McCants A. (2007) Poverty v. Modernity: 1/0

McCants, Anne E.C. (2007) “Inequality among the poor of eighteenth century Amsterdam”, Explorations in Economic History, 44/1: 1-21.

The Netherlands, and more precisely Holland, are often described as the first modern economy (p.2). Economic growth over the Golden Ages attracted numerous migrants from the rural areas of the country as well as from all over Northern Europe. Usually these new comers were extremely poor and as a result standards of living in 1800 seem to have been lower than in 1500. Dutch cities were thus characterized by a very high level of inequality (p.2).

How beer caused the Industrial Revolution

Just found this article debunking the myth of the traditional Irishness of Guiness, by an economic historian I really like, Cormac Ó Gráda (via MR).

Not only is it fun to read but it tends to confirm what I have been thinking for a while and hope some day to demonstrate, that beer caused the industrial revolution.

Dagnino G. B. (1995) When being the first is not enough

Dagnino, Giovanni Battista (1995) “The Tavola di Palermo: The First Public Bank of Second European XVI century” in Proceedings of the Conference on Business History, October 24 and 25 1994, Rotterdam, eds Mila Davids, Ferry de Goey & Dirk de Witt, 91-111.

The evolution of Sicilian banks reflects the history of the island during the early modern period, in that they were “economically and financially backward” (p.91). The 16^th century in the Western Mediterranean was a time of Spanish Domination dominated by (1) money clipping, (2) high inflation, (3) commercial mismanagement, (4) Gresham Law episodes fuelled by unscrupulous financiers and (5) heavy and altogether negative government interventions (p.93).

Saint Catherine of the week

No one loves St Catherine quite as much as the Orthodox church.

On the rise and decadence of Detroit (1950-2009)

Detroit, 1950-2009

Time Magazine has an interesting article by Daniel Okrent about Detroit’s fate. What was once known as America’s Arsenal of Democracy and became the fourth largest city in the United States, shows signs of accelerated decay. Unemployment rate is almost 30%, business is all but (almost) shutdown, and the town of Robocop has nothing but a gloomy future. What is relevant in Okrent’s piece is his discussion on the political economy of Detroit’s failure. Populist politicians, overconfident automobile companies and pampered unionized workers intertwined to make of this Michigan city a urban disaster. Check out the pics of Detroit’s remains by Sean Hemmerle. They’re quite scary.

Pullan B. (1999) Save the body to save the soul

Pullan, Brian (1999) “The Counter-Reformation, medical care and poor relief”, in Health Care and Poor Relief in Counter-Reformation Europe, eds Ole Peter Grell, Andrew Cunnigham & Jon Arrizabalaga, London: Routledge, 17-33.

“It [Counter Reformation] stood among much else, for a more introspective Christianity founded on meditative prayer and the systematic examination of conscience, for a moral discipline which extended to clergy and laity alike, for a systematic pay piety shaped by participation in confraternities – in societies devoted to ceremony and good works, and designed to encourage people who could not withdraw from everyday life to follow a modified religious rule based on the practice of charity in all senses of the word”.

Sylla R. (2008) How Alexander Hamilton founded America (singlehanded)

Sylla, Richard (2008) “The Political Economy of Early U.S. Financial Development”, in Political Institutions and Financial Development, ed. Stephen Haber, Douglass C. North and Barry R. Weingast. Stanford: Stanford University Press, 60-91.

In only seven years, from 1788 to 1795, the US underwent a dramatic financial revolution; starting from scratch and swiftly acquiring all the key components of a modern financial infrastructure. By the time the westward expansion and the industrial take-off were ready to swing into action, a strong financial system was there to back them (p.62). But what allowed the US to develop these instruments?

Sessions of the Second Latin American Economic History Congress

Here is the list of preapproved sessions  of the Second Latin American Economic History Congress (CLADHE-II), to be held in Mexico City on February 3-5, 2010. To submit a paper to any of the sessions, you have to go here.

Webshopping

Today, Chris [I couldn’t find his last name] at History of Economics Playground posted a note on a recent seminar in Duke University about Krugman’s article on the state of economics (mentioned here).

Speaking of Krugman, he wrote a small post on the history of contemporary macroeconomics. It’s worth reading if you already read the aforementioned article.

And here’s a Short History of Small Times in Wall Street by David Silver, former president of the Investment Company Institute (1977-1991), on the legality of the profits of reducing the time invested in buying and selling stocks.

More on Lehman Brothers (1850-2008)

Before arcane CDOs imploded...

The Wall Street Journal presents a neat infographic on the new jobs of Lehman’s executives after its bankruptcy in September 2009.

Found via Chart Porn.

Gelderblom O. & Jonker J. (2008) What really brought interests down

Gelderblom, Oscar & Joost Jonker (2009) “The Conditional Miracle. Institutional change, fiscal policy, bond markets and interest rates in Holland 1514-1713”, Utrecht University Working Papers.

This paper is available online (pdf).

Traditional explanation of the low issuing rate on public debt in the Dutch Republic emphasize the dramatic fall that occurred around 1600, but fail to explain why this level kept on falling from 1640 to 1725, until it had reached 2.5% (p.2).

Saint Catherine of the Week

Gentille Da Fabriano, Virgin and the Child.

I like how St Catherine is commonly depicted as intercessing with Jesus on the behalf of the wealthy patron, she is represented as an active participant to the process discribed by Le Goff of gradual acceptance of the rich into the Christian community which arguably was a key event in the Rise of the West.