Consumption as an Investment (Routledge Studies in the History of Economics)


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New Political Economy , 22 4, pp Critical Sociology , 43 , pp Fine, Ben 'From performativity to the material culture of legal expertise? London Review of International Law , 4 3, pp Development and Change , 47 4, pp Competition and Change , 17 4, pp Fine, Ben 'Consumption Matters'. Ephemera , 13 2, pp Fine, Ben 'Economics: Unfit for Purpose'. Review of Social Economy , 71 3, pp New Agenda 51, pp Fine, Ben 'Beyond the Developmental State'. African Communist , pp Fine, Ben 'Financialisation from a Marxist Perspective'. International Journal of Political Economy , 42 4, pp Review of African Political Economy , 39 , pp Revista da Sociedade Brasileira de Economia Politica , 31 , pp Fine, Ben 'Financialisation on the Rebound?

Actuel Marx , 51 1, pp Review of Radical Political Economics , 44 1, pp Fine, Ben 'La Financiarisation en Perspective'. Actuel Marx , 51 , pp Critique , 40 3, pp Transformation 78, pp Review of Social Economy , 70 4, pp Historical Materialism , 20 3, pp Socialist Register , 47 , pp Journal of Southern African Studies , 37 1, pp Historical Materialism , 19 2, pp Fine, Ben 'Prospecting for Political Economy'. International Journal of Management Concepts and Philosophy , 5 3, pp The Shopsteward , 20 4, pp New Humanist , pp Transformation: Critical Perspectives on Southern Africa , 71 , pp Capital and Class , pp China Review of Political Economy , 1 1, pp South African Labour Bulletin , 34 1, pp South African Labour Bulletin , 34 2, pp Perspectives on Politics , 8 2, pp Fine, Ben 'Fixing Crises'.

Spectrum: Journal of Global Studies , 2 3. Fine, Ben 'Locating Financialisation'. Historical Materialism , 18 2, pp Journal of Economic Analysis , 1 1, pp Fine, Ben 'Looking at the Crisis through Marx'. International Socialist Review Review of Political Economy , 21 1, pp Cambridge Journal of Economics , 33 2, pp Transformation: Critical Perspectives on Southern Africa 69, pp Third World Quarterly , 30 5, pp South African Labour Bulletin , 33 5, pp Historical Materialism , 17 3, pp Fine, Ben 'Social capital versus social history'. Social History , 33 4, pp Progress in Development Studies , 8 3, pp Fine, Ben 'Vicissitudes of Economics Imperialism'.

Review of Social Economy , 66 2, pp Historical Materialism , 16 3, pp Fine, Ben 'Consumers and Demand'. Historical Materialism , 16 4, pp Review of Radical Political Economics , 39 1, pp Capital and Class 91, pp Political Theory , 35 1, pp Fine, Ben 'Social Capital'.

Fine, Ben and Milonakis, D. Capital and Class 89, pp Historical Materialism , 14 4, pp Capitalism Socialism Nature , 16 4, pp New Political Economy , 10 1, pp New Political Economy , 9 2, pp Sociologia Ruralis , 44 3, pp Transformation: Critical Perspectives on Southern Africa 55, pp Fine, Ben 'Globalisation or Panglossianisation? Development and Change , 35 3, pp The New School Economic Review , 1 1, pp Review of Political Economy 1, pp Review of Radical Political Economics , 36 1, pp South-Eastern Journal of Economics , 2 1, pp Comparative Studies in Society and History , 45 3, pp Journal of Interdisciplinary Economics , 14 3, pp Fine, Ben 'Callonistics: A Disentanglement'.

Economy and Society , 32 3, pp Journal of Agrarian Change , 3 4, pp Oikonomikos Tachidromos Economic Courier , 42 , pp Fine, Ben 'Social Capital for Africa? Transformation: Critical Perspectives on Southern Africa 53, pp Institutions and Economic Development , 1 1, pp World Development , 30 12, pp Antipode , 34 4, pp Review of Radical Political Economics , 34 2, pp Studia Africana 13, pp Buy New Learn more about this copy.

