Great Slump (15th century) facts for kids
The Great Slump was a time when England's economy was very bad. It lasted for about 50 years, from the 1430s to the 1480s. During this period, people had less money, trade slowed down, and many faced hardship.
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What Caused the Great Slump?
The Great Slump happened in England between about 1440 and 1480. The economic problems started in the north of England in the 1430s. They then spread to the south by the 1440s. The economy didn't get better until the 1480s.
This slump was part of a bigger trading problem across Northern Europe. One big reason was a shortage of silver. Silver was very important for making coins and keeping money flowing. When there wasn't enough silver, trade became difficult. Some people called this time a "credit crunch" because it was hard to get loans or money.
Wars and Economic Problems
Some experts believe the slump was made worse by the Hundred Years' War. This long war between England and France caused many problems. England faced economic blockades because of its actions in France. Wars with Spain and the Hanseatic League (a group of trading cities) also hurt England's trade.
Bad Harvests and Disease
Another cause of the slump was several bad harvests in the 1430s. This meant there wasn't enough food, and prices went up. Diseases also affected farm animals, which further damaged the economy.
Demand for Silver from China
Starting in 1368, China's Ming Dynasty began using silver money instead of paper money. This created a huge demand for silver around the world. This demand for silver lasted for a long time and affected the global supply, including in Europe.
How Did the Slump Affect People?
The Great Slump had a big impact all over England. Some groups of people were hit especially hard. For example, the amount of cloth England sold to other countries dropped by 35 percent in just four years during the late 1440s. In some parts of the South-West of England, cloth sales fell by as much as 90 percent. The prices of other goods that were still traded also fell a lot.
Rebellions and Wars
These tough economic times led to unrest among the people. In 1450, there were popular rebellions led by a man named Jack Cade. The problems from the Great Slump also helped cause the Wars of the Roses. These were a series of wars fought over who should be king of England, starting in the 1460s.
How Merchants Survived
Even during this difficult time, some English merchants found ways to survive. They formed large groups called merchant networks or conglomerates. These groups helped them get the silver they needed and access credit (money they could borrow) that was well protected. This teamwork helped them deal with the economic challenges.
See also
- Great Bullion Famine
- Economy of England in the Middle Ages
- John and William Merfold
- Hundred Years' War
