Monetary and real aspects of the great divergence between europe and asia, 1500-1800


TABLE 1: Silver wages of unskilled labourers in Europe and Asia, 1500-1849 (grams of silver per day)



Download 336.07 Kb.
Page18/18
Date07.04.2021
Size336.07 Kb.
1   ...   10   11   12   13   14   15   16   17   18
TABLE 1: Silver wages of unskilled labourers in Europe and Asia, 1500-1849 (grams of silver per day)





1500-49

1550-99

1600-49

1650-99

1700-49

1750-99

1800-49

Northwestern Europe























London

3.2

4.6

7.1

9.7

10.5

11.5

17.7

Southern England

2.5

3.4

4.1

5.6

7.0

8.3

14.6

Amsterdam

3.1

4.7

7.2

8.5

8.9

9.2

9.2

Antwerp

3.0

5.9

7.6

7.1

6.9

6.9

7.7

Paris

2.8

5.5

6.6

6.9

5.1

5.2

9.9

Southern Europe























Barcelona

4.7

5.3

6.2

7.0

5.4

6.0

--

Valencia

4.2

6.6

8.8

6.9

5.7

5.1

--

Madrid

--

6.3

8.0

--

5.1

5.3

8.0

Milan

--

--

5.9

4.1

3.2

2.9

3.1

Florence

2.9

3.8

4.7

--

--

--

--

Naples

3.3

3.5

5.3

4.8

4.8

3.8

3.8

Central & eastern Europe























Gdansk

2.1

2.1

3.8

4.3

3.8

3.7

4.8

Warsaw

--

2.5

3.2

2.7

1.9

3.4

4.9

Krakow

1.9

2.9

3.4

2.9

2.2

2.9

2.4

Vienna

2.7

2.6

4.4

3.5

3.2

3.0

2.1

Leipzig

--

1.9

3.5

3.9

3.7

3.1

4.4

Augsburg

2.1

3.1

4.0

4.7

4.2

4.3

--

Ottoman Empire






















Istanbul


3.3

3.3

3.9

4.0

3.5

3.8

5.5

India























Northern & western

--

0.7

1.1

1.4

--

--

1.8

Southern

--

--

1.2

1.4

1.5

1.2

--

China























Yangzi delta

--

1.5

1.5

--

--

1.2

1.2

Source: Derived from Allen (2001: 416) and Broadberry and Gupta (2003). Additional data for Barcelona from Feliu (1991: 107-108) and for Istanbul from Özmucur and Pamuk (2002: 301).


TABLE 2: Consumer prices in Europe, 1500-1799 (1500-49=100)





1500-49

1550-99

1600-49

1650-99

1700-49

1750-99

1800-49

Northwestern Europe























London

100.0

168.9

277.8

315.6

297.8

364.4

566.7

Amsterdam

100.0

193.5

239.1

265.2

254.3

287.0

358.7

Antwerp

100.0

218.6

267.4

265.1

244.2

255.8

306.9

Paris

100.0

203.1

245.3

251.6

201.6

223.4

335.9

Southern Europe























Valencia

100.0

196.0

268.0

246.7

208.0

232.0

--

Florence/Milan

100.0

151.5

197.0

171.2

143.9

178.8

251.5

Naples

100.0

142.2

168.8

--

120.3

165.6

254.7

Central & eastern Europe























Gdansk

100.0

155.3

205.3

221.1

192.1

226.3

439.5

Krakow

100.0

137.5

182.5

152.5

132.5

162.5

210.0

Vienna

100.0

141.9

234.9

181.4

172.1

197.7

251.2

Augsburg

100.0

181.3

302.1

218.8

222.9

252.1

316.7

Source: Derived from Allen (2001: 426).


TABLE 3: Average annual bullion flows to and from Europe, 1501-1800 (tonnes of silver equivalent per year)





Imports to Europe

Exports from Europe

Net balance

1501-25

40







1526-50

105







1551-75

205







1576-1600

205







1601-25

245

100

145

1626-50

290

125

165

1651-75

330

130

200

1676-1700

370

155

215

1701-25

415

190

225

1726-50

500

210

290

1751-75

590

215

375

1776-1800

600

195

405

Source: Barrett (1990: 242-243).


