefty price of four or five shillings each. A fresh turbot can cost even more, up to seven shillings.

Next we come to an area set aside for corn: sacks of wheat, barley, oats and rye are piled up, ready for sale to the townsmen. Then the space given over to livestock: goats, sheep, pigs and cows. A corner is devoted to garden produce – apples, pears, vegetables, garlic and herbs – yet the emphasis of a medieval diet is on meat, cheese and cereal crops. In a large town you will find spicerers selling such exotic commodities as pepper, cinnamon, cloves, nutmeg, liquorice, and many different types of sugar.

These are only for the wealthy. When your average skilled workman earns only two shillings (2s) in a week, he can hardly afford to spend four shillings (4s) on a pound of cloves or 20 pence (20d) on a pound of ginger.

The rest of the marketplace performs two functions. Producers come to sell fleeces, sacks of wool, tanned hides, furs, iron, steel and tin for resale further afield. The other function is to sell manufactured commodities to local people: brass and bronze cooking vessels, candlesticks and spurs, pewterware, woollen cloth, silk, linen, canvas, carts, rushes (for hall floors), glass, faggots, coal, nails, horse shoes and planks of wood.

Planks, you ask? Consider the difficulties of transporting a tree trunk to a saw pit, and then getting two men to saw it into planks with only a handsaw between them.

Everyone in medieval society is heavily dependent on each other for such supplies, and the marketplace is where all these interdependencies meet.

Haggling
Essential items such as ale and bread have their prices fixed by law. Yet for almost everything that’s been manufactured you will have to negotiate. Caxton’s 15th-century dialogue book is based on a 14th-century language guide, and gives the following lesson in how to haggle with a cloth vendor:

“Dame, what hold ye the ell (45 inches) of this
cloth? Or what is worth the cloth whole?
In short, so to speak, how much the ell?”
“Sire, reason; ye shall have it good and cheap.”
“Yea, truly, for cattle. Dame, ye must me win.
Take heed what I shall pay.”
“Four shillings for the ell, if it please you.”
“For so much would I have good scarlet.”
“But I have some which is not of the best
which I would not give for seven shillings.”
“But this is no such cloth, of so much money,
that know ye well!”
“Sire, what is it worth?”
“Dame, it were worth to me well three shillings.”
“That is evil-boden.”
“But say certainly how shall I have it without
a part to leave?”
“I shall give it ye at one word: ye shall pay five
shillings, certainly if ye have them for so many
ells, for I will abate nothing.”

And so you open your purse, which hangs from the cords attached to your belt and find five shillings. Except that there is no shilling coin in the late 14th century. The smallest gold coins are the half-noble (3s 4d) and the quarter-noble (1s 8d), so if you have one each of these, you can make up the sum. Alternatively you will have to make it up from the silver coins: groats (4d), half-groats, pennies, halfpence and farthings (¼d).

Regulations
A well-run market is crucial to the standing of a town. Thus it is heavily regulated. The actual policing tends to be undertaken by the town’s bedels or bailiffs, who enforce regulations like “no horses may be left standing in the marketplace on market days” and “every man is to keep the street in front of his tenement clean”. Most towns have between 40 and 70 regulations, and those breaking them are taken to the borough court and fined.

There are reasons to be grateful for the supervision of trade. Short measures are a notorious problem, and turners normally have to swear to make wooden measures of the appropriate size. Clerks in borough courts will tell you of cooking pots being made out of soft metal and coated with brass, and loaves of bread baked with stones in them to make them up to the legally required weight.

Wool is stretched before it is woven, to make it go further (but then it shrinks). Pepper is sold damp, making it swell, weigh more, and rot sooner. Meat is sometimes sold even though it is putrid, wine even though it has turned sour, and bread when it has gone green.

If you are the victim of malpractice, go straight to the authorities. The perpetrator will be pilloried – literally. The pillory is the wooden board which clasps the guilty man’s head and hands, and shamefully exposes him to the insults of the crowd.

A butcher selling bad meat can expect to be dragged through the streets of the town on a hurdle and then placed in the pillory with the rotten meat burnt under him. A vintner caught selling foul wine is dragged to the pillory on a hurdle, forced to drink a draught of the offending liquor, and then set in the pillory where the remainder is poured over his head.

The sweetness of the revenge makes up for the sourness of the wine.

Shopping in the 14th century will often remind you of how much we have in common with our medieval forebears. It will likewise alert you to the huge differences between us. We are not the same as our ancestors. Look at how young they are – the median age is just 21 – and look at the meagre diet of the poor, their rotten teeth as they smile, their resilience in the face of death.

