Carlos A., Key J. and Dupree J. (1998) Early finance’s learning curve

August 10, 2009

Carlos, Ann M., Jennifer Key and Jill L. Dupree (1998) “Learning and the Creation of Stock-Market Institutions: Evidence from the Royal African and Hudson’s Bay Companies, 1670-1700”, The Journal of Economic History, 58/2: 318-344.

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Disclaimer: this summary is written by the blog and not by the authors of the article. Any mistake is Manuel’s fault.


“England’s emergence as an international trading nation in the seventeenth century can be linked to the growth of trading arrangements that allowed for a longer life of capital either […] as a joint-stock trading company” (p.318).

According to North and Weingast’s famous thesis this emergence was made possible by the reforms brought by the 1688 Glorious Revolution. However the authors underline the fact that markets don’t grow instantaneously and it takes some times for the actors to learn how to use the market (p.319). Read the rest of this entry »

Faroqhi S. (2005) The Ottoman guilds

January 24, 2009

Faroqhi Suraiya (2005) “Chapter 1: Understanding Ottoman Guilds”, in Faroqhi Suraiya and Deguilhem Randi, Crafts and Craftsmen of the Middle East: Fashioning the Individual in the Muslim Mediterranean, London/New York: I.B.Tauris, 3-39.



The main problem for the study of the Ottoman guilds is the lack of sources to study them, specially before 1570; it is not even known whether they were introduced by the 16th-century conquest in the Arab lands (Syria and Egypt) or if they existed there before (p.3). Early 20th century scholars were particularly interested in the relationship the Ottoman artisans had with religion. In particular, Ülgener wondered why the advanced Ottoman economy did not make the transition to capitalism. For him the shift away of international trade created conditions in which the only way for craftsmen to accept economic stagnation was to develop a mental system based on modesty, egalitarianism, religious piety and small mindedness (p.5). Read the rest of this entry »

Richardson G. (2005) Obamanomics and the medieval frat boys

January 1, 2009

Richardson Gary (2005) “The Prudent Village: Risk Pooling Institution in Medieval English Agriculture”, The Journal Of Economic History, 65/2, 386-413.


In this somewhat cumbersome article, Richardson argues against McCloskey’s widely accepted vision of the medieval peasant’s management of the risk of crop failures by scattering his arable land throughout his village. This strategy had a major shortcoming: it significantly reduced average crop yield, but according to Mc Closkey, no better option was available to mitigate the risks of everyday agrarian life (p.386).
Read the rest of this entry »