A Financial History of Western Europe by Charles P. Kindleberger

By Charles P. Kindleberger

Publish 12 months note: First released in 1984 by way of OUP

This is the 1st background of finance - greatly outlined to incorporate funds, banking, capital markets, private and non-private finance, overseas transfers and so forth. - that covers Western Europe (with an occasional look on the western hemisphere) and part a millennium.

Charles Kindleberger highlights the improvement of monetary associations to satisfy rising wishes, and the similarities and contrasts within the dealing with of monetary difficulties reminiscent of moving assets from one kingdom to a different, stimulating funding, or financing warfare and cleansing up the ensuing financial mess. the 1st 1/2 the ebook covers funds, banking and finance from 1450 to 1913; the second one bargains in significantly finer element with the 20th century.

This significant paintings casts present concerns in old standpoint and throws mild at the attention-grabbing, and much from orderly, evolution of monetary associations and the administration of monetary difficulties. accomplished, serious and cosmopolitan, this e-book is either a superb paintings of reference and crucial examining for all these interested in the learn and perform of finance, be they monetary historians, monetary specialists, scholarly bankers or scholars of cash and banking.

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Clearly silver and war leapfrogged, and war is one of the greatest strains on resources and contributors to inflation. 30 A Financial History of Western Europe Seignorage Seignorage is the profit on minting of coins, earned by the mint, usually owned or farmed out by the sovereign, who has a certain droit de seigneur or monopoly on such profits. The issue of whether money should be monopolized or open to competition is one of the oldest conundrums in the sensitive question of money that will occupy us in later chapters.

Except at the beginning, when an increase in German silver output raised prices, and at the end when an epidemic and overissue of vellon again distorted the relationship, the two curves conform well. They are claimed by Hamilton (1934 [1965], p. 1 Total quinquennial treasure imports and composite index numbers of commodity prices. MILLIONS OF PESOS INDEX NUMBERS 150 Prices Treasure 130 30 110 20 90 70 10 50 o 30 0 0 LO LO 0 ;n ;n 0 0 LO LO LO LO N C") 0 '

71). The Spanish Crown tried to monopolize the flow of silver to Europe. One-fifth of it was taxed away and the rest was required to be brought to the mint at Seville. , p. 19). The Dutch captured the fleet in 1628 under Admiral Piet Hein-the sailors rioted on return to Amsterdam because their bonus amounted only to sixteen months' pay instead of the promised seventeen (van Loon, 1930, p. 34); the English diverted most of the Terra Ferma flotilla in 1658. But gold and silver did not stay long in Spain.

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