An Economic History of Europe: Knowledge, Institutions and by Karl Gunnar Persson

By Karl Gunnar Persson

This concise and obtainable advent to eu fiscal heritage focusses at the interaction among the advance of associations and the new release and diffusion of knowledge-based applied sciences. the writer demanding situations the view that ecu financial background earlier than the economic Revolution was once restricted by way of inhabitants development outstripping on hand assets. He argues in its place that the restricting issue used to be the information wanted for technological growth but additionally that Europe used to be particular in constructing a systematic tradition and associations which have been the foundation for the unparalleled technological growth and fiscal progress of the 19th and 20th centuries. basic explanatory recommendations are used to give an explanation for progress and stagnation in addition to the convergence of source of revenue over the years while textual content bins, figures, an intensive thesaurus and on-line workouts allow scholars to increase a entire realizing of the topic. this is often the single textbook scholars might want to comprehend Europe's targeted fiscal improvement and its worldwide context.

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Additional resources for An Economic History of Europe: Knowledge, Institutions and Growth, 600 to the Present (New Approaches to Economic and Social History)

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History of ancient copper smelting pollution during Roman and medieval times recorded in Greenland ice’, Science 272 (1996), pp. 264–9 to the Industrial Revolution. The figure is only an approximate or rough indicator, but its general outline is supported by other evidence, although it cannot be used to draw precise conclusions about rates of growth, for example. What sort of technological knowledge permitted this expansion by the end of the first millennium? Initially it was based on technology known already in the Roman period, then forgotten or neglected and eventually rediscovered or transmitted from the Muslim world when the economic recovery started.

It took almost the first half of the next millennium for Europe to catch up with the leading civilizations. Can we be sure that given these prerequisites the optimum level of division of labour will be assured? The short answer is no. Despite the proliferation of money, its supply in medieval Europe was often erratic, which muted the volume of trade because the alternative to money as a means of exchange is direct and balanced bilateral barter of goods. Markets were imperfect; information flowed slowly and was distorted on the way.

Settlements of imbalances in international trade were often made in gold coins, while daily transactions used small-�denomination silver and copper coins. However, as long as trade was balanced there was no need for transfer of moneys. A merchant in Genoa might have liabilities as well as assets in (say) Antwerp which balanced, and bills of exchange* were useful mediums of exchange and credit in national as well as international trade. 8╇ Transport and trade routes was reduced. Exchange rates between different moneys were derived from the relative weight and purity of the metals used.

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