The Great Slump was an

economic depression An economic depression is a period of carried long-term economic downturn that is the result of lowered economic activity in one or more major national economies. It is often understood in economics that economic crisis and the following recession ...

that occurred in

England England is a Countries of the United Kingdom, country that is part of the United Kingdom. It is located on the island of Great Britain, of which it covers about 62%, and List of islands of England, more than 100 smaller adjacent islands. It ...

from the 1430s to the 1480s.

History

The Great Slump occurred in England between approximately 1440 and 1480. The economic decline began in the 1430s in

Northern England Northern England, or the North of England, refers to the northern part of England and mainly corresponds to the Historic counties of England, historic counties of Cheshire, Cumberland, County Durham, Durham, Lancashire, Northumberland, Westmo ...

, 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 ge ...

, 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 (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 crunch generally ...

". Some scholars blamed the slump on the effects of the

Hundred Years' War The Hundred Years' War (; 1337–1453) was a conflict between the kingdoms of Kingdom of England, England and Kingdom of France, France and a civil war in France during the Late Middle Ages. It emerged from feudal disputes over the Duchy ...

and the economic blockades suffered by England due to its predations in France and its wars with

Spain Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...

and the

Hanseatic League The Hanseatic League was a Middle Ages, medieval commercial and defensive network of merchant guilds and market towns in Central Europe, Central and Northern Europe, Northern Europe. Growing from a few Northern Germany, North German towns in the ...

. It was also said to be driven by harvest failures in the 1430s and disease amongst livestock, that drove up the price of food and damaged the wider economy. Starting in 1368

China China, officially the People's Republic of China (PRC), is a country in East Asia. With population of China, a population exceeding 1.4 billion, it is the list of countries by population (United Nations), second-most populous country after ...

Ming Dynasty The Ming dynasty, officially the Great Ming, was an Dynasties of China, imperial dynasty of China that ruled from 1368 to 1644, following the collapse of the Mongol Empire, Mongol-led Yuan dynasty. The Ming was the last imperial dynasty of ...

reversion to silver currency from the

fiat currency Fiat money is a type of government-issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Fiat currency is typically designated by the issuing government to be legal tender, ...

of the Mongol

Yuan Dynasty The Yuan dynasty ( ; zh, c=元朝, p=Yuáncháo), officially the Great Yuan (; Mongolian language, Mongolian: , , literally 'Great Yuan State'), was a Mongol-led imperial dynasty of China and a successor state to the Mongol Empire after Div ...

created substantial demand for the metal for the entirety of their reign. The Great Slump was far-reaching in England. Certain groups were particularly badly affected: cloth exports fell by 35 per cent in 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, and the events contributed to the outbreak of the

Wars of the Roses The Wars of the Roses, known at the time and in following centuries as the Civil Wars, were a series of armed confrontations, machinations, battles and campaigns fought over control of the English throne from 1455 to 1487. The conflict was fo ...

in the 1460s.Hicks, pp.52–54. English merchants tried to survive through the formation of merchant networks, which enabled them to organize into large conglomerates. This allowed access to bullion and well-guarded credit.

References

Bibliography

* * * * 1430s establishments in England 1480s disestablishments in England Economy of medieval England Recessions 15th century in England 15th century in economic history {{England-hist-stub

History

See also

References

Bibliography