Decline and depression

figure 37 shows that the main tendency of grain price movements in western and central Europe was in a downward direction. As with the earlier long-term price curves, this observation applies only in relation to the weight of silver in the relevant coinage and only to the 25-year averages marked on the graph. With these reservations, however, it is valid for England, Belgium, France, northern Italy, the Netherlands, Denmark and Poland. ¹