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Factor markets in England before the Black Death

Published online by Cambridge University Press:  20 April 2009

BRUCE M. S. CAMPBELL
BRUCE M. S. CAMPBELL
Affiliation:
School of Geography, Archaeology and Palaeoecology, The Queen's University of Belfast.
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Abstract

Modern English factor markets originated during the two centuries of active commercialization that preceded the Black Death. An active labour market was established by the late twelfth century. Evolution of a land market followed the legal reforms of the 1170s and 1180s, which created legally secure and defensible property rights in land. These rights stimulated growth of a capital market, since land became a security against which credit could be obtained. Nevertheless, none of these nascent factor markets functioned unconstrained and each became embedded in legal, tenurial, and institutional complexities and rigidities which it took later generations centuries to reform.

Les marchés de facteurs de production en angleterre avant la peste noire

Les marchés de facteurs de production anglais des temps modernes ont leur origine au cours des deux siècles de vie commerciale active qui précédèrent la Peste Noire. Un actif marché du travail existait à la fin du 12e siècle. L'évolution du marché foncier a correspondu aux réformes législatives des années 1170 et 1180 qui mirent en place des droits de propriété terrienne reconnus par la loi et juridiquement défendables. Ces droits stimulèrent la croissance d'un marché des capitaux, le foncier étant devenu une valeur pouvant servir de caution à un crédit. Cependant aucun de ces marchés émergents ne fonctionnait en toute liberté, chacun se trouvant noyé dans un réseau de rigidités complexes d'ordre légal, seigneurial ou institutionnel qu'il fallut des siècles aux générations futures pour réformer.

Faktormärkte in england vor dem schwarzen tod

In England entstanden moderne Faktormärkte in den zwei Jahrhunderten aktiver Kommerzialisierung, die dem Schwarzen Tod vorausgingen. Im späten 12. Jahrhunderts hatte sich ein aktiver Arbeitsmarkt etabliert. Durch die Rechtsreformen der 1170er und 80er Jahre, die sichere und einklagbare Eigentumsrechte am Grund und Boden schufen, entwickelte sich ein Bodenmarkt. Diese Rechte wiederum stimulierten die Entwicklung eines Kapitalmarktes, da Grund und Boden als Sicherheit bei der Kreditvergabe fungierte. Gleichwohl funktionierte keiner dieser heranwachsenden Faktormärkte ungehemmt. Sie waren vielmehr komplexen rechtlichen, grundherrschaftlichen und institutionellen Einschränkungen unterworfen, deren Reform spätere Generationen noch Jahrunderte kosten solte.

Type
Research Article
Information
Continuity and Change , Volume 24 , Special Issue 1: FACTOR MARKETS IN GLOBAL ECONOMIC HISTORY , May 2009 , pp. 79 - 106
Copyright
Copyright © Cambridge University Press 2009

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References

ENDNOTES

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6 P. Nightingale, ‘The growth of London in the medieval English economy’, in R. H. Britnell and J. Hatcher eds., Progress and problems in medieval England: essays in honour of Edward Miller (Cambridge, 1996), 89–106; Campbell, ‘Benchmarking’, 908, 912.

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23 B. M. S. Campbell ed., Before the Black Death: studies in the ‘crisis’ of the early fourteenth century (Manchester, 1991); J. H. Munro, ‘The “industrial crisis” of the English textile towns, c.1290–c.1330’, in M. Prestwich, R. H. Britnell, and R. Frame eds., Thirteenth century England VII: proceedings of the Durham conference 1997 (Woodbridge, 1999), 103–42; B. M. S. Campbell, ‘Ecology versus economics in late thirteenth- and early fourteenth-century English agriculture’, in D. Sweeney ed., Agriculture in the Middle Ages: technology, practice, and representation (Philadelphia, 1995), 76–108.

24 G. Snooks, in ‘The dynamic role of the market in the Anglo-Norman economy and beyond, 1086–1300’, in Britnell and Campbell eds., Commercialising economy, 27–54, here pp. 41–3, was the first to draw explicit attention to the economic importance of medieval factor markets.

25 Snooks, ‘Dynamic role of the market’, 43.

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32 For a case study see J. Whittle, The development of agrarian capitalism: land and labour in Norfolk, 1440–1580 (Oxford, 2000).

33 See http://www.newadvent.org/cathen/15235c.htm; and http://www.eh.net/encyclopedia/?article=jones.usury (both accessed 12 June 2005).

