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Continuity and Change in The Early Modern Global Economy

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

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Continuity and Change in The Early Modern Global Economy

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  1. Continuity and Change in The Early Modern Global Economy European World Week Four Tim Davies

  2. Lecture Structure • Introduction to the world economy, c.1500 • Changes in the economy 1500 – 1750… • Europe: • Population • Agriculture • Manufacture • Trade • Historiography • The wider world and divergence

  3. European Economies c. 1500 • Rural - Peasantry • Some developments in trade… • Genoa and Venice

  4. View of Genoa in the Sixteenth Century

  5. European Economies c. 1500 • Rural - Peasantry • Some developments in trade… • Genoa and Venice • Dominance of Italy and Flanders (Belgium) • Large gap between rich and poor societies • Limited choice (Musgrave)

  6. The World Beyond Europe • Poly-centric • Significance of Asia: • Islamic world • Transnational interaction • Mastery of science, navigation and a sophisticated commercial structure

  7. A market scene, Constantinople, sixteenth century

  8. The World Beyond Europe • Poly-centric • Significance of Asia: • Islamic world • Transnational interaction • Mastery of science, navigation and a sophisticated commercial structure • China • Widespread literacy, sophisticated economy • Overseas exploration (Zheng He)

  9. Hongzhi Emperor (Ming Dynasty), 1470-1505

  10. Zheng He, (1371-1433)

  11. Economic Growth in Europe? • Emmanuel Le Roy Ladurie, The Peasants of Languedoc = ‘l’histoire immobile’ • Low production ceiling…

  12. Population and Urbanisation • Dramatic population rise in some areas … increased European population as a whole… • 75 million in 1500 • 110 – 120 million in 1700 • (De Vries, 1984, p. 36) • More of this population lived in towns… • Rising prices as demand increased • Production (agricultural and manufacture) appears to keep pace

  13. Agriculture • Two periods of agrarian change: • 1500 – 1600 • More intensive use of land • 1600 – 1750 • Labour efficiencies • Mark Overton

  14. Proto-Industrialisation • F. 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)

  15. Proto-Industrialisation

  16. Proto-Industrialisation • Rural labour; often in tandem with agricultural work • Production for a market – using urban-based merchants • Low rate of technological change • Extensive rather than intensive growth • Diversification

  17. Manufacture • Development in certain industries and areas… • Mining • Iron • Still small scale… • Importance of England, Sweden and Holland • Although some development elsewhere

  18. Iron industry in Germany, sixteenth century

  19. Mining in Germany, sixteenth century

  20. Antwerp Stock Exchange, 1650

  21. The English and Dutch East India Companies

  22. The Role of the State • Mercantilism • Sixteenth and seventeenth centuries • States and foreign trade • Tariffs • National banks • Bank of Sweden, 1668 • Bank of England, 1694

  23. 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)

  24. Wallerstein and World Systems • Immanuel 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…

  25. World Beyond Europe, c.1750 • Ottoman Empire • Imperial overstretch? • China • Regime change • No more overseas expansion • Changes seem quite marked in comparison to Europe: • Foreign trade • Power of the state – mercantilism • Development of Proto-Industry • Divergence?

  26. Stagnation? • Not everywhere in Europe experienced such developments. This is important… • Economic growth not a normal condition. 0.04 % – 0.08% annually. • North/South divide • Jan Luiten van Zanden – measuring early modern economic growth

  27. Conclusions • A transition to capitalism? • Owners of capital rather than owners of land • New world of choice and variation… • But not everyone included • Not yet a unified global economy… • Beginnings of divergence?

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