Economic History of Europe - Essay ExampleHowever, in the late 13 century the economy started to decline due to land shortages, overpopulation and depleted soils for food production and other agricultural activities. Conversely, the vast famine of the 1315-17 contributed immensely to the decline in economic growth and development resulting in stoppage of population growth. Agriculture also shrank further; profits declined as prices reduced in 1348 due to the Black Death outbreak in which almost half of the population of England was killed, thus plaguing the gains the economy had achieved further.England faced similar economic challenges just like the rest of Europe that were characterized by rapid inflation as a result of loss of real wages and an increase in New World golds. To understand further the how stagnant the economy of England was during the pre-industrial revolution era, the Malthusian theory of income determination cannot be ignored.
