132:(mostly silver) this inflation rate was significant. The specie-centered monetary organization had its own price-level stabilization property: rising commodity prices led to a fall in the purchasing power of the monetary metals, and therefore less incentive to mine them and more incentive to use them for non-monetary purposes. This stabilizing adjustment of the money supply led to long-run stability of price levels regardless of permanent shifts in money demand over time. Therefore, the long-run inflation can only be explained either by the devaluation of coins or by shifts in the supply of the specie. An increase in the productivity of mining in Peru led to a fall in the price of metals relative to rising prices for other commodities in Europe. This process is only remedied if the
400:
industries. Until the mid-17th century, the number of mouths to feed outran the capacity of agriculture to supply basic foodstuffs, causing the vast majority of people to live in a constant state of hunger. Until food production could catch up with the increasing population, prices, especially those of the staple food, bread, continued to rise. Hamilton's theory pointed to evidence of agricultural price growth, slow nonagricultural price growth and poor timing (of the specie outflow to the East) as tangible evidence of the failure to fix prices and feed the growing populace. Hamilton also pointed to monopolistic and other non-competitive techniques as the typical pricing behavior for
European products and factor markets of the period.
591:
and relentless inflation began to make
Spanish enterprise less competitive in the international and colonial market, not all merchants and manufactures found life enjoyable. Only the more powerful merchants were able to survive foreign competition and in doing so prospered boundlessly. Enormous fortunes were made in the Indies trade (whose expansion was related directly to the rise of prices) and this encouraged more investment and profitable returns. Profitable returns were distributed beyond the merchant houses of Seville to entrepreneurs in other parts of Spain, as the American market took the oil and wine of
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5 million in 1300. Critics of the population argument raise the question that if
England at the beginning stages of the price revolution was very unpopulated, how could any renewed growth from such a low level immediately spark inflation? It can be argued that population growth led to a price increase in the agrarian sector because of an increase demand for food. Marginal lands that were not very fertile and far away from markets were unable to adopt the technological developments to offset the lower returns of farming. In turn this led to a higher
525:) increased the flows of precious metals. Overall, 15 million ducats' worth of bullion reached the Imperial treasury during Charles's reign. This contributed to the higher inflation known as the Spanish price revolution: prices doubled in the first half of the 16th century. The rising costs of war had dramatic consequences on Habsburg finances: one campaign in the 1550s costed as much as one war in the 1520s. Charles V was forced to borrow even more and at higher interest rates, which grew from 17% to 48%.
612:
countries, Spain was willing to spend at a higher level to maintain their status as a world power. However, the aristocracy in contrast lost less of its savings than the Crown. The aristocracy could raise rents to increase revenue and not face the full consequences of the Price
Revolution. The aristocracy allowed prices to remain high, while inflation alleviated the burden of loans, which became a substantial part of their income.
391:
the actions of monopolists (or governments) whose positions in this period were enhanced by the steady population growth in
Western Europe (The resurgence of population after the plague is linked to the "demand-pull" explanation of the price revolution, which states that an increase in the demand for money and the growth of economic activity produced the rise in prices and a pressure to increase the supply of money.
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decreased. At the same time prices of manufactured goods rose because of a displacement of supply. As the nations began to recover and repopulate after the Black Death, the increase in population placed greater demands on agriculture. Later on, increased population placed greater demands on an agricultural area that had contracted significantly after the 1340s, or had been converted from arable to less intensive
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agricultural and craft products. Furthermore, depopulation – specifically in southern Spain – resulted in a high rate of inflation. The failure of the
Spanish to control the influx of gold and the price fluctuations of gold and silver from the American mines, combined with war expenditures, led to three bankruptcies of the Spanish monarchy by the end of the 16th century.
333:
dramatically shifted. The purely copper coinage had done its damage to Spain. The difference between the silver- and vellon-based price indexes in Spain showed that the purely copper coinage other
European countries used made up a much smaller proportion of the total coined money supply (something the Spanish kings had overlooked and Malestroit was able to pinpoint).
