The amazing synchronicity of the Global Development (the 1300s-1450s). An institutional approach to the globalization of the late Middle Ages
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 resou...
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ftrepec:oai:RePEc:ehl:lserod:27906 2024-04-14T08:08:46+00:00 The amazing synchronicity of the Global Development (the 1300s-1450s). An institutional approach to the globalization of the late Middle Ages Badalian, Lucy Krivorotov, Victor http://eprints.lse.ac.uk/27906/ unknown http://eprints.lse.ac.uk/27906/ preprint ftrepec 2024-03-19T10:28:00Z 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. Report Arkhangelsk RePEc (Research Papers in Economics) |
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RePEc (Research Papers in Economics) |
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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. |
format |
Report |
author |
Badalian, Lucy Krivorotov, Victor |
spellingShingle |
Badalian, Lucy Krivorotov, Victor The amazing synchronicity of the Global Development (the 1300s-1450s). An institutional approach to the globalization of the late Middle Ages |
author_facet |
Badalian, Lucy Krivorotov, Victor |
author_sort |
Badalian, Lucy |
title |
The amazing synchronicity of the Global Development (the 1300s-1450s). An institutional approach to the globalization of the late Middle Ages |
title_short |
The amazing synchronicity of the Global Development (the 1300s-1450s). An institutional approach to the globalization of the late Middle Ages |
title_full |
The amazing synchronicity of the Global Development (the 1300s-1450s). An institutional approach to the globalization of the late Middle Ages |
title_fullStr |
The amazing synchronicity of the Global Development (the 1300s-1450s). An institutional approach to the globalization of the late Middle Ages |
title_full_unstemmed |
The amazing synchronicity of the Global Development (the 1300s-1450s). An institutional approach to the globalization of the late Middle Ages |
title_sort |
amazing synchronicity of the global development (the 1300s-1450s). an institutional approach to the globalization of the late middle ages |
url |
http://eprints.lse.ac.uk/27906/ |
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Arkhangelsk |
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Arkhangelsk |
op_relation |
http://eprints.lse.ac.uk/27906/ |
_version_ |
1796306200845877248 |