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New Hardcover Quantity Available: Book Depository hard to find London, United Kingdom. Consumption as an Investment Perrotta Cosimo. Majestic Books London, ,, United Kingdom. New Quantity Available: 5. Chiron Media Wallingford, United Kingdom. Livestock husbandry likewise became more significant on the continent. Suitable climate, soil, and markets made grapes, olives, apples, pears, vegetables, hops, hemp, flax, silk, and dye—stuffs attractive alternatives to grain. In hope of selling these cash crops, rural agriculture became more attuned to urban demand and urban businessmen and investors more intimately involved in what and how much of it was grown in the countryside Gottfried, ; Hunt and Murray, The lord also looked to reduce losses from demesne acreage no longer under the plow and from the vacant holdings of onetime tenants.

Measures adopted to achieve this end initiated a process that gained momentum with each passing year until the face of the countryside was transformed and manorialism was dead. The English landlord, hopeful for a return to the pre—plague regime, initially granted brief terminal leases of four to six years at fixed rates for bits of demesne and for vacant dependent holdings. Leases over time lengthened to ten, twenty, thirty years, or even a lifetime. The rising popularity of this expedient made direct management of demesne by lord rare by c.

The lord often became a rentier bound to a fixed income. The tenurial transformation was completed when the lord sold to the peasant his right of lordship, a surrender to the peasant of outright possession of his holding for a fixed cash rent and freedom from dues and services. Manorialism, in effect, collapsed and was gone from western and central Europe by Lower prices for foodstuffs and greater purchasing power from the last quarter of the fourteenth century onward, progressive disintegration of demesnes, and waning customary land tenure enabled the enterprising, ambitious peasant to lease or purchase property and become a substantial landed proprietor.

The average size of the peasant holding grew in the late Middle Ages. Freed from labor service, holding a fixed copyhold lease, and enjoying greater disposable income, the peasant exploited his land exclusively for his personal benefit and often pursued leisure and some of the finer things in life.

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The Black Death, moreover, profoundly altered the contours of settlement in the countryside. Catastrophic loss of population led to abandonment of less attractive fields, contraction of existing settlements, and even wholesale desertion of villages. More than English villages vanished between and French and Dutch villagers abandoned isolated farmsteads and huddled in smaller villages while their Italian counterparts vacated remote settlements and shunned less desirable fields.

The German countryside was mottled with abandoned settlements. Two thirds of named villages disappeared in Thuringia, Anhalt, and the eastern Harz mountains, one fifth in southwestern Germany, and one third in the Rhenish palatinate, abandonment far exceeding loss of population and possibly arising from migration from smaller to larger villages Gottfried, ; Pounds, The vibrancy of the high medieval economy is generally conceded. As the first millennium gave way to the second, urban life revived, trade and manufacturing flourished, merchant and craft gilds emerged, commercial and financial innovations proliferated e.

The integration of the high medieval economy reached its zenith c. How to characterize the late medieval economy has been more fraught with controversy, however. Historians a century past, uncomprehending of how their modern world could be rooted in a retrograde economy, imagined an entrepreneurially creative and expansive late medieval economy. Success or failure was equally possible after the Black Death and the game favored adaptability, creativity, nimbleness, opportunism, and foresight.

Once the magna pestilencia had passed, the city had to cope with a labor supply even more greatly decimated than in the countryside due to a generally higher urban death rate. The city, however, could reverse some of this damage by attracting, as it had for centuries, new workers from the countryside, a phenomenon that deepened the crisis for the manorial lord and contributed to changes in rural settlement.

A resurgence of the slave trade occurred in the Mediterranean, especially in Italy, where the female slave from Asia or Africa entered domestic service in the city and the male slave toiled in the countryside. Finding more labor was not, however, a panacea. A peasant or slave performed an unskilled task adequately but could not necessarily replace a skilled laborer. The gross loss of talent due to the plague caused a decline in per capita productivity by skilled labor remediable only by time and training Hunt and Murray, ; Miskimin, Another immediate consequence of the Black Death was dislocation of the demand for goods.

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A suddenly and sharply smaller population ensured a glut of manufactured and trade goods, whose prices plummeted for a time. The Black Death transformed the structure of demand as well.

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While the standard of living of the peasant improved, chronically low prices for grain and other agricultural products from the late fourteenth century may have deprived the peasant of the additional income to purchase enough manufactured or trade items to fill the hole in commercial demand. In the city, however, the plague concentrated wealth, often substantial family fortunes, in fewer and often younger hands, a circumstance that, when coupled with lower prices for grain, left greater per capita disposable income.

