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Alien finance and the development of the English economy, 1285–1311

Alien finance and the development of the English economy, 1285–1311 The contribution of alien, particularly Italian, investment to the development of the medieval English economy has provoked opposing views which hitherto have had to rely chiefly on customs records and evidence of Italian loans to the state for statistical evidence. These, though, vary in their coverage and do not record the inland trade. This article uses the Statute Merchant certificates of debt from 1285 to analyse changing levels of commercial investment by alien and denizen merchants throughout all areas of the kingdom. It shows that Italian investment was declining from the 1280s in line with falling imports of foreign silver. It discusses the causes of this decline, and the effect on alien and denizen credit of imports of counterfeit sterling coins produced by European mints. It relates these financial developments in England, France, and Flanders to the sequence of events which led to English merchants increasing their numbers and mercantile capital at the beginning of the fourteenth century when they were first able to establish their domination of the country's export trade in wool. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Economic History Review Wiley

Alien finance and the development of the English economy, 1285–1311

Economic History Review , Volume 66 (2) – May 1, 2013

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References (44)

Publisher
Wiley
Copyright
© 2013 Economic History Society
ISSN
0013-0117
eISSN
1468-0289
DOI
10.1111/j.1468-0289.2012.00657.x
Publisher site
See Article on Publisher Site

Abstract

The contribution of alien, particularly Italian, investment to the development of the medieval English economy has provoked opposing views which hitherto have had to rely chiefly on customs records and evidence of Italian loans to the state for statistical evidence. These, though, vary in their coverage and do not record the inland trade. This article uses the Statute Merchant certificates of debt from 1285 to analyse changing levels of commercial investment by alien and denizen merchants throughout all areas of the kingdom. It shows that Italian investment was declining from the 1280s in line with falling imports of foreign silver. It discusses the causes of this decline, and the effect on alien and denizen credit of imports of counterfeit sterling coins produced by European mints. It relates these financial developments in England, France, and Flanders to the sequence of events which led to English merchants increasing their numbers and mercantile capital at the beginning of the fourteenth century when they were first able to establish their domination of the country's export trade in wool.

Journal

Economic History ReviewWiley

Published: May 1, 2013

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