678:, where the gold was used to pay Spanish troops fighting in the Low Countries. Genoa benefited from the price revolution as they enjoyed the advantage of "increasing returns to scale in international financial services". Genoa during the price revolution was a snapshot of global finance at its best. Unfortunately, the
263:. Malestroit argued that lower-quality coins were the chief culprit of price influx—similar to the periodic inflations of the 14th and 15th centuries. Bodin dismissed this argument, contending that the growing influx of silver from the Spanish Americas was the primary cause of price inflation. Championed for the
590:
But landowners and the rich were not the only ones gaining from the price revolution. Anyone with something to sell or trade could reap the benefits of inflation, particularly manufacturers and merchants. However in the second half of the century, when the conditions of the Price
Revolution got worse
355:
However, population growth and recovery in countries such as
England are not consistent with inflation during the early stages of the price revolution. In 1520 at the beginning of the price revolution England's population was roughly 2.5 million people. This is about half of the English population of
198:
deposits had been discovered in the Andes, as mercury was necessary to process the silver. Based on the records of Earl J. Hamilton (1934), the total imports of specie from the
Americas during the 16th century amounted to around 210 million pesos, with 160 million of these pesos being imported in the
611:
The Crown, like its ally the aristocracy, was less crippled by the price revolution than the majority of its subjects. Certainly the cost of administration, and of paying, feeding, and equipping its armed forces, rose for the Crown just as the cost of goods did for the private consumer; unlike other
270:
Earl Hamilton, a contemporary price revolution theorist, found that no Spanish writer of the 16th century had voiced opinions similar to those of Jean Bodin despite having conducted meticulous research into Spanish treatises, letters, and other documents. This, however, was not true; less well known
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in the 17th century]] brought also the decline of Genoa (due to the Spanish crown's frequent bankruptcies); Genoa's merchant houses particularly suffered. In 1684, Genoa was bombed by a French fleet as punishment for its long alliance with Spain. As a result the Genoese bankers and traders made new
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theory because the frequency of transactions increases as urban centers grow relative to rural areas. For example, in England, many lands held as common lands were enclosed so that only the landlord could graze his animals. This forced his former tenants either to pay an increased rent, or to leave
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to farming and resulted in a price increase for grains and other agricultural goods that surpassed the price increase for non-agrarian commodities during the 16th and beginning of the 17th century. The resurgence of population after the plague is linked with the demand-pull explanation of the price
390:
If the influx of Spanish silver was not the initial cause of the European Price Revolution then the best explanation for the Price Revolution is population growth. This theory developed under Earl Hamilton argues that prices were not driven by specie (which, at most, sets a floor to prices) but by
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during the late 15th and early 16th centuries eased in the second half of the 16th century. The Spanish mined American gold and silver at minimal cost and flooded the European market with an abundance of specie. This influx caused a relative decrease in the value of these metals in comparison with
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class, the lower clergy, government officials, and many others all found their standard of living reduced as commodity prices rose beyond their means. The situation of the peasants is less clear, for it is difficult to reconcile agricultural prosperity and the great rural emigration to the towns,
569:
Conditions in 16th century Europe support the view that the separation of constantly rising prices and fixed rents destroyed landowners. But this did not apply to Spain, where rent was not fixed and the power of landowners allowed them to raise rent and replace their tenants based on the tenants'
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The significant increase of European population in the period 1460–1620 meant that there were now more people to be fed, clothed, and housed raising the demand for goods of all kinds. Agricultural products then became crucial to the European market. Producers were unable to respond to the rising
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increase in the silver mining industry perpetuated the price revolution. When precious metals entered Spain, this influx drove up the Spanish price level and caused a balance of payments deficit. This deficit occurred on account of Spanish demand for foreign products exceeding exports to foreign
347:
Demographic factors also contributed to upward pressure on prices with the resurgence of European population growth after the century of depopulation following the Black Death (1347–1353). The price of food rose during the years of the plague, and then began to fall as the population of nations
99:
as the start of the Price Revolution. An era that was often considered a time of peace for the Western European population, the Renaissance was a period when Western Europe experienced equilibrium in the price of commodities and labor. It also was a period when there was a high concentration of
