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"Economics -- Spain -- History -- 16th century"
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New World gold
The discovery of the New World was initially a cause for celebration. But the vast amounts of gold that Columbus and other explorers claimed from these lands altered Spanish society. The influx of such wealth contributed to the expansion of the Spanish empire, but also it raised doubts and insecurities about the meaning and function of money, the ideals of court and civility, and the structure of commerce and credit. New World Gold shows that, far from being a stabilizing force, the flow of gold from the Americas created anxieties among Spaniards and shaped a host of distinct behaviors, cultural practices, and intellectual pursuits on both sides of the Atlantic. Elvira Vilches examines economic treatises, stories of travel and conquest, moralist writings, fiction, poetry, and drama to reveal that New World gold ultimately became a problematic source of power that destabilized Spain’s sense of trust, truth, and worth. These cultural anxieties, she argues, rendered the discovery of gold paradoxically disastrous for Spanish society. Combining economic thought, social history, and literary theory in trans-Atlantic contexts, New World Gold unveils the dark side of Spain’s Golden Age.
eBook
Lending to the borrower from hell : debt, taxes, and default in the age of Philip II
\"Why do lenders time and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? As the United States and many European nations struggle with mountains of debt, historical precedents can offer valuable insights. Lending to the Borrower from Hell looks at one famous case--the debts and defaults of Philip II of Spain. Ruling over one of the largest and most powerful empires in history, King Philip defaulted four times. Yet he never lost access to capital markets and could borrow again within a year or two of each default. Exploring the shrewd reasoning of the lenders who continued to offer money, Mauricio Drelichman and Hans-Joachim Voth analyze the lessons from this important historical example.Using detailed new evidence collected from sixteenth-century archives, Drelichman and Voth examine the incentives and returns of lenders. They provide powerful evidence that in the right situations, lenders not only survive despite defaults--they thrive. Drelichman and Voth also demonstrate that debt markets cope well, despite massive fluctuations in expenditure and revenue, when lending functions like insurance. The authors unearth unique sixteenth-century loan contracts that offered highly effective risk sharing between the king and his lenders, with payment obligations reduced in bad times.A fascinating story of finance and empire, Lending to the Borrower from Hell offers an intelligent model for keeping economies safe in times of sovereign debt crises and defaults\"-- Provided by publisher.
Book
New World gold
The discovery of the New World was initially a cause for celebration. But the vast amounts of gold that Columbus and other explorers claimed from these lands altered Spanish society. The influx of such wealth contributed to the expansion of the Spanish empire, but also it raised doubts and insecurities about the meaning and function of money, the ideals of court and civility, and the structure of commerce and credit. New World Gold shows that, far from being a stabilizing force, the flow of gold from the Americas created anxieties among Spaniards and shaped a host of distinct behaviors, cultur
Publication
Justice in the marketplace in early modern Spain
Justice in the Marketplace in Early Modern Spain examines two late scholastic economic treatises, the Provechoso tratado de cambios of Cristóbal de Villalón (1542) and the Instrución de mercaderes of Saravia de la Calle (1544). It does this in the context of the two principal questions that economic historians pose concerning the economic literature of the Spanish late scholastics in general. Is there a clear link between this literature and modern economic science, and does it manifest a free market orientation? Michael D’Emic draws two conclusions. First, there is a palpable relationship between the work of these two authors and modern economic analysis, particularly that of financial economics. Second, the authors fundamentally disagreed on most questions, mostly concerning the justice of the free market. Villalón condemns the workings of the market and refuses to allow any possibility that the profit motive may be morally neutral. With considerable clarity, he articulates a cost of production theory of value and advocates a system of prices based upon labor and cost and administered by civil authority. Saravia counters with an elegant expression of the utility theory of value and argues with logical force that prices established by the workings of the market are fundamentally just. He allows considerable moral latitude to the pursuit of profit, which he regards as spiritually dangerous but not necessarily evil. Through the lens of their opposing views on economic value, the market price, and what does or does not constitute the sin of ‘usury,’ the authors, with astonishing technical acumen, observe, analyze, and pass moral judgment on a remarkably wide range of complex transactions, most of which have counterparts in twenty-first century financial markets. In the process, they tackle problems that still bedevil economists and accountants in our own day, such as the difference between a sale and a borrowing, the ‘just’ value of future income flows, and the presence of asymmetrical information in pricing. The result is a vivid record of the color and texture of early modern economic life that reveals a surprising degree of financial sophistication that the present book makes accessible to the modern reader.
