| The thesis studies late medieval English parliamentary concerns about monetary affairs and the extent to which the actions of parliament reflect understanding of the actual state of monetary problems and influenced royal monetary policies. More specifically, the thesis examines several long-term and recurrent problems which concerned late medieval parliaments: deterioration of the coinage, circulation of large numbers of imitative and counterfeit coins, the unfavorable flow of currency out of the country, and monetary scarcity.; England began to encounter severe currency shortages in the reign of Edward I, but parliament did not attempt to influence monetary policy until the reign of Edward III when it opposed the crown's use of debasement and devaluation to remedy the currency shortage. The commons preferred laws requiring merchants to deposit bullion at the mint for wool exported. The commons never understood Edward III's monetary policies and in the face of their opposition, Edward virtually excluded them after 1343 from effective participation in monetary matters.; Failure of the crown to provide effective leadership led the commons to take the initiative in forming monetary policy in the reign of Richard II, a state of affairs that continued under Henry IV, V and VI. The commons' policies forced on England a series of bullion, employment, and hosting laws. These failed in part because they depended upon inept and corrupt local governments, and in part because there was little relationship between the laws and the desired effects.; Modern historians present parliament as the defender of the stability of English currency during the late middle ages and claim the crown sought to exploit the coinage illegitimately for profit. In fact, parliamentary policies worsened the currency shortages, harmed the circulating coinage, and led to a decline in international trade. In contrast, when there was strong leadership, the crown used occasional moderate devaluations successfully to reconstitute and maintain the English currency. In times of weak leadership, however, the crown deferred to the commons' policies, to the detriment of all. |
