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The amazing synchronicity of the Global Development (the 1300s-1450s). An institutional approach to the globalization of the late Middle Ages

Badalian, Lucy and Krivorotov, Victor (2010) The amazing synchronicity of the Global Development (the 1300s-1450s). An institutional approach to the globalization of the late Middle Ages. Economic History Working Papers, 139/10. Department of Economic History, London School of Economics and Political Science, London, UK.

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Abstract

In a new approach to a long-ranging debate on the causes of the Late Medieval Debasement, we offer an institutional case-study of Russia and the Levant. Avoiding the complexity of the “upstream” financial/minting centres of Western Europe, we consider the effects of debasement “downstream”, in resource-exporting periphery countries. The paper shows the amazing synchronicity of the worldwide appearance of the early modern trading system, associated with capitalism or commercial society. The centre-periphery feedback loop amplified trends and pushed towards economic and institutional changes. This is illustrated via the Hanseatic-Novgorodian and Italian-Levantine trade – under growing market pressure of the exploding transaction costs, the oligopolies gradually dissolved and were replaced by the British-Dutch traders. In this case-study the late-medieval/early-modern monetary integration served as the transitional institutional base for reducing transaction costs during a dramatic global shift. Highlighting centre-periphery links, a new trading outpost of Arkhangelsk rose synchronously with Amsterdam.

Item Type: Monograph (Working Paper)
Official URL: http://www2.lse.ac.uk/economicHistory/workingPaper...
Additional Information: © 2010 The authors
Library of Congress subject classification: H Social Sciences > HC Economic History and Conditions
D History General and Old World > D History (General) > D111 Medieval History
Sets: Departments > Economic History
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: 139/10
Date Deposited: 11 May 2010 15:25
URL: http://eprints.lse.ac.uk/27906/

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