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of 10 grains or 3.47% (weighing 1.107 g). In 1497, that fineness was reduced to 7 grains (2.43% fine); in 1552, to 5.5 grains (1.909% fine); in 1566, to 4 grains (1.39% fine). By the start of the 17th century, inflation took hold of Spain as the gap between nominal and silver-based prices
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were increasing and per-capita yields were shrinking, while demand continued to rise. The price of agricultural commodities, especially grain, rose sooner and faster than those of other goods, and the inflation of agricultural prices eventually caused a general increase in price level in all
127:
In the 16th century, prices increased consistently throughout Western Europe, and by the end of the century prices reached levels three to four times higher than at the beginning. The annual inflation rate ranged from 1% to 1.5%. Since the monetary system of the 16th century was based on
373:. Urbanization contributed to increased trade between Europe's regions, which made prices more responsive to distant changes in demand, and provided a network for the flow of silver from Spain through western and central Europe. Urbanization is often connected with the increased
324:" programme that began 1526, the Spanish King Philip III tried to cement his Spanish legacy through changes in coinage strategy. Previously, Spanish kings (at least from 1471) issued a largely copper fractional coinage called blancas, with a nominal money-of-account value of 0.5
438:, and Genoese banking families, in order to be elected Emperor and sustain, for over 35 years, the Imperial foreign policy. To repay such loans, he relied primarily on the vast stream of bullion provided by Spanish America. In the 1520s and 1530s, ships full of
241:. Production peaked in the 1530s, thereafter slowly declining for the next 30 years. After 1560, the decline in European silver production was rapid. Flynn contends that imports of silver from Spanish America is behind this decline in European silver mining.
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their own farms. An increase in the number of people unable to afford their farms led to migration into the cities in search of employment. This in turn led to an increase in the velocity of monetary transactions, but was frustrated by the high demand and
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second half of the 16th century. The total amount of silver imported added up to about 3,915 metric tons of silver. However these numbers underestimate the total amount imported to Spain because Hamilton only counted imports recorded by the official
46:. Prices rose on average roughly sixfold over 150 years. This level of inflation amounts to 1.2% per year compounded, a relatively low inflation rate for modern-day standards, but rather high given the monetary policy in place in the 16th century.
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to Spain started in Central Europe around the beginning of the sixteenth century. According to Michael North (1994) central European silver output doubled between 1470 and 1520, and increased even more in the 1520s with the new mine of
540:
that progressively weakened the Spanish finances. Furthermore, in the last years of his reign, Charles V could not be economically supported by his non-Spanish possessions: he exempted the Low Countries from taxation after the
624:
gambled the majority of its economic interest on the Spanish monarchy—bankers invested their money in the crown and farmers of Spanish revenue, while Genoa's merchants and nobles settled in Spain (Madrid, Seville,
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revolution. This "demand-pull" theory states that an increase in the demand for money and the growth of economic activity produced the rise in prices and a pressure to increase the supply of money.
573:
On the other hand, the price revolution brought impoverishment to those who lived on fixed income and small rents, as their earning could not keep pace with Spanish prices. Small landowners of the
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who wrote: "In all my life, I have seen nothing that rejoiced my heart so much as these things". French corsaires were constantly disrupting this trade: notably, the treasure of the Aztec emperor
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bullion. Prices remained around or slightly below the levels of the first half of the 17th century until the onset of new inflationary pressures in the latter decades of the 18th century.
174:. Also during this time the Spanish and Portuguese brought a large amount of gold from the New World to Europe. Starting in the 1540s a growing amount of silver was shipped to Europe from
38:, was a series of economic events that occurred between the second half of the 16th century and the first half of the 17th century, and most specifically linked to the high rate of
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had wiped out nearly a third of the population a century before). Additionally, Europe experienced technological advancement in the mining industry, the stream of currency through
836:
Munro, John (2008). "Money, Prices, Wages, and 'Profit Inflation' in Spain, the Southern Netherlands, and England during the Price Revolution era: ca. 1520 - ca. 1650".
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on the Spanish kingdoms and led to the bankruptcy of Spain. Unable to sustain his projects financially, Charles V abdicated in 1556 and retired to a monastery in 1558.
