Continuity and change in the early modern global economy
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Continuity and Change in the Early Modern Global Economy. European World Week 4 Tuesday 22 October 2013, 12-1pm. Tutor: Giorgio Riello. Lecture Structure. The European economy, c. 1500 Rural and urban Rich and poor The trade economy Poles of economic growth The World beyond Europe

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Continuity and change in the early modern global economy

Continuity and Change in the Early Modern Global Economy

European World

Week 4

Tuesday 22 October 2013, 12-1pm

Tutor: Giorgio Riello


Lecture structure
Lecture Structure

  • The European economy, c. 1500

    • Rural and urban

    • Rich and poor

    • The trade economy

    • Poles of economic growth

    • The World beyond Europe

  • Changes in the economy 1500 – 1750

    • Population

    • Manufacture

    • Trade

    • The ‘small divergence’

  • Europe and the wider world divergence



  • 1530 Siege of Florence by Giorgio Vasari, 1558




    The world beyond europe
    The World Beyond Europe

    • Polycentric world

    • Significance of Asia:

      • Islamic world

        • Transnational interaction

        • Mastery of science, navigation and a sophisticated commercial structure

        • Indian Ocean World

        • China


    The world beyond europe1
    The World Beyond Europe

    • Polycentric world

    • Significance of Asia:

      • Islamic world

        • Transnational interaction

        • Mastery of science, navigation and a sophisticated commercial structure

        • Indian Ocean World

        • China



    2 changes in the economy 1500 1750
    2. Changes in the Economy, 1500-1750


    Population and urbanisation
    Population and Urbanisation

    • Dramatic population rise in some areas … increased European population as a whole… 75 million in 1500 and 110 – 120 million in 1700

    • (De Vries, 1984, p. 36)


    Population and urbanisation1
    Population and Urbanisation

    • More of this population lived in towns…


    Population and urbanisation2
    Population and Urbanisation

    • Rising prices as demand increased

      • Production (agricultural and manufacture) appears to keep pace


    Manufacturing
    Manufacturing

    1. Large Scale manufacturing

    • Development of large industries in certain industries and areas such as

      • Mining

      • Iron

      • Shipbuilding

      • Paper making



    2 proto industrialisation

    Manufacturing

    2. Proto-Industrialisation

    • F. Mendels, 'Proto-industrialisation: the First Phase of the Industrialisation Process', JEconH, 32 (1972)

    • P. Kriedte, H. Medick and J. Schlumbohm, Industrialization before Industrialization (Cambridge, 1981)

    • a stronglinkbetween agriculture and industry.

    • a production thatwasco-ordinated by so-calledmerchant-entrepreneurs.

    • an industrydependent on long-distance markets.


    Manufacturing

    3. Urban

    Guilds



    The European Chartered Companies in Asia

    After 1500 the Portuguese Carreira da India and after 1600 the Dutch (VOC) and the English East India Companies

    1. They were joint stock companies: financed by a multitude of small shareholders

    2. They enjoyed forms of privilege or monopoly over the routes to Asia given through a charter of patent.

    3. They traded in a variety of commodities such as cottons, silks, porcelain.

    4. They conquered key trading ports across Asia (start of Empire)



    3 europe and the wider world divergence
    3. Europe and the wider world ‘divergence’ 

    • tradeexpanded, urbanisation intensified, population expanded…

    • Externally, Europe came to bebetterlinkedwith the rest of the world.

    • ‘Divergence’, i.ee Europe went on a path of economicgrowththatwas not undertaken by Asia for a long time.

    Kenneth Pomeranz, The Great Divergence (2000).

    Prasannan Parthasarathi, Why Europe Grew Rich and Asia did Not (2010).


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