Technology and crisis: The great depression of the middle ages and the technology of the renaissance (fourteenth to sixteenth centuries)

An extremely violent crisis hit Western Europe towards the end of the Middle Ages: population, prices and agricultural production declined; the stretch of cultivated land shrank when, simultaneously, wars and internal troubles shook up the new states. While the technological level remained stagnant in agriculture as well as in the textile and building industries, it progressed remarkably in other sectors, particularly those of mining and metallurgy. The interpretation of these facts is a delicate matter; however, it is possible to throw light on the lack of interest for agricultural stock, on the states’ need of metal required for both money and the ongoing wars, and finally, on the investment possibilities of the holders of new technologies.