TABLE 4: Real consumption wages of European unskilled labourers, 1500-1849 (London 1500-49 = 100)





1500-49

1550-99

1600-49

1650-99

1700-49

1750-99

1800-49

Northwestern Europe























London

100

85

80

96

110

99

98

Amsterdam

97

74

92

98

107

98

79

Antwerp

98

88

93

88

92

88

82

Paris

62

60

59

60

56

51

65

Southern Europe























Valencia

79

63

62

53

51

41

--

Madrid

--

56

51

--

58

42

--

Florence/Milan

62

53

57

51

47

35

26

Naples

73

54

69

--

88

50

33

Central & eastern Europe























Gdansk

78

50

69

72

73

61

40

Warsaw

--

75

66

72

45

64

82

Krakow

67

74

65

67

58

63

40

Vienna

88

60

61

63

61

50

27

Leipzig

--

34

35

57

53

44

53

Augsburg

62

50

39

63

55

50

--

Source: Derived from Allen (2001: 428).


TABLE 5: Annual bullion flows to Asia, 1601-1800 (tonnes of silver equivalent per year)





From Europe




Direct from

Total




Via VOC

Via EIC

Via Levant




Americas

imports

1601-25

8

--

50




17

75

1626-50

9

10

50




16

85

1651-75

10

10

50




6

76

1676-1700

21

32

50




15

118

1701-25

43

42

50




15

150

1726-50

45

56

50




15

166

1751-75

51

50

50




15

166

1776-1800

34

40

50




20

144

Source: Barrett (1990: 249, 251).



TABLE 6: Prices in Istanbul, 1469-1849 (1500-49=100)





Price in Akçe

Price in silver

1469-99

75

101

1500-49

100

100

1550-99

166

138

1600-49

309

154

1650-99

443

156

1700-49

468

110

1750-99

1,009

151

1800-49

5,729

157

Source: Özmucur and Pamuk (2002: 301).



TABLE 7: Prices in India, 1595-1800





Agra (1595

=100)


Surat (1609-30 =100)

South (1610-13

=100)


Bengal (1650-1700

=100)


E. Rajastan (1650-1700

=100


1595

100













1609-1630




100










1610-1613







100







1637

218













1641-1700




143










1650-1700







200

100

100

1670

273













1701-1750







526

202

183

1751-1800










355



Sources: Agra: Habib (1982: 373); Surat: Moosvi (2001: 335); South: Arasaratnam (1986: 335-339); Bengal: Prakash (1985: 252-253), Moosvi (2001: 342); Eastern Rajasthan: Subrahmanyam (1994: 209)




TABLE 8: Price of rice in China, 1500-1800





g of silver per 100 kg rice

1501-1550

20.21

1551-1600

23.08

1601-1650

33.24

1651-1700

32.16

1701-1750

36.69

1751-1800

63.06

Source: Derived from Cartier (1981: 464).


TABLE 9: Price of rice in the Yangzi delta, 1638-1849





(1638-49=100)

1638-49

100.0

1650-99

42.2

1700-49

39.8

1750-99

60.5

1800-49

81.6

Source: Derived from Wang (1992: 40-47).

Note: Original prices reported in taels of silver per shi of rice.

TABLE 10: Gold-silver exchange ratios, 1500-1800 (units of silver per unit of gold)







England

France

European average

China

India

1500

12

12

11

9




1525

12

12

11

7




1550

12

12

11

6




1575

12

12

12

6

9

1600

12

12

12

7

10

1625

14

13

13

8

13

1650

14

14

14

14

14

1675

15

15

15

15

15

1700

15

15

15

11

13

1725

15

15

15

10

12

1750

15

15

15

15

14

Sources: Craig (1953: 413-417); Spooner (1972: 330); Braudel and Spooner (1967: 459); von Glahn (1996: 128; 1998); Habib (1982: 367).



