Grain Markets in Medieval England, from Jeff Watson
Gregory Clark wrote an excellent paper analyzing the grain markets in medieval England. Many things can be learned about the efficiencies of this market, and the lack thereof. I was surprised to learn that in the 14th century it was illegal to buy wheat in one market and hold it over to sell in another for a higher price. I was not surprised to learn that the Crown had laws on the books that enabled them to purchase wheat at below market prices. Clark's paper gives one a very good insight into the sophistication of the markets and is a great read for those interested in history.