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Tuesday, February 11, 2020 | History

3 edition of American treasure and the price revolution in Spain, 1501-1650 found in the catalog.

American treasure and the price revolution in Spain, 1501-1650

Earl J. Hamilton

American treasure and the price revolution in Spain, 1501-1650

  • 283 Want to read
  • 39 Currently reading

Published by Octagon Books in New York .
Written in English

    Places:
  • Spain,
  • America,
  • Spain.
    • Subjects:
    • Prices -- History,
    • Prices -- Spain,
    • Quantity theory of money,
    • Money -- Spain -- History,
    • Precious metals,
    • Index numbers (Economics),
    • Spain -- Economic conditions,
    • America -- Discovery and exploration

    • Edition Notes

      Bibliography: p. xix-xxxv.

      Statementby Earl J. Hamilton.
      SeriesHarvard economic studies,, v. 43
      Classifications
      LC ClassificationsHB235.S75 H3 1965
      The Physical Object
      Paginationxxxv, 428 p.
      Number of Pages428
      ID Numbers
      Open LibraryOL5952633M
      LC Control Number65025882
      OCLC/WorldCa169296

      But more important, before the eighteenth century or even latera majority of the European population did not live by money wages, and most wage-earners had supplementary forms of income, especially agricultural, that helped insulate them to some degree from sharp rises in food prices. Yet three eminent economic historians--Harry MiskiminJack Goldstoneand Peter Lindert --have sought to explain England's sixteenth-century Price Revolution by a very contrary thesis: of increased money flows or reductions in k that were induced by demographic and structural economic changes, involving inter alia according to their various models disproportionate changes in urbanization, greater commercialization of the rural sectors, far more complex commercial and financial networks, changes in dependency ratios, etc. Of course the Quantity Theory of Money, even in its more refined modern guise, is no longer a fashionable tool in economic history; and thus only a minority of us today espouse a basically monetary explanation for the European Price Revolution ca. First, in utilizing what were then, and in many cases still are, imperfect price indexes for many countries?

      Where he derived his information is not clear, but from other footnotes it was presumably from the publications of two much earlier German economic historians, Adolf Soetbeer and Georg Wiebe. Are we therefore condemned, according to his view, to suffer these never-ending bleak cycles--economic history according to the Myth of Sisyphus, as it were? When precious metals entered Spain, this influx drove up the Spanish price level and caused a balance of payments deficit. London: Methuen and Co. Mint Output, ," pp. But why do so few historians consider the alternative proposition that much more profound, deeper economic forces might have induced a complex combination of general economic growth, monetary expansion, and a rise in population, together so that such apparent statistical relationships would have adverse Durbin-Watson statistics to indicate significant serial correlation?

      You can get complimentary room upgrades and special discounts at certain hotels, resorts and spas with this Visa Signature card. Whatever one may wish to deduce from all these diverse data sets, we are certainly not permitted to conclude, as does Fischer, that inflation preceded monetary expansion, and did so consistently. Inflationary measures were adopted in the years,,,and ; and deflationary measures in the years,and Google Scholar Lindert, P. Google Scholar Outhwaite, R. Virtually none was imported in the s; and an annual mean of only 5,


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American treasure and the price revolution in Spain, 1501-1650 book

Then inthe Portuguese moved their staple to Seville, to gain access to the now growing imports of Spanish-American silver. In my own investigations of price and monetary history from the twelfth century, prices rise and fall, with varying degrees of amplitude; but they rarely if ever remain stable, "in equilibrium.

Conversely, why did late nineteenth-century England experience the above-noted deflation while its population grew from I only claim to have drawn the attention of the English-speaking historians to the economic thought of the School of Salamanca.

In at the beginning of the price revolution England's population was roughly 2. This review, long as it is, cannot possibly do full justice to an eight-century study of this scope and magnitude. As noted earlier, the English CPI experienced a 6. Free Extended Warranty. In NovemberElizabeth restored the silver coinage to traditional sterling fineness After her analysis of the key economic writings of the Spanish theologians and jurists, she concludes with a description of how the views of these authors influenced economic thinking in Belgium, Italy, France, Germany, England, Scotland, and other countries.

For example, in England, many lands held as common lands were enclosed so that only the landlord could graze his animals. Alas, that is not the case, for Hamilton kept shifting his price-index base for each half century over this period, without providing any overlapping price indexes or even similar sets of prices in the maraved?

Full Version American Treasure and the Price Revolution in Spain, 1501

Possibly even more important, especially with England's currency shift from a silver to a gold standard, was a veritable explosion in aggregate Latin-American gold production: from a decennial mean of just In addition to the number of goods, to increase the number of available prices to calculate the average price of a good causes its variance to reduce, that is, the sample average is more precise.

Spain, under both Charles V I of Spain and Philip II, ruled a vast, far-flung empire: including not only the American colonies and the Philippines, but also the entire Low Countries, and major parts of Germany and Italy, and then Portugal and its colonies from to Fischer, in fact, very rarely ever discusses deflation, ignoring those of the fourteenth century and most of the rest.

Where did all these extra pounds sterling come from in maintaining that latter level of national income? In the second place, the arguments and analyses supplied involve faulty economics: an erroneous transfer of micro-economic analysis to macro-economics.

McCloskey and J. Hamilton was a pioneer in the field of quantitative economic history during a career that spanned fifty years.the Price Revolution in Spain,Harvard Univeristy Press When these data are plotted the result, shown below, indicate a relationship between the price level and the amount of money in circulation which is here approximated by the cumulative imports of treasure.

Spain's conquest of America created the possibility of the first genuinely world-wide empire in human history. The New Laws of institutionalized the new vice regal system of government: the kingdoms of Peru and New Spain are to be ruled and governed by viceroys who represent the royal atlasbowling.com by: 6.

The Price Revolution, sometimes known as the Spanish Price Revolution, was a series of economic events that occurred between the second half of the 15th century and the first half of the 17th century, and most specifically linked to the high rate of inflation that occurred during this period across Western atlasbowling.com rose on average roughly sixfold over years.Aug.

11 Paper money/accounts (photostats), [s] 11 Plans for other national banking systems (as possible models for Bank of Spain), 11 Bank of Spain notes folded and included with notecards, various dates and undated 11 Typescripts of various original documents, various dates and undated 11 Report of the Junta de Hospitales.

5 Şevket Pamuk, “The Price Revolution in the Ottoman Empire Reconsidered,” International Journal of Middle East Studies 33, no. 1 (): 6 E. J. Hamilton, American Treasure and the Price Revolution in Spain, (Cambridge, MA: Harvard University Press, ). 7 Pamuk, A Monetary History of the Ottoman Empire, Bodin is Author: Dylan Lawrence Russell.

Classic Reviews in Economic History. Earl J. Hamilton, American Treasure and the Price Revolution in Spain, Cambridge, MA: Harvard University Press, xii + pp. Review Essay by John Munro, Department of Economics, University of Toronto.