34 For examples see E. M. Carus-Wilson ed., The overseas trade of Bristol in the later Middle Ages (Bristol, 1937).

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36 E.g. Elaine Clark, ‘Debt litigation in a late medieval English vill’, in J. A. Raftis ed., Pathways to medieval peasants (Toronto, 1981), 247–79.

37 But see Gregory Clark, ‘Interpreting English economic history 1200–1800: Malthusian stasis or early dynamism?’, paper presented to Session 122, ‘Progress, stasis, and crisis: demographic and economic developments in England and beyond A.D. c.1000–c.1800’, 14th International Economic History Congress, Helsinki, August 2006, available at http://www.helsinki.fi/iehc2006/papers3/Clark/pdf.

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42 Gray, H. L., ‘The commutation of villein services in England before the Black Death’, English Historical Review 29, 116 (1914), 625–56CrossRefGoogle Scholar; E. A. Kosminsky, Studies in the agrarian history of England in the thirteenth century, trans. R. Kisch, ed. R. H. Hilton (Oxford, 1956), 152–96; Campbell and Bartley, England on the eve of the Black Death, 251–68. Why great landlords, in England alone, from the early thirteenth century chose to manage their estates directly has so far defied convincing historical explanation; see Harvey, P. D. A., ‘The Pipe Rolls and the adoption of demesne farming in medieval England’, Economic History Review, 2nd series 27 (1974), 345–59CrossRefGoogle Scholar; N. J. T. Poynder, ‘The growth and decline of direct demesne management in medieval England’, unpublished PhD thesis, The Queen's University of Belfast, 2002.

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48 On the Winchester estate see, B. M. S. Campbell, ‘A unique estate and a unique source: the Winchester pipe rolls in perspective’, in R. H. Britnell ed., The Winchester pipe rolls and medieval English society (Woodbridge, 2003), 21–43. On famuli see M. M. Postan, The famulus: the estate labourer in the XIIth and XIIIth centuries, Economic History Review Supplement 2 (Cambridge, 1954); D. L. Farmer, ‘The famuli in the later Middle Ages’, in Britnell and Hatcher eds., Progress and problems, 207–36.

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53 Clark, ‘Long march’.

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55 Langdon and Masschaele, ‘Commercial activity and population growth’, 69–73.

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63 Munro, ‘Nominal wage stickiness’.

64 Langdon and Masschaele, ‘Commercial activity and population growth’, 71–3.

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66 Clark, ‘Work, wages and living conditions’, 894–6.

67 R. B. Dobson ed., The Peasants' Revolt of 1381 (2nd edn; London, 1983), 63–72. For a discussion of the range of wage and price controls adopted across Europe in the wake of the Black Death see Cohn, Samuel, ‘After the Black Death: labour legislation and attitudes towards labour in late-medieval western Europe’, Economic History Review 60, 3 (2007), 457–85.CrossRefGoogle Scholar

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69 Palmer, R. C., ‘The origins of property in England’, Law and History Review 3 (1985), 7.CrossRefGoogle Scholar

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71 Harvey ed., The peasant land market, 19–28; M. T. Clanchy, From memory to written record: England 1066–1307 (London, 1979).

72 Zvi Razi and R. M. Smith, ‘Origins of the English manorial court rolls as a written record: a puzzle’, in Razi and Smith eds., Medieval society, 36–68, here pp. 57–68.

73 Poynder, ‘Direct demesne management’, 154.

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82 Page, ‘Peasant land market’.

83 K. Stocks, ‘Payments to manorial courts in the early Winchester Accounts’, in Britnell ed., Winchester pipe rolls, 45–59; Razi and Smith, ‘The origins of the English manorial court rolls’, 38–42.

84 Razi and Smith, ‘Origins of the English manorial court rolls’, 50–6.

85 E.g. B. M. S. Campbell, ‘Population pressure, inheritance and the land market in a fourteenth-century peasant community’, in R. M. Smith ed., Land, kinship and life-cycle (Cambridge, 1984), 87–134.

86 L. Bonfield and L. R. Poos, ‘The development of deathbed transfers in medieval English manor courts’, in Razi and Smith eds., Medieval society, 117–42.