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Regardless, Malestroit did put forth several valid claims about the price revolution that continue to hold up today, particularly his argument explaining the different
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markets. The deficit was financed by the metals that entered these foreign countries and in turn increased their money supply and drove up their price levels.
505:. In 1546, the project came to an end and the German colony was disbanded. In the 1540s and 1550s, the discovery of silver mines in the Americas (such as
267:, Bodin was able to demonstrate that the inflation of prices in France was due far more to Spanish-American influx than to any change in coin debasement.
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The first scholar to make a quantity-theory link between the influx of American "treasure" and the Price Revolution was supposedly the French philosopher
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transition of the Low Countries. Certain golden objects have survived in descriptions: for example, some were displayed in Brussels to the German artist
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where major agencies of the Fugger and Welser were located. This allowed Antwerp to become the center of the international economy and accelerated the
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670:. The contracts specified that these securities would be sold if the Crown did not repay the loans. In essence, the Genoese bankers had worked out an
1092:
328:, but with a very small amount of silver to convince the public that it was indeed precious-metal "money". The blanca issued in 1471 had a silver
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which in turn makes it difficult to explain the alleged extension of cultivation in Spain. But one thing is certain—wages lagged behind prices.
1380:
1354:
215:. The influx of these precious metals and the resulting money supply shocks help explain the price increase in Spain during the 16th century.
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D. Flynn (1991). "Comparing the Tokugawa Shogunate with Hapsburg Spain: two silver-based empires in a global setting". In James Tracy (ed.).
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Some accounts emphasize the role of increased silver production within Europe itself. According to Nef, the output of silver mines in
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in Seville, Genoa could flourish. Genoa became a large credit market as the capital of Italian cities was all drained towards Genoa.
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1355:"The Monetary Origins of the 'Price Revolution': South Germany Silver Mining, Merchant Banking, and Venetian Commerce, 1470–1540"
603:. To at least the end of the 16th century there was still money to be made in Spain for selected merchants and manufactures.
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of the gold and silver coinages during most of the period, but that all changed in 1599, when the new Spanish king
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Silver arrived in large amounts, whereas gold was rarer to be found. In 1528, Charles V carved out a colony in
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674:. Furthermore, the Crown sold silver spot in Spain to the Genoese in exchange for future delivery of gold in
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The price revolution in the 16th century: empirical results from a structural vectorautoregression model
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279:, which made virtually the same claim about the role of Spanish-American silver in the rise of prices.
986:. Princeton, N.J.: International Finance Section, Department of Economics, Princeton University, 1998.
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A multitude of small investors, Genoese and others, obtained from the Crown long-term securities (
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1348:"The Price Revolution in Europe: Empirical Results from a Structural Vectorautoregression Model"
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flowed through Spain increasing its prices and those of allied European countries (e.g., the
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Rising costs to sustain Habsburg war efforts eventually led to a severe rise of the Spanish
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deficit, or was directly introduced to countries like Great Britain and France, using
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Fisher, Douglas (December 1989). "The Price Revolution: A Monetary Interpretation".
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Generally it is thought that this high inflation was caused by the large influx of
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87:. This enlarged the monetary supply and price levels of many European countries.
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the most. Spain, unlike most other European countries of this era, underwent no
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171:
101:
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79:). Wealth then spread to the rest of Western Europe as a result of the Spanish
909:
761:
The West: Encounters and Transformations, Atlas Edition, Volume 2 (since 1550)
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Economic and Financial Crises and Transformations in Sixteenth-century Europe
633:) marrying local nobility and monopolizing majority of the trade. As long as
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is an even earlier Spanish publication in a treatise from 1556 by the cleric
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European Economic History; the Economic Development of Western Civilization
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European Economic History: The Economic Development of Western Civilization
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European Economic History: The World before the Rise of the Global Economy
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Debt policy under constraints: Philip II, the Cortes, and Genoese bankers
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1090:
http://www.usu.edu/markdamen/1320Hist&Civ/PP/slides/06blackdeath.pdf
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for his German bankers, hoping to discover the legendary golden city of
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The School of Salamanca; Readings in Spanish Monetary Theory, 1544-1605
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675:
467:
463:
422:, of which German and Italian bankers were the creditors. The Habsburg
224:
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Did Genoa and Venice Kick a Financial Revolution in the Quattrocento?
