Development and Crisis in the Late Middle Ages: the Role of Trade

The origin of the fourteenth century economic crisis and the duration and nature of its effects have been the subject of great debate. The crisis of the 1300s was admittedly triggered off by a worsening of the weather and above all by the plagues, but there is no doubt that the effects of this adver...

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Bibliographic Details
Published in:The Journal of European economic history 2005-01, Vol.34 (3), p.687-720
Main Author: Paolilli, Antonio Luigi
Format: Article
Language:English
Subjects:
Economic crisis
Economic development
Economic history
Economic models
Economic systems
Europe
History of trade
International trade
Mathematical models
Middle Ages
Production functions
Specialization
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Summary:The origin of the fourteenth century economic crisis and the duration and nature of its effects have been the subject of great debate. The crisis of the 1300s was admittedly triggered off by a worsening of the weather and above all by the plagues, but there is no doubt that the effects of this adverse change were accentuated by other factors. The principal aim of this paper is to highlight the influence of trade, and above all its decline, during the crisis. A mathematical model is used, based on a production function that includes a specialisation factor correlated with the monetisation level of the economy, which can be considered a good indication of the specialisation of an economic system.
ISSN:0391-5115
2499-8281