) . Subsistence-level production of wool continued, but was overshadowed by the rise of wool as a commodity, which in turn encouraged demand for other raw materials such as dyestuffs; the rise of manufacturing; the financial sector; urbanisation; and (since wool and related raw materials had a high value-to-weight ratio and were easily transported) regional, international, and even intercontinental trade. English wools, particularly from the Welsh Marches, the South West and Lincolnshire, were the most prized in medieval Europe. They were exported to the emergent urban centres of cloth production of the Low Countries, France, and Italy, where production was promoted by the adoption of the pedal-driven horizontal loom and
spinning wheel, along with mechanised
fulling and
napping. The English imported more foreign cloth at the start of the 14th century than they exported wool cloth. In the 1330s, imports of foreign cloth collapsed and by the 1340s, imports of foreign cloth had almost disappeared. England's wool-trade was volatile, however, affected by diverse factors such as war, taxation policy, export/import duties or even bans, disease and famine, and the degree of competition among European merchants for English wool. For example, since Continental industry relied on English wool, and export embargoes could 'bring whole areas to the brink of starvation and economic ruin', the wool trade was a powerful political tool. Likewise,
taxes on the wool trade financed
Edward I's wars and enabled England to conduct the
Hundred Years' War with better resources than France. These instabilities led to a boom-bust cycle in prices and exports. The
wool subsidy in the fourteenth century developed not just into an important revenue for the government, but as security for borrowing money. In the twelfth and thirteenth centuries, the English wool trade was primarily with Flanders (where wool was made into cloth, primarily for sale via the
Champagne fairs into the Mediterranean basin), and was dominated by Flemish merchants. But in 1264, the strife in England of the
Second Barons' War brought Anglo-Flemish trade almost to a halt and by 1275, when
Edward I of England negotiated an agreement with the domestic merchant community (and secured a
permanent duty on wool), Italian merchants had begun to gain dominance in the trade. Extending their activities to finance, the
Riccardi, a group of bankers from
Lucca in Italy, became particularly prominent in English taxation and finance. Among the most famous merchants participating in the English wool trade were
Jean Boinebroke of Douai (d. 1286) on the Continental side, and
William de la Pole (d. 1366) on the English. During the 14th and 15th century, English merchants brought woollen cloth and other goods to Iceland, trading it mainly for
dried fish, but also for Icelandic
vaðmál (coarse wool fabric).
Guild organisations seem to have emerged in the textile industry in England in the 12th century. This was earlier than elsewhere in Europe. ==Early Modern period==