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Nef, J. U. (1941). "Silver Production in Central Europe, 1450–1618".
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demand as new and less fertile land were cultivated. Essentially,
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Mises Made Easier: A Glossary for Ludwig Von Mises' Human Action
656:) as collateral for their loans. Also short-term loans known as
549:, and the budget surplus of Italian states was wiped out by the
451:
443:
154:
50:
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in his 1568 response to a 1566 treatise by the Royal Councilor
1047:
American Treasure and the Price Revolution in Spain, 1501-1650
970:
American treasure and the price revolution in Spain, 1501–1650
945:
The Money and Its History from the Middle Ages to the Present
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The Great Wave: Price Revolutions and the Rhythm of History
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eventually petered out with the end of the initial rush of
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in Seville, not including the specie shipped directly to
963:
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1186:
The Counter-Reformation and Price Revolution, 1559–1610
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The Theory of Sovereign Debt and Spain under Philip II
65:; including Mexico, Peru, Bolivia and the rest of the
1027:
The Political Economy of Merchant Empires, 1350–1750
462:. Those treasures were usually minted into coins in
799:
553:. This ultimately put the financial burden of the
297:and why the Spanish prices rose the least and the
1199:Themes in International Economics by Mats Lundahl
1210:Spanish Opposition to Charles V's Foreign Policy
430:and borrowed enormous amounts of money from the
149:From an economic viewpoint the discovery of new
136:of the metal is equal to its production costs.
763:(2nd ed.). England: Longman. p. 96.
599:, the metallurgical products and ships of the
1282:Fratianni, Michele; Franco, Spinelli (2006).
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227:, Germany and Hungary increased rapidly from
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783:: CS1 maint: multiple names: authors list (
620:Unlike many other states of the period, the
1366:"L'inflation: une calamité ou une aubaine?"
1040:
1038:
1036:
838:História e Economia Revista Interdisciplina
759:Levack, Muir, Veldman, Maas, Brian (2007).
27:Series of economic events in Western Europe
1324:Carlos Álvarez-Nogal; Christophe Chamley,
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1177:
891:
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887:
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545:in 1540, Germany was in the middle of the
1152:Clough, Shepard B., and Richard T. Rapp.
1060:Greaves, Percy L.; Mises, Ludwig (1974).
1242:
1240:
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1221:Gold and Silver: Spain and the New World
1188:. Cambridge: Cambridge University Press.
454:to the courts of Charles V as homage of
190:mountain in Peru. The production of the
42:that occurred during this period across
874:Kugler, Peter; Bernholz, Peter (2007).
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825:
823:
751:
95:Most historians look at the end of the
1170:(3rd ed.). New York: McGraw-Hill.
776:
1156:. 3d ed. New York: McGraw-Hill, 1975.
806:. New York: Oxford University Press.
726:European colonization of the Americas
466:and transferred to German bankers in
194:increased greatly in the 1560s after
7:
369:Some accounts emphasize the role of
1346:Kugler, Peter, and Peter Bernholz.
1249:"Spain During the Price Revolution"
637:was sending silver and gold to the
536:, Charles V managed to impose this
490:was captured by the French corsair
683:economic and financial links with
664:could be converted into long-term
386:Population and agricultural growth
309:(1598–1621) introduced the purely
108:from royals, and the emergence of
100:wealth in the hands of a few (the
85:piracy to attack the Spanish fleet
25:
1350:, University of Basel, WWZ, 2007.
1064:. Dobbs Ferry, N.Y.: Free Market.
77:imperial territories of Charles V
1406:17th century in economic history
1401:16th century in economic history
1396:15th century in economic history
898:The Journal of Economic History
840:. University of Toronto: 12–71.
798:Fischer, David Hackett (1996).
1362:"la découverte de l'inflation"
691:Long term decline of inflation
1:
1381:Early modern economic history
1290:Oesterreichische Nationalbank
1075:Hutchinson, Marjorie (1952).
696:
424:Charles V, Holy Roman Emperor
235:
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165:The increased importation of
999:Journal of Political Economy
982:Kindleberger, Charles Poor.