eBook
At the First Table
Research on European food culture has expanded substantially in recent years, telling us more about food preparation, ingredients, feasting and fasting rituals, and the social and cultural connotations of food.At the First Tabledemonstrates the ways in which early modern Spaniards used food as a mechanism for the performance of social identity. People perceived themselves and others as belonging to clearly defined categories of gender, status, age, occupation, and religion, and each of these categories carried certain assumptions about proper behavior and appropriate relationships with others. Food choices and dining customs were effective and visible ways of displaying these behaviors in the choreography of everyday life. In contexts from funerals to festivals to their treatment of the poor, Spaniards used food to display their wealth, social connections, religious affiliation, regional heritage, and membership in various groups and institutions and to reinforce perceptions of difference.Research on European food culture has been based largely on studies of England, France, and Italy, but more locally on Spain. Jodi Campbell combines these studies with original research in household accounts, university and monastic records, and municipal regulations to provide a broad overview of Spanish food customs and to demonstrate their connections to identity and social change in the sixteenth and seventeenth centuries.
eBook
American Baroque
Pearls have enthralled global consumers since antiquity, and the Spanish monarchs Ferdinand and Isabella explicitly charged Columbus with finding pearls, as well as gold and silver, when he sailed westward in 1492.American Baroquecharts Spain's exploitation of Caribbean pearl fisheries to trace the genesis of its maritime empire. In the 1500s, licit and illicit trade in the jewel gave rise to global networks, connecting the Caribbean to the Indian Ocean to the pearl-producing regions of the Chesapeake and northern Europe.Pearls-a unique source of wealth because of their renewable, fungible, and portable nature-defied easy categorization. Their value was highly subjective and determined more by the individuals, free and enslaved, who produced, carried, traded, wore, and painted them than by imperial decrees and tax-related assessments. The irregular baroque pearl, often transformed by the imagination of a skilled artisan into a fantastical jewel, embodied this subjective appeal. Warsh blends environmental, social, and cultural history to construct microhistories of peoples' wide-ranging engagement with this deceptively simple jewel. Pearls facilitated imperial fantasy and personal ambition, adorned the wardrobes of monarchs and financed their wars, and played a crucial part in the survival strategies of diverse people of humble means. These stories, taken together, uncover early modern conceptions of wealth, from the hardscrabble shores of Caribbean islands to the lavish rooms of Mediterranean palaces.
eBook
The rise and fall of Spain (1270-1850)
Two distinctive regimes are distinguished in Spain over half a millennium. The first one (1270s-1590s) corresponds to a high land-labour ratio frontier economy, which is pastoral, trade-oriented, and led by towns. Wages and food consumption were relatively high. Sustained per capita growth occurred from the end of the Reconquest (1264) to the Black Death (1340s) and resumed from the 1390s only broken by late fifteenth-century turmoil. A second regime (1600s-1810s) corresponds to a more agricultural and densely populated low-wage economy which, although it grew at a pace similar to that of 1270-1600, remained at a lower level. Contrary to preindustrial western Europe, Spain achieved its highest living standards in the 1340s, not by mid-fifteenth century. Although its death toll was lower, the plague had a more damaging impact on Spain and, far from releasing non-existent demographic pressure, destroyed the equilibrium between scarce population and abundant resources. Pre-1350 per capita income was reached by the late sixteenth century but only exceeded after 1820.
Journal Article
The choice of Madrid as the capital of Spain by Philip II in the light of the knowledge of his time: A transport network perspective
The suitability of Madrid as the capital of Spain is analyzed from different perspectives, questioning the belief that this choice was eminently personal or political but lacked economic rationality. The paper analyzes Madrid’s advantages over other possible capitals from the point of view of both intrinsic characteristics and those that depend on the transport network, such as the problem of supplies or the impact on the development of the surrounding territory. To deal with these questions it is necessary to consider logistical aspects that require an adjusted view of the existing transport network at that time. Using little-known primary sources and a novel methodology based on Delaunay triangulation, the 16th century Spanish transport network is reconstructed with a much higher level of accuracy than ever before. With this information, two maps are prepared that could be used for logistical analysis from a complex network perspective. The first map evaluates the real effects of the choice using an adjusted representation of the territory whilst the second map aims at avoiding the common fallacy of judging decisions made in the past applying current geographical know-how. This map, constructed with the planimetry of the 16 th century, indicates how the somewhat deficient knowledge of Philip II with respect to the geographical reality of the day may have favored the choice of Madrid over Toledo, converting some Mediterranean coastal cities into more attractive options. The choice of Madrid as capital appears to be very reasonable in view of the different criteria used. Regarding supply difficulties, our results depart from traditional inclinations by deliberating the fact that the absence of a port in Madrid does not pose an insuperable problem. The latter is the case given that the advantages of maritime transport are far fewer than those usually considered, with Madrid’s geographical position offering significant advantages in terms of road transport.
Journal Article