Economy of Scotland in the Middle Ages information
One of the oldest surviving mercat crosses at Prestonpans, East Lothian, which often indicated the commercial centre of a burgh
The economy of Scotland in the Middle Ages covers all forms of economic activity in the modern boundaries of Scotland, between the End of Roman rule in Britain in the early fifth century, until the advent of the Renaissance in the early sixteenth century, including agriculture, crafts and trade. Having between a fifth or sixth (15-20 %) of the arable or good pastoral land and roughly the same amount of coastline as England and Wales, marginal pastoral agriculture and fishing were two of the most important aspects of the Medieval Scottish economy. With poor communications, in the early Middle Ages most settlements needed to achieve a degree of self-sufficiency in agriculture. Most farms were operated by a family unit and used an infield and outfield system.
Arable farming grew in the High Middle Ages and agriculture entered a period of relative boom between the thirteenth century and late fifteenth century. Unlike England, Scotland had no towns dating from times of Roman Britain. From the twelfth century there are records of burghs, chartered towns, which became major centre of crafts and trade. There are also Scottish coins, although English coinage probably remained more significant in trade, and until the end of the period barter was probably the most common form of exchange. Craft and industry remained relatively undeveloped before the end of the Middle Ages and, although there were extensive trading networks based in Scotland, while the Scots exported largely raw materials, they imported increasing quantities of luxury goods, resulting in a bullion shortage and perhaps helping to create a financial crisis in the fifteenth century.
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