continuity and change in the early modern global economy
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Continuity and Change in The Early Modern Global Economy. European World Week Four. Tim Davies. Lecture Structure. Introduction to the world economy, c.1500 Changes in the economy 1500 – 1750… Europe: Population Agriculture Manufacture Trade Historiography - PowerPoint PPT PresentationTRANSCRIPT
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Continuity and Change in The Early Modern
Global Economy
European World Week Four
Tim Davies
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Lecture StructureIntroduction to the world economy, c.1500Changes in the economy 1500 – 1750…
Europe:PopulationAgricultureManufactureTrade
HistoriographyThe wider world and divergence
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European Economies c. 1500Rural - PeasantrySome developments in trade…
Genoa and Venice
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View of Genoa in the Sixteenth Century
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European Economies c. 1500Rural - PeasantrySome developments in trade…
Genoa and VeniceDominance of Italy and Flanders (Belgium)Large gap between rich and poor societiesLimited choice (Musgrave)
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The World Beyond EuropePoly-centricSignificance of Asia:
Islamic worldTransnational interactionMastery of science, navigation and a sophisticated
commercial structure
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A market scene, Constantinople,
sixteenth century
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The World Beyond EuropePoly-centricSignificance of Asia:
Islamic worldTransnational interactionMastery of science, navigation and a sophisticated
commercial structureChina
Widespread literacy, sophisticated economyOverseas exploration (Zheng He)
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Hongzhi Emperor (Ming Dynasty), 1470-1505
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Zheng He, (1371-1433)
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Economic Growth in Europe?Emmanuel Le Roy Ladurie,
The Peasants of Languedoc = ‘l’histoire immobile’Low production ceiling…
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Population and UrbanisationDramatic population rise in some areas … increased
European population as a whole…75 million in 1500110 – 120 million in 1700(De Vries, 1984, p. 36)
More of this population lived in towns…
Rising prices as demand increasedProduction (agricultural and manufacture) appears to keep
pace
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AgricultureTwo periods of agrarian change:
1500 – 1600More intensive use of land
1600 – 1750Labour efficiencies
Mark Overton
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Proto-IndustrialisationF. Mendels, 'Proto-industrialisation: the First
Phase of the Industrialisation Process', JEconH, 32 (1972)
P. Kriedte, H. Medick and J. Schlumbohm, Industrialization before Industrialization (Cambridge, 1981)
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Proto-Industrialisation
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Proto-IndustrialisationRural labour; often in tandem with agricultural
workProduction for a market – using urban-based
merchantsLow rate of technological changeExtensive rather than intensive growthDiversification
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ManufactureDevelopment in certain industries and
areas…MiningIronStill small scale…Importance of England, Sweden and
HollandAlthough some development elsewhere
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Iron industry in Germany, sixteenth century
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Mining in Germany, sixteenth century
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Antwerp Stock Exchange, 1650
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The English and Dutch East India Companies
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The Role of the StateMercantilism
Sixteenth and seventeenth centuriesStates and foreign tradeTariffs
National banksBank of Sweden, 1668Bank of England, 1694
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Some Explanations…Population growth => economic activity => sustained
economic growth (Postan)
Weak peasant farmers, strong capitalist farmers => enclosure and farming innovations => rapid agricultural growth (Brenner)
Enhanced protections of property rights => incentive for profitable activity => sustained economic growth (North)
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Wallerstein and World SystemsImmanuel Wallerstein,
The Modern World-System, vol. 1: Capitalist Agriculture and the Origins of the European World Economy in the Sixteenth century (1974)
Centre and Periphery…
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World Beyond Europe, c.1750Ottoman Empire
Imperial overstretch?China
Regime changeNo more overseas expansion
Changes seem quite marked in comparison to Europe:Foreign tradePower of the state – mercantilismDevelopment of Proto-Industry
Divergence?
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Stagnation?Not everywhere in Europe experienced
such developments. This is important…Economic growth not a normal
condition. 0.04 % – 0.08% annually.North/South divideJan Luiten van Zanden – measuring early
modern economic growth
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ConclusionsA transition to capitalism?Owners of capital rather than owners of
landNew world of choice and variation…
But not everyone includedNot yet a unified global economy…
Beginnings of divergence?