87 Archives of King's College Cambridge, E32.

88 Archives of King's College Cambridge, E32.

89 Further examples demonstrating the sophistication of both inter vivos and testamentary transfers undertaken and enforced in manorial courts are presented and discussed in L. R. Poos and L. Bonfield, eds., Select cases in manorial courts 1250–1550: property and family law, Selden Society, 114 (London, 1998).

90 P. R. Schofield, ‘Access to credit in the medieval English countryside’, and Chris Briggs, ‘Creditors and debtors at Oakington, Cottenham and Dry Drayton (Cambridgeshire), 1291–1350’, both in P. R. Schofield and N. J. Mayhew eds., Credit and debt in medieval England, c.1180–1350 (Oxford, 2002), 106–26 and 127–48 respectively.

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101 Epstein, Freedom and growth, 62.

102 Epstein, Freedom and growth, 20–3.

103 M. Prestwich, The three Edwards: war and the state in England 1272–1377 (London, 1980), 33, 85, 106, 217, 223.

104 R. C. Stacey, ‘Jewish lending and the medieval English economy’, in Britnell and Campbell eds., Commercialising economy, 78–101, here p. 89. See also R. R. Mundill, ‘Christian and Jewish lending patterns and financial dealings during the twelfth and thirteenth centuries’, in Schofield and Mayhew eds., Credit and debt, 42–67.

105 Stacey, ‘Jewish lending’, 93.

106 Stacey, ‘Jewish lending’, 94.

107 Jews ‘were not usually interested in acquiring possession of landed property itself. Christians were’ (Stacey, ‘Jewish lending’, 101). For the situation in the Lordship of Ireland, see M. D. O'Sullivan, Italian merchant bankers in Ireland in the thirteenth century: a study in the social and economic history of medieval Ireland (Dublin, 1962), 26–86.

108 Stacey, ‘Jewish lending’, 101.

109 P. Nightingale, ‘The lay subsidies and the distribution of wealth in medieval England, 1275–1334’, Economic History Review, 2nd series 57 (2004), 15.

110 Nightingale, ‘Lay subsidies’, 15.

111 Jenks, S., ‘The lay subsidies and the state of the English economy, 1275–1334’, Vierteljahrschrift für Sozial- und Wirtschaftsgeschichte 85 (1998), 1–39Google Scholar; Nightingale, ‘Lay subsidies’, 12, 15.

112 Schofield and Mayhew eds., Credit and debt.

113 Lloyd, English wool trade, 289–95.

114 For examples see Lloyd, English wool trade, 289–90.

115 Schofield, ‘Dearth’.

116 On debt cases recorded in manorial courts see E. Clark, ‘Debt litigation’; Chris Briggs, ‘Credit and the peasant household economy in England before the Black Death: evidence from a Cambridgeshire manor’, in Cordelia Beattie, Anna Maslakovic, and Sarah Rees Jones eds., The medieval household in Christian Europe, c.850–c.1550: managing power, wealth, and the body (Turnhout, 2003), 231–48; Briggs, Chris, ‘Empowered or marginalized? Rural women and credit in later thirteenth- and fourteenth-century England’, Continuity and Change 19 (2004), 13–43.CrossRefGoogle Scholar

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119 Clark, ‘Cost of capital’; Epstein, Freedom and growth, 62.

120 Epstein, Freedom and growth, 61.

121 Britnell, Commercialisation; Miller and Hatcher, Medieval England; Britnell and Campbell eds., Commercialising economy; Campbell et al., Medieval capital; P. R. Schofield, Peasant and community in medieval England, 1200–1500 (Basingstoke, 2003), 131–56. On commercialization within Europe, see R. S. Lopez, The commercial revolution of the Middle Ages, 950–1350 (Cambridge, 1976); K. G. Persson, Pre-industrial economic growth: social organization and technological progress in Europe (Oxford, 1988); Peter Spufford, Power and profit: the merchant in medieval Europe (London, 2003).

122 Epstein, Freedom and growth, 20–3.

123 Stacey, ‘Jewish lending’, 98–100.

124 Munro, ‘Nominal wage stickiness’.

125 Whittle, Development of agrarian capitalism, 275–301; Clark, ‘Long march’.

126 A. Harding, ‘The revolt against the justices’, in R. H. Hilton and T. H. Aston eds., The English rising of 1381 (Cambridge, 1984), 165–93, here pp. 184–7; Dobson, ed. Peasants' revolt.

127 Campbell, ‘Agrarian problem’.