Monetary Expansion and Economic Growth, 1305–1309

Abstract

This chapter describes the economic boom of 1305–1309 which was created by the expansion of wool exports and the reciprocal flood of bullion to the English mints. This expanded the currency to a new peak c. 1310 and represented monetary growth of over 25% since 1299. Although credit doubled within the decade, and grew in every county except four, as well as in 51 towns, there was no revival of the alien share of London’s credit, even though merchants from Yorkshire and Norfolk were going increasingly to London, instead of to Boston, to buy imported luxuries. The chapter analyses how this growth in London’s inland trade affected the economies of the Thames Valley, the midland counties and Norfolk.