Wallerstein explains this crisis as caused by the following: stagnation or even decline of agricultural production, increasing the burden of peasants, decreased agricultural productivity caused by changing climatological conditions (Little Ice Age), an increase in epidemics (Black Death), optimum level of the feudal economy having been reached in its economic cycle; the economy moved beyond it and entered a depression period.
Valerštajn objašnjava da je ova kriza bila uzrokovana sledećim: stagnacija ili čak pad agrikulturne proizvodnje, povećavajući teret seljacima (seoskom stanovništvu), smanjena agrikulturna produktivnost prouzrokovana promenama klimatskih uslova (Malo ledeno doba), porast epidemija (Crna smrt), optimalni nivo feudalne privrede je dostigao svoj privredni krug; privreda se pomerila preko toga i ušla u period depresije.