for the purposes of discussing European commerce, the fourteenth century is a very difficult unit. Most of the first half of the century had much in common with the thirteenth century, and in many ways trading patterns in these years are the fruition and culmination of the so-called ‘commercial revolution’ of the long thirteenth century. In the same way trading patterns in the second half of the century exhibited the beginnings of many of the changes which accelerated in the fifteenth century. I will therefore treat the century in two halves, at the risk of some overlap with the chapters in the previous and succeeding volumes.

Throughout the first half of the century the patterns of short-distance trade remained much as they were around 1300. The extensive network of markets and market towns already established in many parts of Europe remained virtually unchanged. Few attempts were made to create additional markets, and those few that were chartered were generally unsuccessful. Nevertheless, the medieval market economy already generally established in most parts of rural western Europe remained unimpaired and was consolidated. Most rural producers continued to be able to sell at least a part of their produce for money without difficulty, to meet such money obligations as rents and taxes. The overall European money supply probably reached its medieval maximum towards the middle of the century.