14 Rents, Wag^s, and Pi'ojits in Agriculture 



process is often described, shortly, by the 

 term commutation — that is, the commuta- 

 tion of payments in other things to 

 payments in money. 



This conversion began in England at 

 a very early time, and had made con- 

 siderable progress as regards labour rents 

 and produce rents, before the occurrence of 

 that great pestilence, the Black Death, 

 which, from its important effects, has been 

 called the watershed of economic history. 

 The lords of the manors had gradually 

 found it more to their interest to accept 

 money in place of labour. They could do 

 with the money what they liked, and, if 

 necessary, they could hire labour when it 

 was wanted. The serfs also found it to 

 their advantage, because it was a step on 

 the way to freedom, and with their spare 

 labour they could earn a little more money 

 than they were compelled to pay in rent. 