528:Despite opposition from the
213:British East India Companies
1166:Clough, Shepard B. (1968).
1447:
1416:Economic history of Europe
1045:Hamilton, Earl J. (1965).
972:. New York: Octagon Books.
968:Hamilton, Earl J. (1934).
716:Economic history of Europe
570:ability to meet payments.
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286:
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219:European silver production
1431:Medieval economic history
1421:Economic history of Spain
1109:"West Chester University"
910:10.1017/S0022050700009487
145:Influx of gold and silver
34:, sometimes known as the
1230:University of California
1126:Ziegler, Philip (2003).
476:Burgundian Low Countries
265:quantity theory of money
251:Quantity theory of money
245:Quantity theory of money
186:mines in Mexico and the
157:deposits as well as the
36:Spanish Price Revolution
18:Spanish price revolution
1184:Wernham, R. B. (1968).
641:consulado de mercaderes
446:treasures arrived from
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658:
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639:
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561:was declared in 1557.
530:
59:Spanish treasure fleet
947:. Munich: Beck, 1994.
318:Henry VIII of England
1079:. Oxford: Clarendon.
1049:. New York: Octagon.
856:Evan, Tomáš (2014).
731:Great Bullion Famine
289:The Great Debasement
273:Martín de Azpilcueta
201:Casa de Contratación
1391:Revolutions by type
586:Sellers and traders
81:balance of payments
1305:J Conklin (1998),
1226:2008-10-07 at the
1132:. Harper Collins.
1095:2014-06-11 at the
672:interest rate swap
654:juros de resguardo
320:and his infamous "
313:"vellon" coinage.
261:Jean de Malestroit
813:978-0-19-505377-7
736:Kipper und Wipper
695:The inflation of
627:Kingdom of Naples
622:Republic of Genoa
616:Republic of Genoa
559:Sovereign default
555:Holy Roman Empire
547:Schmalkaldic Wars
460:Francisco Pizarro
375:velocity of money
16:(Redirected from
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1360:Alexis Marincic
1357:, Toronto, 1999.
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741:Decline of Spain
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700: 1520–1640
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680:decline of Spain
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532:Cortes Generales
382:supply of food.
322:Great Debasement
277:Salamanca School
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134:purchasing power
32:Price Revolution
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1426:Imperialism
1411:Black Death
1333:, p. 2
492:Jean Fleury
420:public debt
343:Black Death
337:Black Death
303:debasements
239: 1510
232: 1460
192:Potosí mine
102:Black Death
97:Renaissance
1375:Categories
1286:. Vienna:
1265:2017-08-17
747:References
565:Landowners
523:Sombrerete
519:Guanajuato
488:Cuauhtémoc
480:capitalist
316:Following
307:Philip III
299:Brabantine
287:See also:
283:Debasement
257:Jean Bodin
180:Guanajuato
106:debasement
91:Background
1386:Inflation
926:154918816
779:cite book
704:New World
685:Louis XIV
635:New Spain
607:The Crown
593:Andalusia
511:Zacatecas
503:El Dorado
499:Venezuela
472:port city
426:was also
380:inelastic
350:livestock
176:Zacatecas
63:New World
61:from the
57:from the
40:inflation
1224:Archived
1093:Archived
710:See also
660:asientos
330:fineness
326:maravedí
918:2122742
676:Antwerp
650:Spanish
597:Castile
577:hidalgo
474:of the
468:Antwerp
464:Seville
436:Welsers
432:Fuggers
404:Effects
275:of the
225:Bohemia
207:by the
196:mercury
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631:Sicily
507:Potosí
448:Mexico
434:, the
311:copper
188:Potosí
167:specie
151:silver
140:Causes
130:specie
73:Specie
55:silver
1331:(PDF)
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1259:(PDF)
1252:(PDF)
922:S2CID
914:JSTOR
667:juros
515:Taxco
440:Aztec
409:Spain
209:Dutch
205:Cadiz
184:Taxco
1134:ISBN
808:ISBN
785:link
765:ISBN
629:and
470:, a
458:and
452:Peru
450:and
444:Inca
442:and
211:and
182:and
155:gold
153:and
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