Yes wool was massively important to the British economy up until about 100 years or so ago I think. Like you said the revenue built a lot of the churches and cathedrals and made the big landowners rich. I think the Highland clearances happened so that big landowners could farm sheep for their wool. (Imight be wrong about that though I'm no historian) there is still a wool sack used as a seat, I think by the speaker or the house of commons but again might be wrong about who sits on it, in the houses of parliament as a symbol of how important wool was to the British economy.Thanks for such neat historic note.
Not many realise what an important tool it was...The entire developement and wealth of so many areas of British Isles was pretty much hung on this very implement...(i only know very little,and about a small part of it all-the Cotswolds,but from what i understand some of the greatest cathedrals,Gloucestershire,Chester and like,were all built on revenue collected by means of this very tool).
The progress of steel development itself was greatly influenced by process of manufacturing of shears."Shear steel",at the time the fanciest grade of carburated and piled steel,was the industry's definition of excellence...
Wool isn't worth very much now sadly with all the plastic fibre clothes that are so cheap.