Chapter

The credit supply

Chris Briggs

in Credit and Village Society in Fourteenth-Century England

Published by British Academy

Published in print January 2009 | ISBN: 9780197264416
Published online February 2012 | e-ISBN: 9780191734342 | DOI: http://dx.doi.org/10.5871/bacad/9780197264416.003.0006

Series: British Academy Postdoctoral Fellowship Monographs

The credit supply

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Credit in medieval England was obtained in various ways, either through a deferred payment or through cash loans. All these transactions were efforts to maintain production and consumption at its previous level or for investment purposes. During this period, the majority of the transactions arose from the need to obtain goods or services or to discharge an obligation at a time when immediate full cash payments from that individual's own resources were impossible or inadvisable. In the medieval period, full payment in cash was impossible as societies during this period did not have regular monetary income. Thus, in such societies, debtors accrue their needs through credit and they were not obliged to make immediate cash payments from their own resources whenever they obtained goods or services. This chapter examines credit supply during this period with emphasis on the willingness of the creditors to lend or sell goods and services on credit. It examines the effects of dearth and high prices, coin shortage or money supply, and crisis mortality on the credit supply of medieval Europe.

Keywords: deferred payment; cash loans; cash payments; credit supply; dearth; high prices; coin shortage; money supply; crisis mortality

Chapter.  15903 words.  Illustrated.

Subjects: Modern History (1700 to 1945)

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