4 - A COMMERCIAL ECONOMY, 1350–1460

Summary

Havering's late medieval economy was complex and prosperous. The dominant pursuit was agriculture, but a form of agriculture very different from peasant subsistence. A variety of soils each suited to specialised purposes promoted mixed farming within individual estates. There was a strong market orientation, focusing upon production of animals and wood for the London populace. This emphasis was fostered by the high cost of labour, low soil fertility and the regular presence at Romford market of tradesmen from the capital. Commercial farming, especially stock raising, required considerable investment, but Havering's agricultural resources were widely distributed among the tenants rather than tightly concentrated at the top. Though much of the activity of Havering's fifty to sixty male craftsmen and retailers was directed toward intramanorial consumption, the artisans and traders also served outsiders – those who came to the market or travelled along the main Essex road. No guilds regulated production or sale. Because of the stratification of landholding and the constant inflow of newcomers, the labour supply was sufficient to meet the needs of the 100 estates with 30 acres or more and of the larger craft/trade establishments. Wages were well above the level prescribed by law, and short-term employment was preferred. A complicated network of credit permeated the community, with money the normal unit of exchange. Women played diverse economic roles. Havering's commercial life was both vigorous and dispersed among a broad range of local people.