Why did investors decide to bet on the various companies that would form the three 1720 bubbles in France, England and the Netherlands? (p.1). How did these bubbles affect companies which unlike the Compagnie des Indes and the South Sea Company were neither involved in the Atlantic trade nor in public finance?
Matthee, Rudi (1994) “Coffee in Safavid Iran: Commerce and Consumption”, Journal of the Economic and Social History of the Orient, 37/1, 1-32.
Despite the fact that it took place roughly at the same period, the spread of coffee consumption over the world appear to have occurred independently from the European commercial expansion (p.1). It spread during the early 16th century from Arabia through the Ottoman Empire and to Iran (p.2). The habit may have penetrated the Safavid realm via the heavily Arab-influenced southern shores. The constant wars and exchange of territories between the two empires can only have helped to spread this Turkish custom (p.5). Read the rest of this entry »
Richards, John F. (1990) “The Seventeenth-Century Crisis in South Asia”, Modern Asian Studies, 24/4, 625-638.
Evidence of the 17th-century ‘General Crisis’ have been found all over Eurasia. However in India those years represent the golden age of the Mughal dynasty (p.625). The subcontinent enjoyed a long period of relative peace after the violence of the conquest (p.626). Read the rest of this entry »
Gelderblom O. and Jonker J. (2004) Into a higher gear: the VOC shares and the development of AmsterdamApril 13, 2009
Gelderblom, Oscar and Jonker, Joost (2004) “Completing a Financial Revolution: The Finance of the Dutch East India Trade and the Rise of the Amsterdam Capital Market, 1595-1612”, The Journal of Economic History, 64-3, 641-671.
One of the most commonly mentioned innovations of the British Financial Revolution, which occurred under the reign of William III, is the appearance of a secondary market for public and private securities. The earlier Dutch leg of the Financial Revolution, on the other hand, despite the availability of numerous public securities is usually assumed never to have evolve a meaningful secondary market (p.642). But the authors argue that the creation in 1602 of the Verenigde Oostindische Compagnie (the Dutch East India Company or VOC) led to the emergence of such a secondary market and that this market yield some of the advantage associated with the British innovations (p.643). Read the rest of this entry »
Munro, John H. (2006) “South German silver, European textiles, and Venetian trade with the Levant and Ottoman Empire, c. 1370 to c. 1720: a non-Mercantilist approach to the balance of payment problem”, in Relazione economiche tra Europea e mondo islamico, seccoli XII – XVII, ed. Simonetta Cavaciocchi, Florence: Le Monnier, 905-960.
For mercantilists, gold and silver are not just mediums of exchange but the most tangible form of wealth (store of value) and a country’s veritable life-blood. In their view, the economic contraction of the later 14th and 15th centuries were caused by the outflow of precious metal to the East (p.905). But according to J. H. Munro, there was no such thing as a ‘bullion famine’, at worst some “periodic scarcity of coined money” in 1320-1340, 1370-1420, and 1440-1470 (p.906). Read the rest of this entry »
McCants Anne E.C. (2008) “Poor consumers as global consumers: the diffusion of tea and coffee drinking in the eighteenth century”, Economic History Review, 61/S1, 172-200.
The 17th century saw the introduction of “foods would entirely eclipse the centrality of bread in the rituals of western sociability” (p.172). The idea of a consumer revolution may sound far fetched since the industry lacked the power to reshape the structure of demand and the colonial trade only accounted for 17% of the Dutch international trade at its peak in the 18th century (or 1% of GNP of western Europe and 10% of gross investment; p.173). So were colonial goods (tea, coffee, chocolate, tobacco and sugar), generally considered a significant part of the Industrious Revolution, as important as they are commonly thought to be? Read the rest of this entry »