the formulation and development of new industries to meet the demand. English manufacturers created a new, and more profitable cloth-manufacturing industry based on the power of water mills, rather than cheap labor that was no longer available. Higher wages eventually created high inflation. High inflation means that a person could buy less with their money or the money value decreased. This not only affected individual consumers, but small manufacturing industries as well. High inflation motivated competition. Other industries producing similar products began to compete in price. The industries that felt threatened attempted to maintain their position by getting laws passed regulating who could enter their industries. In 1351, there was a law passed called the Statute of Laborers....
