A market town is a European
Modern markets are often in special halls, but this is a recent development, and the rise of permanent retail establishments has reduced the need for periodic markets. Historically the markets were open-air, held in what is usually called (regardless of its actual shape) the
The primary purpose of a market town is the provision of goods and services to the surrounding locality. Although market towns were known in antiquity, their number increased rapidly from the 12th century. Market towns across Europe flourished with an improved economy, a more urbanised society and the widespread introduction of a cash-based economy. The Domesday Book of 1086 lists 50 markets in England. Some 2,000 new markets were established between 1200 and 1349. The burgeoning of market towns occurred across Europe around the same time.
Initially, market towns most often grew up close to fortified places, such as
A number of studies have pointed to the prevalence of the periodic market in medieval towns and rural areas due to the localised nature of the economy. The marketplace was the commonly accepted location for trade, social interaction, transfer of information and gossip. A broad range of retailers congregated in market towns – peddlers, retailers, hucksters, stallholders, merchants and other types of trader. Some were professional traders who occupied a local shopfront such as a bakery or alehouse, while others were casual traders who set up a stall or carried their wares around in baskets on market days. Market trade supplied for the needs of local consumers whether they were visitors or local residents.
Braudel and Reynold have made a systematic study of European market towns between the 13th and 15th century. Their investigation shows that in regional districts markets were held once or twice a week while daily markets were common in larger cities. Over time, permanent shops began opening daily and gradually supplanted the periodic markets, while peddlers or itinerant sellers continued to fill in any gaps in distribution. The physical market was characterised by transactional exchange and bartering systems were commonplace. Shops had higher overhead costs, but were able to offer regular trading hours and a relationship with customers and may have offered added value services, such as credit terms to reliable customers. The economy was characterised by local trading in which goods were traded across relatively short distances. Braudel reports that, in 1600, grain moved just 5–10 miles (8.0–16.1 km); cattle 40–70 miles (64–113 km); wool and wollen cloth 20–40 miles (32–64 km). However, following the European age of discovery, goods were imported from afar – calico cloth from India, porcelain, silk and tea from China, spices from India and South-East Asia and tobacco, sugar, rum and coffee from the New World.
The importance of local markets began to decline in the mid-16th century. Permanent shops which provided more stable trading hours began to supplant the periodic market. In addition, the rise of a merchant class led to the import and exports of a broad range of goods, contributing to a reduced reliance on local produce. At the centre of this new global mercantile trade was Antwerp, which by the mid-16th century, was the largest market town in Europe.
A good number of local histories of individual market towns can be found. However, more general histories of the rise of market-towns across Europe are much more difficult to locate. Clark points out that while a good deal is known about the economic value of markets in local economies, the cultural role of market-towns has received scant scholarly attention.