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This paper is a case study about investor behaviour of the government of Berne on capital markets in the 18th century, focussing mainly on London. Economic theory about principal-agent problems and portfolio administration will be used to analyse quantitative and qualitative data from government...
Persistent link: https://www.econbiz.de/10002179599
This paper re-examines Earl Hamilton`s famous 1929 thesis on "Profit Inflation"and the birth of modern industrial capitalism: namely, that the inflationary forces of the Price Revolution era produced a widening gap between prices and wages, thus providing industrial entrepreneurs with windfall...
Persistent link: https://www.econbiz.de/10001677461
Inspired by Gerschenkron's thesis, this paper contends that conditions of institutional 'backwardness' in late-medieval England stimulated legal innovations to provide the foundations for negotiability in international financial instruments. Though late-medieval England was not 'backward' in the...
Persistent link: https://www.econbiz.de/10001426107
Trends in living standards during the Industrial Revolution is a core debate in economic history. Studies using anthropometric records from institutional sources have found downward trends in living standards during the first half of the nineteenth century. This paper contributes to this...
Persistent link: https://www.econbiz.de/10012051433
Sustained economic growth in England can be traced back to the early seventeenth century. That earlier growth, albeit modest, both generated and was sustained by a demographic regime that entailed relatively high wages, and by an increasing endowment of human capital in the form of a relatively...
Persistent link: https://www.econbiz.de/10010426561
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We analyze factors explaining the very different patterns of industrialization across the 42 counties of England … between 1760 and 1830. Against the widespread view that high wages and cheap coal drove industrialization, we find that … industrialization was restricted to low wage areas, while energy availability (coal or water) had little impact Instead we find that …
Persistent link: https://www.econbiz.de/10011373582