Consider how rough and smelly the streets are, and how small the sheep and cattle are in the marketplace. When a fight breaks out over some stolen goods, and the bedels rush to intervene, you may see how the spirit of the people is so similar to our own and yet how much the process of managing that spirit has changed. For if the stolen goods are of sufficient value, the thieves will be summarily tried and hanged the same day. This is what makes history so interesting – the differences between us across the centuries, as well as the similarities.

At dusk – just before the great gates of the city are closed for the night, and you see everyone leaving the adjacent taverns – you may begin to think that Auden was on to something. To understand ourselves, we must first see society differently – and to remember that history is the study of the living, not the dead.


Facts
Prices in the 1390s*

Ale, ordinary: ¾d–1d per gallon
Wine from Bordeaux: 3d–4d per gallon
Bacon: 15d per side
Chicken: 2d each
Cod, fresh: 20d each
Sugar, loaf of: 18d per lb
Apples: 7d per hundred
Eggs: 33d for 425
A furred gown: 5s 4d

* Prices from the account books of Henry of Lancaster, Earl of Derby.

Wages/salaries in the 1390s

The king’s physician: £40 per year
Officers in the royal household: £20 per year
Mason: £8 per year (6d per day)
Carpenter: 4¼d per day
Thatcher: 4¼d per day
Labourer: 3¼d per day
Valets in a lord’s household: £1 10s per year
Manservant in a yeoman’s household: £1 per year
Maidservant in a yeoman’s household: 10s per year

In old money, there were 12 pence (d) to the shilling (s) and 20 shillings to the pound (£).

A time traveller’s guide to medieval shopping


Graphs and (dubious?) summary of prices and wages in Medieval England

Summary of findings about Englishmen in Late Middle Ages inferred purely from raw price and wage data.
● Consumer basket based on typical consumption indicate that people probably had better diet than we do today. Not really = too little meat
● Although prices were fluctuating a lot year-over-year, average prices (CPI) remained relatively stable from 1264 to 1499, with little inflation over entire
● period.
● People spent a disproportionately large (by modern standards) amount on alcohol. *Only source of safe drinking water.
● Crop price spike circa 1320 indicates possible drought.
Spending patterns are similar across different locations in Western Europe, meaning markets were fairly efficient.
● Textile prices were growing much faster than other commodities, which also drove prices of sheep. Good times to be a textile merchant.
● Wages were growing faster than CPI, meaning people’s wealth was increasing.
● Wages rose sharply after Black Death due to low labor supply.
● Mason wage was fairly representative of other “middle class” citizens (merchants, clerks, craftsmen, etc). However incomes of noble elite were not even comparable, nor were those of the most unfortunate, indicating severe income inequality.
● After subtracting cost of basic consumer products, housing, and taxes, typical mason would probably have some disposable income to treat himself to some good wine once in a while, buy an old horse, and pay guild fees. He wouldn’t be able to afford a more significant purchase, such as university education, armorer’s toolset, or knight’s equipment. Therefore, moving up a social class by simply working hard was not an option. Most of leftover money was probably saved for exceptional events, such as wedding and funerals.

https://medium.com/@zavidovych/what-we-can-learn-by-looking-at-prices-and-wages-in-medieval-england-8dc207cfd20a

Sources
Medieval and Early Modern Data Bank
http://www2.scc.rutgers.edu/memdb/
Medieval Price Collection
http://medieval.ucdavis.edu/120D/Money.html

https://en.wikipedia.org/wiki/Economy_of_England_in_the_Middle_Ages

Other currencies: How red squirrel pelts shaped our monetary systems
https://www.youtube.com/watch?v=sOow2__jSlY

English Economy 14th century

Trade and Economics in the Middle Ages
https://www.youtube.com/watch?v=67Wfw_DbNVc
Early Medieval Trade | World History | Khan Academy
https://www.youtube.com/watch?v=FyW7CUl9KDc
11th-14th centuries: Rise of Towns & Europe's Economy in the Late Middle Ages
https://www.youtube.com/watch?v=MhnyQjRjxY4
Changes in the Middle Ages 3 Economy and Trade
https://www.youtube.com/watch?v=mvbegSLqMGc

Medieval Economics
http://www.petesqbsite.com/sections/tutorials/tuts/m_econ.htm
http://www.thefinertimes.com/Middle-Ages/economy-in-the-middle-ages.html
http://www.thefinertimes.com/Middle-Ages/the-black-death.html

Medieval Coinage
14th century: farthing, half penny, penny, half groat, groat, noble
https://plus.google.com/103755316640704343614/posts/V86JZuKvRAS

