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Download file to see previous pages... At the same time, dispersed fields created huge problems of optimal grazing resulting in weak cattle stock. Indeed, the overall disinclination to invest in land improvement had made medieval agriculture inefficient and low yielding.
Clark believes that exogenous decline in interest rates were mainly due to lower cost of capital which during the medieval period was very high which discouraged improvements in cultivation techniques. The high interest rates, high investment cost of improvement due to reasons like dispersed holding, diseases cattle etc. had adversely impacted the yield. In late 18th and 19th century, emphasis was put on improvement techniques that resulted in higher yield and lower interest rates that made agriculture more attractive. They also used mineral manures to improve arability and fertility of soil that greatly contributed to improved productivity. Underground drainages were developed for better harvest. Thus, investment for improving the land arability hugely contributed to the reducing interest ...Download file to see next pagesRead More