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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: UnBelievable who wrote (11314)8/15/2000 8:02:19 PM
From: pater tenebrarum  Read Replies (3) of 436258
 
the great sheep inflation of the 12th century (by F. Osinski):

In 1180-1200 the
English suffered what is called "The Great Inflation". It was probably this
experience that motivated the keeping of price records that began in the
first decade of the 13th century. Because of the lack of price records from
the period of the Great Inflation we have to rely on scattered pieces of
historical information to piece together the extent of the phenomenon. It is
estimated that prices went up about 500%. For example the price the king had
to pay for Flemish mercenary knights went up by that percentage. Castle
building in stone during that period declined even though the wealth
producing wool trade flourished. (It was the conflict around the division of
the wool trade proceeds that led to the Magna Carta. Wool was to England as
oil is to Saudi Arabia. It is surmised that the minting of the silver gained
through the wool trade that began to flourish after 1150 led to the Great
Inflation. Around 1100 a climate change occurred that resulted in relatively
barren land good only for goats becoming extensive grasslands good for sheep.
The Cistercian monks and various entrepreneurial nobles, especially in what
would be the rebellious north, took advantage of the opportunity presented by
the climate change and growth of extensive grasslands. A close correlation
both in location and numbers exists between the growth of royal mints and the
growth of sheep herds and the wool trade during the 12th century.)
(BTW: this was the topic of one of my graduate level independent research
papers in economic history.)

Franklin Osinski

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