The Great Slump was an
economic depression
An economic depression is a period of carried long-term economical downturn that is result of lowered economic activity in one major or more national economies. Economic depression maybe related to one specific country were there is some economic ...
that occurred in
England
England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe b ...
from the 1430s to the 1480s.
History
The Great Slump occurred in England between approximately 1440 and 1480. The economic slowdown began in the 1430s in
Northern England
Northern England, also known as the North of England, the North Country, or simply the North, is the northern area of England. It broadly corresponds to the former borders of Angle Northumbria, the Anglo-Scandinavian Kingdom of Jorvik, and the ...
, spreading south in the 1440s, with the economy not recovering until the 1480s.
[Hicks, p.50.] The Great Slump took place against a wider trading crisis in
Northern Europe
The northern region of Europe has several definitions. A restrictive definition may describe Northern Europe as being roughly north of the southern coast of the Baltic Sea, which is about 54th parallel north, 54°N, or may be based on other g ...
, driven by
shortages of silver, essential for the money supply, and a breakdown in trade.
[ Some accounts refer to the event as a "]credit crunch
A credit crunch (also known as a credit squeeze, credit tightening or credit crisis) is a sudden reduction in the general availability of loans (or credit) or a sudden tightening of the conditions required to obtain a loan from banks. A credit cr ...
".Hundred Years' War
The Hundred Years' War (; 1337–1453) was a series of armed conflicts between the kingdoms of Kingdom of England, England and Kingdom of France, France during the Late Middle Ages. It originated from disputed claims to the French Crown, ...
and the economic blockades suffered by England due to its predations in France and its wars with Spain
, image_flag = Bandera de España.svg
, image_coat = Escudo de España (mazonado).svg
, national_motto = ''Plus ultra'' (Latin)(English: "Further Beyond")
, national_anthem = (English: "Royal March")
, i ...
and the Hanseatic League
The Hanseatic League (; gml, Hanse, , ; german: label=Modern German, Deutsche Hanse) was a medieval commercial and defensive confederation of merchant guilds and market towns in Central and Northern Europe. Growing from a few North German to ...
.China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
's Ming Dynasty
The Ming dynasty (), officially the Great Ming, was an Dynasties in Chinese history, imperial dynasty of China, ruling from 1368 to 1644 following the collapse of the Mongol Empire, Mongol-led Yuan dynasty. The Ming dynasty was the last ort ...
reversion to silver currency from the fiat currency
Fiat money (from la, fiat, "let it be done") is a type of currency that is not backed by any commodity such as gold or silver. It is typically designated by the issuing government to be legal tender. Throughout history, fiat money was sometime ...
of the Mongol Yuan Dynasty
The Yuan dynasty (), officially the Great Yuan (; xng, , , literally "Great Yuan State"), was a Mongol-led imperial dynasty of China and a successor state to the Mongol Empire after its division. It was established by Kublai, the fifth ...
created substantial demand for the metal for the entirety of their reign.
The impact of the Great Slump was far-reaching across England. Certain groups were particularly badly affected: cloth exports fell by 35 per cent in just four years at the end of the 1440s, for example, collapsing by up to 90 per cent in some parts of the South-West. Prices of remaining trade goods fell dramatically as well. Popular rebellions ensued in 1450 under Jack Cade
Jack Cade's Rebellion was a popular revolt in 1450 against the government of England, which took place in the south-east of the country between the months of April and July. It stemmed from local grievances regarding the corruption, maladmini ...
, and the events contributed to the outbreak of the Wars of the Roses
The Wars of the Roses (1455–1487), known at the time and for more than a century after as the Civil Wars, were a series of civil wars fought over control of the English throne in the mid-to-late fifteenth century. These wars were fought bet ...
in the 1460s.[Hicks, pp.52–54.]
One of the ways English merchants survived the Great Slump was through the formation of merchant networks, which enabled them to organize into large conglomerates.
See also
*Great Bullion Famine
The Great Bullion Famine was a shortage of precious metals that struck Europe in the 15th century, with the worst years of the famine lasting from 1457 to 1464. During the Middle Ages, gold and silver coins saw widespread use as currency in Eur ...
*Economy of England in the Middle Ages
The medieval English saw their economy as comprising three groups – the clergy, who prayed; the knights, who fought; and the peasants, who worked the landtowns involved in international trade.Bartlett, p. 313; Dyer 2009, p. 14. Over the five ...
* John and William Merfold
*Hundred Years' War
The Hundred Years' War (; 1337–1453) was a series of armed conflicts between the kingdoms of Kingdom of England, England and Kingdom of France, France during the Late Middle Ages. It originated from disputed claims to the French Crown, ...
References
Bibliography
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1430s establishments in England
1480s disestablishments in England
Economy of medieval England
Recessions
15th century in England
15th-century economic history
{{England-hist-stub