TABLE 11: Urban shares of the population, 1500-1850 (%)








1500

1600

1700

1800

1850

Europe

















England & Wales

3.1

5.8

13.3

20.3

40.8

Netherlands

15.8

24.3

33.6

28.8

29.5

Belgium

21.1

18.8

24.3

18.9

20.5

France

4.2

5.9

9.2

8.8

14.5

Spain

6.1

11.4

9.0

11.1

17.3

Italy

12.4

15.1

13.2

14.6

20.3

Poland

0.0

0.4

0.5

2.4

9.3

Austria/Bohemia

1.7

2.1

3.9

5.2

6.7

Germany

3.2

4.1

4.8

5.5

10.8

Total Europe

5.6

7.6

9.2

10.0

16.7

Asia

















Yangzi delta













5.6

Total China

4.9

4.9

6.0




3.8

Note: Based on the percentage of the population living in towns of at least 10,000 inhabitants.



Source: Derived from de Vries (1984: 30, 36, 45); Rozman (1973: 282-283, 205-247).



REFERENCES

Abū ’l-Fazl [1595] (1927), The Ā’ īn–i-Akbarī, translated into English by H. Blochman, Delhi: Low Price Publications.

Allen, Robert C. (2001), “The Great Divergence in European Wages and Prices from the Middle Ages to the First World War”, Explorations in Economic History, 38, 411-447.

Arasaratnam, S. (1986), Merchants, Companies and Commerce on the Coromandel Coast, 1650-1740, Delhi: Oxford University Press.

Balassa, Bela (1964), “The Purchasing-Power Parity Doctrine: A Reappraisal”, Journal of Political Economy, 76, 584-596.

Barrett, Ward (1990), “World Bullion Flows, 1450-1800”, in James D. Tracy (ed.), The Rise of Merchant Empires: Long Distance Trade in the Early Modern World, 1350-1750, Cambridge: Cambridge University Press, 224-254.

Braudel, Fernand P. and Frank Spooner (1967), “Prices in Europe from 1450 to 1750”, in Edwin E. Rich and Charles H. Wilson (eds.), The Cambridge Economic History of Europe, Vol. IV: The Economy of Expanding Europe in the Sixteenth and Seventeenth Centuries, Cambridge: Cambridge University Press, 374-486.

Brenner, Y.S. (1961), “The Inflation of Prices in Early Sixteenth Century England”, Economic History Review, 14, 225-239.

Broadberry, Stephen and Bishnupriya Gupta (2003), “The Early Modern Great Divergence: Wages, Prices and Economic Development in Europe and Asia, 1500-1800”, University of Warwick,

http://www2.warwick.ac.uk/fac/soc/economics/staff/faculty/broadberry/wp/.

Cartier, Michel (1981), “Les importations de métaux monétaires en Chine: Essai sur la conjoncture Chinoise”, Annales: Économies, sociétés, civilisations, 36, 454-466.

Chaudhuri, Kirti N. (1978), The Trading World of Asia and the English East India Company, 1660-1760, Cambridge: Cambridge University Press.

Ciccone, Antonio and Robert E. Hall (1996), “Productivity and the Density of Economic Activity”, American Economic Review, 86, 54-70.

Cipolla, Carlo (1955), “La prétendue revolution des prix”, Annales, Economies, Sociétés, Civilisations, 10, 513-516.

Craig, John (1953), The Mint: A History of the London Mint from A.D. 287 to 1948, Cambridge: Cambridge University Press.

Craig, Lee A. and Douglas Fisher (2000), The European Macroeconomy: Growth, Integration and Cycles 1500-1913, Cheltenham: Edward Elgar.

de Vries, Jan (1984), European Urbanization 1500-1800, London: Methuen.

Doherty, Kerry W. and Dennis O. Flynn (1989), “A Microeconomic Quantity Theory of Money and the Price Revolution”, in Eddy van Cauwenberghe (ed.), Precious Metals, Coinage and the Changes of Monetary Structures in Latin America, Europe and Asia (Late Middle Ages – Early Modern Times), Leuven: Leuven University Press, 185-208.

