Money, Prices and the Silver Industry during the Price Revolution
Bibliographic Data
| ID | 12230426 |
|---|---|
| Authors | Gerald D Feldman (0000-0003-1334-0103, National University of General San Martín, corresponding author) |
| Year | 2014 |
| Volume | 26 |
| Issue | 4 |
| Pages | 557-573 |
| Publication date | 2014-10-02 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Review of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0953-8259 • E-ISSN: 1465-3982 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/09538259.2014.969545 |
| OpenAlex | W1981735912 |
| Language | EN |
| Citations received | 1 |
| References cited | 37 |
The discovery of American silver has been commonly viewed in the literature as the moving force behind the sustained rise of prices experienced by Western Europe from the early 16th to the mid-17th century. However, the mechanical connection between the money supply and the general price level implied by the Quantity Theory oversimplifies the analysis of a period characterized by different trends, some of which cannot be easily explained by the monetarist story: (i) Central Europe silver mining boomed between 1451 and 1540 following a phase of scarcity of money that was especially severe between the end of the 14th century and the beginning of the 15th century; (ii) European prices started to rise before American silver was significantly imported to the Continent; (iii) the rapid expansion of American mining coincided with the decline of the European silver industry (1540–1618); and finally (iv) Mexican and Peruvian bullion production evidenced a downward course during the period 1628–1697, but no alteration in the rising trend of European prices occurred in response. It is argued instead that the classical theory of value and distribution, emphasizing costs of production as determinants of the ‘natural’ value of commodities including precious metals, can accommodate the facts in a more consistent manner than the monetarist view
Bullion · Economic history · Economics · Economy · Inflation (cosmology · Keynesian economics · Macroeconomics · Market economy · Monetarism · Monetary economics · Monetary policy · Money supply · Scarcity · Value (mathematics · Historical Economic and Social Studies · History
American Treasure and the Price Revolution in Spain, 1501-1650
Studies In The Development Of Capitalism
From The Principles of Political Economy and Taxation
Scarce Natural Resources and Income Distribution
The Classical Theory of Wages and the Role of Demand Schedules in the Determination of Relative Prices
Theory of Production
Mr Sraffa on Joint Production and Other Essays
Richard Cantillon
On the Principles of Political Economy, and Taxation
Lectures on the Theory of Production
The Great Encounter
The Economic History Review
Ricardo's Theory of Money Matters
Silver Production in Central Europe, 1450-1618
The Price Revolution
Global Connections and Monetary History, 1470-1800
Seven Centuries of the Prices of Consumables, Compared with Builders' Wage- Rates
Essai Sur la Nature du Commerce en General
Richard Cantillon
The General Crisis of the European Economy in the 17th Century
The Great Bullion Famine of the Fifteenth Century
Early Views on Monetary Policy
Population, Money Supply, and the Velocity of Circulation in England, 1300-1700
Gold, Silver, and the Glorious Revolution
The supply of gold under the pre-1914 gold standard
Colonial Silver Mining
Urbanization and Inflation
| Unique citing works | 1 |
|---|---|
| Citations per year | 1 |
| Citation span | 2026 - 2026 (1) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 1 |