The loss of life in the Great Famine of 1315–17 shook the English economy severely and population growth ceased; the first outbreak of the Black Death in 1348 then killed around half the English population, with major implications for the post-plague economy. The agricultural sector shrank, with higher wages, lower prices and shrinking profits leading to the final demise of the old demesne system and the advent of the modern farming system of cash rents for lands. The Peasants Revolt of 1381 shook the older feudal order and limited the levels of royal taxation considerably for a century to come. The 15th century saw the growth of the English cloth industry and the establishment of a new class of international English merchant, increasingly based in London and the South-West, prospering at the expense of the older, shrinking economy of the eastern towns. These new trading systems brought about the end of many of the international fairs and the rise of the chartered company. Together with improvements in metalworking and shipbuilding, this represents the end of the medieval economy, and the beginnings of the early modern period in English economics.
https://en.wikipedia.org/wiki/Economy_of_England_in_the_Middle_Ages

The putting-out system (cottage industry) is a means of subcontracting work. Historically, it was also known as the workshop system and the domestic system. In putting-out, work is contracted by a central agent to subcontractors who complete the work in off-site facilities, either in their own homes or in workshops with multiple craftsmen.

It was used in the English and American textile industries, in shoemaking, lock-making trades, and making parts for small firearms from the Industrial Revolution until the mid-19th century.

The domestic system was suited to pre-urban times because workers did not have to travel from home to work, which was quite impracticable due to the state of roads and footpaths, and members of the household spent many hours in farm or household tasks.

A cottage industry is a small-scale industry, where the creation of products and services is home-based, rather than factory-based. While products and services created by cottage industries are often unique and distinctive, given the fact that they are usually not mass-produced, producers in this sector often face numerous disadvantages when trying to compete with much larger factory-based companies.

A cottage industry is an industry—primarily manufacturing—which includes many producers, working from their homes, typically part time. The term originally referred to home workers who were engaged in a task such as sewing, lace-making, wall hangings, or household manufacturing. Some industries which are usually operated from large, centralized factories were cottage industries before the Industrial Revolution. Business operators would travel around the world, buying raw materials, delivering them to people who would work on them, and then collecting the finished goods to sell, or typically to ship to another market. One of the factors which allowed the Industrial Revolution to take place in Western Europe was the presence of these business people who had the ability to expand the scale of their operations. Cottage industries were very common in the time when a large proportion of the population was engaged in agriculture, because the farmers (and their families) often had both the time and the desire to earn additional income during the part of the year (winter) when there was little work to do farming or selling produce by the farm's roadside.
https://en.wikipedia.org/wiki/Putting-out_system

By late Roman times, domestic wool was already being used to produce textiles (“cloth”) in the Low Countries. The marshes along the coast, which had not yet been enclosed by dikes, provided grazing for large flocks of sheep which yielded sufficient wool to satisfy domestic demand. In the 12th century a fundamental change occurred. Production was transferred from the countryside to the fast-growing cities (Ypres, Ghent, Bruges, and later also Brussels and Antwerp), and weavers began using English wool as their raw material instead of home-produced wool. The result was a high quality, luxury product intended for export. Sheep reared on the type of grass produced by the very damp English pastureland with its poor soil yielded a particularly fine and springy woollen fleece. For that reason, demand for English wool was virtually inelastic: neither home-produced wool nor the wool occasionally imported from Spain offered a real alternative.

English wool was now being imported into the Low Countries in unprecedented quantities, in sacks or as fleeces still attached to the skin. Flemish and Brabant merchants and weavers were very active in this trade. They went to England in person, to the grounds of the sometimes remote Cistercian abbeys where the sheep were predominantly reared. On the local wool markets they often paid in advance for future deliveries, so that they also already had a stake in the actual production of the wool. Flemish vessels shipped the wool from London and other ports such as Great Yarmouth, King’s Lynn, Dover, Sandwich and Boston.

The Southern Netherlands merchants needed English coins to buy their wool; they became good customers of the English coin workshops, where they exchanged the lightweight pennies from the Netherlands or bars of silver for English sterling. Thus, the accounting records of the London Mint list the names of merchants from Ypres and Brussels, side by side with the names of English customers. On their return from England, they did not always take their surplus English money for melting down into local pennies again, but sometimes preferred to set the foreign currency aside ready for their next trip. It is therefore not surprising that the 13th century coin treasure discovered in 1908 during the demolition of a cellar wall in the house at no. 32 Rue d’assaut in Brussels contained no less than 80,927 English sterling coins.