Pessimism and the specter of death spurred an individualistic pursuit of pleasure, a hedonism that manifested itself in the purchase of luxuries, especially in Italy. Even with a reduced population, the gross volume of luxury goods manufactured and sold rose, a pattern of consumption that endured even after the extra income had been spent within a generation or so after the magna pestilencia.

Like the manorial lord, the affluent urban bourgeois sometimes employed structural impediments to block the ambitious parvenu from joining his ranks and becoming a competitor.


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  • A tendency toward limiting the status of gild master to the son or son—in—law of a sitting master, evident in the first half of the fourteenth century, gained further impetus after the Black Death. Women also were banished from gilds as unwanted competition. The urban wage laborer, by and large controlled by the gilds, was denied membership and had no access to urban structures of power, a potent source of frustration.

    While these measures may have permitted the bourgeois to hold his ground for a time, the winds of change were blowing in the city as well as the countryside and gild monopolies and gild restrictions were fraying by the close of the Middle Ages. In the new climate created by the Black Death, the individual businessman did retain an advantage: the business judgment and techniques honed during the high Middle Ages.

    This was crucial in a contracting economy in which gross productivity never attained its high medieval peak and in which the prevailing pattern was boom and bust on a roughly generational basis. A fluctuating economy demanded adaptability and the most successful post—plague businessman not merely weathered bad times but located opportunities within adversity and exploited them. The successful post—plague businessman observed markets closely and responded to them while exercising strict control over his concern, looking for greater efficiency, and trimming costs Hunt and Murray, The fortunes of the textile industry, a trade singularly susceptible to contracting markets and rising wages, best underscores the importance of flexibility.

    Competition among textile manufacturers, already great even before the Black Death due to excess productive capacity, was magnified when England entered the market for low— and medium—quality woolen cloth after the magna pestilencia and was exporting forty—thousand pieces annually by The English took advantage of proximity to raw material, wool England itself produced, a pattern increasingly common in late medieval business.

    Flemish producers that emphasized higher—grade, luxury textiles or that purchased, improved, and resold cheaper English cloth prospered while those that stubbornly competed head—to—head with the English in lower—quality woolens suffered. The Italians not only produced luxury woolens, improved their domestically—produced wool, found sources for wool outside England Spain , and increased production of linen but also produced silks and cottons, once only imported into Europe from the East Hunt and Murray, The new mentality of the successful post—plague businessman is exemplified by the Florentines Gregorio Dati and Buonaccorso Pitti and especially the celebrated merchant of Prato, Francesco di Marco Datini.

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    The large companies and super companies, some of which failed even before the Black Death, were not well suited to the post—plague commercial economy. Datini through voluminous correspondence with his business associates, subordinates, and agents and his conspicuously careful and regular accounting grasped the reins of his concern tightly. He insulated himself from undue risk by never committing too heavily to any individual venture, by dividing cargoes among ships or by insuring them, by never lending money to notoriously uncreditworthy princes, and by remaining as apolitical as he could.

    His energy and drive to complete every business venture likewise served him well and made him an exemplar for commercial success in a challenging era Origo, ; Hunt and Murray, The late medieval popular uprising, a phenomenon with undeniable economic ramifications, is often linked with the demographic, cultural, social, and economic reshuffling caused by the Black Death; however, the connection between pestilence and revolt is neither exclusive nor linear.

    Any single uprising is rarely susceptible to a single—cause analysis and just as rarely was a single socioeconomic interest group the fomenter of disorder. The outbreak of rebellion in the first half of the fourteenth century e. Some explanations for popular uprising, such as the placing of immediate stresses on the populace and the cumulative effect of centuries of oppression by manorial lords, are now largely dismissed. At times of greatest stress —— the Great Famine and the Black Death —— disorder but no large—scale, organized uprising materialized.

    After the Black Death, change was inevitable and apparent to all. The reasons for any individual rebellion were complex.

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    Consumption as an Investment (Routledge Studies in the History of Economics) Consumption as an Investment (Routledge Studies in the History of Economics)
    Consumption as an Investment (Routledge Studies in the History of Economics) Consumption as an Investment (Routledge Studies in the History of Economics)
    Consumption as an Investment (Routledge Studies in the History of Economics) Consumption as an Investment (Routledge Studies in the History of Economics)
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