The Principles of Economics, with Applications to Practical ProblemsFetter, Frank A. (Frank Albert)
General
The Principles of Economics, with Applications to Practical Problems
Fetter, Frank A. (Frank Albert)
Economics
The condition of the serf appears to have been, under these
circumstances, inevitably connected with the "barter economy" as applied
to the renting of land. A farm cannot be moved, and in medieval
conditions its products mainly had to be used on the spot. If the serf
was to use and enjoy the land, he had to stay upon it. Having no money
he had to pay in labor or in products, for its usufruct. In those times
the powerful man, politically, was also a wealthy man whose wealth
consisted of landed estates. Between the landlord and the serf existed a
lasting relation, inherited rather than voluntary, but similar in its
conditions to the renting contract. The villein had the use of the
stock, pastures, fields, woodlands, provided he kept them undiminished
and undestroyed to transmit to his children. Under such conditions there
was great fixity of economic relations. While in some respects this was
a happy condition, it had its disadvantages. The renting contract, in
connection with a fixed rotation of crops and some communal modes of
cultivation, hindered improvements. The more intelligent cultivator
could not change his methods for the better. It may be seen not only
that the use of money on a medieval manor was slight, but that the
conditions for the growth of the money habit were most unfavorable. The
terms of agricultural contracts, the modes of speech, the habits and
thought of the mass of the people, were therefore determined by the
conditions of the barter economy. A change in these respects was slowly
worked by forces originating outside, in a very different industrial
environment.
[Sidenote: Contrast between city wealth and feudal estates in the Middle
Ages]
4. _With the growth of cities developed a new class of wealthy men and a
new view of wealth._ The student of history knows of the conflict that
grew up during the Middle Ages between the cities and the landed
aristocracy. It found its cause in economic conditions. There were
obvious differences between the wealth of the feudal landlords, and the
wealth that grew up in cities. One must be used mostly on the spot, the
other can be moved. The fruits of one are perishable for the most part;
the fruits of the other can be kept for a longer period. The methods of
agriculture are exceptionally stable; production by handicraftsmen is
dependent on the peculiar skill of the workman, giving greater room for
invention and a premium on skill. The one industry may be carried on by
servile labor; the other can be efficiently followed only by free
workers having the ambition to excel.
[Sidenote: Money thus more used in city trade]
Public-domain text, read in full here on John Shaqi.
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