Duranton, Gilles and Diego Puga (2004), “Micro-foundations of Urban Agglomeration Economies”, in Vernon Henderson and Jacques-François Thisse (eds.), Handbook of Regional and Urban Economics, Volume 4, Amsterdam: North-Holland.

Feliu, Gaspar (1991), Precios y salarios en la Cataluña moderna. Vol. 2: Combustibles, productos manufacturados y salarios, Madrid: Estudios de Historia Económico del Servicio de Estudios del Banco de España.

Fisher, Irving (1926), The Purchasing Power of Money: Its Determination and Relation to Credit, Interest and Crises, New York: Macmillan.

Flynn, Dennis O. (1978), “A New Perspective on the Spanish Price Revolution: The Monetary Approach to the Balance of Payments”, Explorations in Economic History, 15, 388-406.

Flynn, Dennis O. (1984), “Use and Misuse of the Quantity Theory of Money in Early Modern Historiography”, in Eddy van Cauwenberghe and Franz Irsigler (eds.), Münzprägung, Geldumlauf und Wechselkurse, Trier: Verlag Trier Historische Forschungen, 383-417.

Flynn, Dennis O. (1986), “The Microeconomics of Silver and East-West Trade in the Early Modern Period”, in Wolfram Fischer, R. Marvin McInnis and Jurgen Schneider (eds.), The Emergence of a World Economy, 1500-1914, Vol. 1, Wiesbaden: Franz Steiner, 37-60.

Flynn, Dennis and A. Giráldez (1995), “Born with a ‘Silver Spoon’: The Origin of World Trade in 1571”, Journal of World History, 6, 201-221.

Flynn, Dennis and A. Giráldez (2002), “Cycles of Silver: Global Economic Unity through the Mid-Eighteenth Century”, Journal of World History, 13, 391-427.

Fujita, Masahisa, Paul Krugman and Anthony J. Venables (1999), The Spatial Economy: Cities, Regions and International Trade, Cambridge, MA: MIT Press.

Fujita, Masahisa and Jacques-François Thisse (2002), Economics of Agglomeration: Cities, Industrial Location, and Regional Growth, Cambridge: Cambridge University Press.

Goldstone, Jack A. (1984), “Urbanization and Inflation: Lessons from the English Price Revolution of the Sixteenth and Seventeenth Centuries”, American Journal of Sociology, 89, 1122-1160.

Habib, Irfan (1982), “Monetary System and Prices”, in Tapan Raychaudhuri and Irfan Habib (eds.), The Cambridge Economic History of India, Vol.1, c.1200 – c.1750, New Delhi: Orient Longman, 360-381.

Hamilton, Earl J. (1928), “American Treasure and Andalusian Prices, 1503-1660: A Study in the Spanish Price Revolution”, Journal of Economic and Business History, 1, 1-35.

Hamilton, Earl J. (1934), American Treasure and the Price Revolution in Spain, 1501-1650, Cambridge, MA: Harvard University Press.

Hasan, Aziza (1969), “Silver Currency Output of the Mughal Empire and Prices in India During the 16th and 17th Centuries”, Indian Economic and Social History Review, 6, 85-116.

Hoffman, Philip T., David S. Jacks, Patricia A. Levin and Peter H. Lindert (2002), “Real Inequality in Europe since 1500”, Journal of Economic History, 62, 322-355.

Lindert, Peter H. (1985), “English Population, Wages, and Prices: 1541-1913”, Journal of Interdisciplinary History, 15, 609-634.

Maddison, Angus (1998), Chinese Economic Performance in the Long Run, Paris: Organisation for Economic Co-operation and Development.

Maddison, Angus (2001), The World Economy: A Millennial Perspective, Paris: Organisation for Economic Co-operation and Development.

McCloskey, D.N. (1972), “Review of P. Ramsey (ed.), The Price Revolution in Sixteenth Century England”, Journal of Political Economy, 80, 1332-1335.