Gradually, the rulers and merchants on the Continent came to realise that they could make considerable savings by minting sterling coins themselves in their own country, rather than buying them from English coin workshops. From around 1270, coins worth one or two sterling pennies were therefore minted in the Low Countries, alongside the ordinary lightweight pennies. The sterling copies had the same weight and alloy as the foreign originals. The images on the face of the coins varied greatly: some depicted a crowned head, just like the English coins, while others displayed a totally distinctive image. In contrast, the reverse of virtually all the coins depicted the cross with three bullets between the arms, copied from the English model. From about the mid 14th century, owing to the rising demand for high value currency, the sterling penny became less important, giving way to the silver groat – worth three sterlings – and gold coins.

https://www.nbbmuseum.be/en/2009/12/sterling.htm

The importance of London for craft and industry in medieval England
http://www.theposthole.org/sites/theposthole.org/files/downloads/posthole_47_360.pdf

1100-1290

Mining did not make up a large part of the English medieval economy, but the 12th and 13th centuries saw an increased demand for metals in England, thanks to the considerable population growth and building construction, including the great cathedrals and churches. Four metals were mined commercially in England during the period: iron, tin, lead and silver using a variety of refining techniques. Coal was also mined from the 13th century onwards.

Iron mining occurred in several locations including the main English centre in the Forest of Dean, as well as in Durham and the Weald. Some iron to meet English demand was also imported from the continent, especially by the late 13th century. By end of the 12th century, the older method of acquiring iron ore through strip mining was being supplemented by more advanced techniques, including tunnels, trenches and bell-pits. Iron ore was usually locally processed at a bloomery and by the 14th century the first water-powered iron forge in England was built at Chingley. As a result of the diminishing woodlands and consequent increases in the cost of both wood and charcoal, demand for coal increased in the 12th century and began to be commercially produced from bell-pits and strip mining.

A silver boom occurred in England after the discovery of silver near Carlisle in 1133. Huge quantities of silver were produced from a semicircle of mines reaching across Cumberland, Durham and Northumberland - up to three to four tonnes of silver were mined each year, more than ten times the previous annual production across the whole of Europe. The result was a local economic boom and a major uplift to 12th century royal finances. Tin mining was centred in Cornwall and Devon, exploiting alluvial deposits and governed by the special Stannary Courts and Parliaments - tin formed a valuable export good, initially to Germany and then later in the 14th century to the Low Countries. Lead was usually mined as a by-product of mining for silver, with mines in Yorkshire, Durham and the north, as well as in Devon. Economically fragile, the lead mines usually survived as a result of being subsidised by silver production.

England's economy was fundamentally agricultural throughout the period, but the mining of iron, tin, lead and silver, and later coal, played an important part within the English medieval economy.

The Black Death epidemic first arrived in England in 1348, re-occurring in waves during 1360-2, 1368-9, 1375 and more sporadically thereafter. The most immediate economic impact of this disaster was the widespread loss of life, between around 27% mortality amongst the upper classes, to 40-70% amongst the peasantry. Despite the very high loss of life, few settlements were abandoned during the epidemic itself, but many were badly affected or nearly eliminated altogether. The medieval authorities did their best to respond in an organised fashion, but the economic disruption was immense. Building work ceased and many mining operations paused. In the short term, efforts were taken by the authorities to control wages and enforce pre-epidemic working conditions. Coming on top of the previous years of famine, however, the longer term economic implications were profound. In contrast to the previous centuries of rapid growth, the English population would not begin to recover for over a century, despite the many positive reasons for a resurgence. The crisis would affect English mining for the remainder of the medieval period.

https://en.wikipedia.org/wiki/Economics_of_English_Mining_in_the_Middle_Ages

Medieval technology
After the Renaissance of the 12th century, medieval Europe saw a radical change in the rate of new inventions, innovations in the ways of managing traditional means of production, and economic growth. The period saw major technological advances, including the adoption of gunpowder, the invention of vertical windmills, spectacles, mechanical clocks, and greatly improved water mills, building techniques (Gothic architecture, medieval castles), and agriculture in general (three-field crop rotation).
https://en.wikipedia.org/wiki/Medieval_technology
https://plus.google.com/103755316640704343614/posts/ZDDAWBU6Snj

Pb poisoning northern Europe
https://plus.google.com/103755316640704343614/posts/7Y1mWi8EaVU

Search google book: "English Medieval Industries: Craftsmen, Techniques, Products" edited by John Blair, Nigel Ramsay


Prices
Anglo-Saxon
https://regia.org/research/misc/costs.htm
Medieval England
http://faculty.goucher.edu/eng240/medieval_prices.html

Regia Anglorum - Prices and costs in Anglo-Saxon England and Viking Age Europe
regia.org