Gold, Guilds, and Government: the Impact of Monetary and Labour Policies on the Flemish Cloth Industry, 1390-1435
Munich Personal RePEc Archive Gold, guilds, and government: the impact of monetary and labour policies on the Flemish cloth industry, 1390-1435 Munro, John H. Department of Economics, University of Toronto June 2002 Online at https://mpra.ub.uni-muenchen.de/10877/ MPRA Paper No. 10877, posted 03 Oct 2008 01:07 UTC Gold, Guilds and Government The Impact of Monetary and Labour Policies on the Flemish Cloth Industry, 1390-1435 John H. Munro 1 Fourteenth-Century Flemish Monetary Policies and the Cloth Industry In two seminal articles, the late Professor Hans Van Werveke contended that the monetary policies of the fourteenth-century count of Flanders, Louis II de Male (1347-1384), ‘although unintentionally on his part, checked, for some time at least, the decay of the Flemish cloth industry’, which had long provided the county’s principal source of prosperity, and ‘which provided work to nearly half the po- pulation of the towns’.1 That monetary policy consisted of extensive coinage de- basements, which were undertaken principally in order to increase the count’s very substantial incomes from mint-seigniorage fees: i.e., to force a recoinage of previous issues and to encourage a influx of new bullion into his mints.2 In the 35 years from May 1349 to his death in February 1384, Count Louis reduced the pre- cious metal contents of the silver coinage by 53.1 per cent and of the gold coinage, by 54.2 per cent.3 In Van Werveke’s view those coinage debasements greatly ben - * Much earlier and somewhat different versions of this paper were delivered to the Medieval Acad- emy of America (Tucson, 1993); 28th International Congress on Medieval Studies (Kalamazoo,1993); the Labour Economics Workshop, University of Toronto; the Economic History Workshop, North- western University; the Economic History Workshop, University of Illinois at Champagne-Ur- bana; and the Economic History Workshop, University of Western Ontario.
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