Moosvi, Shireen (1987), “The Silver Influx, Money Supply, Prices and Revenue Extraction in Mughal India”, Journal of the Economic and Social History of the Orient, 30, 47-94.

Moosvi, Shireen (2001), The Indian Economic Experience 1600-1900: A Quantitative Study”, in K.N. Panikkar, Terence J. Byres and Utsa Patnaik, (eds.), The Making of History: Essays Presented to Irfan Habib, New Delhi: Tulika, 328-358.

Moreland, William H. (1923), From Akbar to Aurangzeb: A Study in Indian Economic History, London: Macmillan.

Özmucur, Süleyman and Şevket Pamuk (2002), “Real Wages and Standards of Living in the Ottoman Empire, 1489-1914”, Journal of Economic History, 62, 293-321.

Pamuk, Şevket (2000), A Monetary History of the Ottoman Empire, Cambridge: Cambridge University Press.

Parthasarathi, Prasannan (1998), “Rethinking Wages and Competitiveness in the Eighteenth Century: Britain and South India”, Past and Present, 158, 79-109.

Pomeranz, Kenneth (2000), The Great Divergence: China, Europe, and the Making of the Modern World Economy, Princeton: Princeton University Press.

Prakash, Om (1985), The Dutch East India Company and the Economy of Bengal, 1630-1720, Princeton: Princeton University Press.

Rice, Patricia and Anthony J. Venables (2003), “Equilibrium Regional Disparities: Theory and British Evidence”, Regional Studies, 37, 675-686.

Rice, Patricia and Anthony J. Venables (2004), “Spatial Determinants of Productivity: Analysis for the UK Regions”, London School of Economics, http://econ.lse.ac.uk/staff/ajv/research_material.html#spatdeter.

Rozman, Gilbert (1973), Urban Networks in Ch’ing China and Tokugawa Japan, Princeton: Princeton University Press.

Samuelson, Paul A. (1964), “Theoretical Notes on Trade Problems”, Review of Economics and Statistics, 46, 145-54.

Spooner, Frank C. (1972), The International Economy and Monetary Movements in France, 1493-1725, Cambridge, MA: Harvard University Press.

Subrahmanyam, Sanjay (1994), “Precious Metal Flows and Prices in Western and Southern Asia, 1500-1750: Some Comparative and Conjunctural Aspects”, in Sanjay Subrahmanyam (ed.), Money and the Money Market in India 1100-1700, Delhi: Oxford University Press, 186-218.

van Zanden, Jan Luiten (1999), “Wages and the Standard of Living in Europe, 1500-1800”, European Review of Economic History, 3, 175-97.

von Glahn, Richard (1996), Fountain of Fortune: Money and Monetary Policy in China, 1000-1700, Berkeley: University of California Press.

von Glahn, Richard (1998), “Money-use in China and Changing Patterns of Global Trade in Monetary Metals, 1500-1800”, in Clara Eugenia Nuñez (ed.), Monetary History in Global Perspective, 1500-1800, Proceedings, Twelfth International Economic History Congress, Universidad de Sevilla, B6: 51-59.



Wang, Yeh-Chien (1992), “Secular Trends of Rice Prices in the Yangzi Delta, 1638-1935”, in Thomas G. Rawski and Lillian M. Li (eds.), Chinese History in Economic Perspective, Berkeley, CA: University of California Press, 35-68.



1 These issues are discussed in more detail in Broadberry and Gupta (2003).

2 Most quantitative work on India starts with Abū ’l-Fazl’s [1595] Ā’ īn–i-Akbarī.

3 There was, of course, an equal incentive for Asian merchants to pay for European goods in gold, but these opportunities appear not to have been widely exploited.

4 This may help to understand why the return to equilibrium in the gold-silver exchange rates occurred largely through European merchants trading silver for Asian goods rather than Asian merchants trading gold for European goods.



Share with your friends:
1   ...   10   11   12   13   14   15   16   17   18




The database is protected by copyright ©essaydocs.org 2020
send message

    Main page