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The evolution of markets in early modern Europe, 1350–1800: a study of wheat prices 1
Author(s) -
BATEMAN VICTORIA N.
Publication year - 2011
Publication title -
the economic history review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.014
H-Index - 49
eISSN - 1468-0289
pISSN - 0013-0117
DOI - 10.1111/j.1468-0289.2010.00540.x
Subject(s) - scholarship , period (music) , carry (investment) , industrial revolution , economics , economic history , economy , political science , art , economic growth , macroeconomics , law , aesthetics
Using a compilation of monthly and annual wheat price data, this article examines the trend of market development in Europe from the late medieval period to the industrial revolution. In contrast to much of the earlier scholarship, which suggests that markets improved, the findings propose that markets were on average as well integrated in Europe in the early sixteenth century as in the late eighteenth century. In the intervening period, markets are found to have suffered a severe contraction. These findings enable us to build a more complete picture of markets in history, and to carry out a better examination of the relationship between markets and economic growth.