Throughout the lands money was little used and there was no development of credit and of credit prices.

The money economy began, as has been noted, in the cities.
As the use of money spread, as larger commercial enterprises were undertaken, as borrowing and the payment of interest became common, there began to appear in city trading circles, on a small scale, the phenomena of the modern crisis.[2] Sec.4.

#European crises.# In Europe financial crises date from 1763 and have occurred at more or less regular intervals since.

The common statement that the cycle of a crisis is run in a period of ten years, finds only partial support in history.

The chief crises of the eighteenth century occurred in 1763, 1783, 1793, these dates marking the close of wars of some magnitude.