–plant firms with their use of bills-of-exchange; the Bautier-Verlinden model on the ‘industrialization of 14th century Italy’; and …

markets in this era. In this paper we demonstrate to what degree our empirical research on the rise of markets in late … medieval Holland can illuminate the factors behind the development of the specific institutional framework of markets for land …, labour, capital and goods, and the effects of these institutions on the actual functioning of the markets. The findings are …

stages of industrial development when capital requirements are manageable, and access to international capital markets is …