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Institutions and European Trade: Merchant Guilds, 1000-1800 (Cambridge Studies in Economic History - Second Series), by Sheilagh Ogilvie
Download Institutions and European Trade: Merchant Guilds, 1000-1800 (Cambridge Studies in Economic History - Second Series), by Sheilagh Ogilvie
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What was the role of merchant guilds in the medieval and early modern economy? Does their wide prevalence and long survival mean they were efficient institutions that benefited the whole economy? Or did merchant guilds simply offer an effective way for the rich and powerful to increase their wealth, at the expense of outsiders, customers and society as a whole? These privileged associations of businessmen were key institutions in the European economy from 1000 to 1800. Historians debate merchant guilds' role in the Commercial Revolution, economists use them to support theories about institutions and development, and policymakers view them as prime examples of social capital, with important lessons for modern economies. Sheilagh Ogilvie's magisterial new history of commercial institutions shows how scrutinizing merchant guilds can help us understand which types of institution made trade grow, why institutions exist, and how corporate privileges affect economic efficiency and human well-being.
- Sales Rank: #642040 in Books
- Published on: 2011-04-29
- Released on: 2014-04-03
- Original language: English
- Number of items: 1
- Dimensions: 8.98" h x 1.02" w x 5.98" l, 1.75 pounds
- Binding: Paperback
- 500 pages
Review
''this is a very important book that gives rise to a number of highly significant questions for future research." -Reviews in History, Shami Ghosh
"Ogilvie's conclusion has profound implications for the study of economic institutions, and that is what makes this an important book -- one might even call it a game-changer." -EH-Net, Donald J.Harreld
"Sheilagh Ogilvie offers an erudite critique of the medieval and early modern merchant guilds, so often defended in academic debates." -Gladden J. Pappin, Journal of Markets and Morality
"This book not only effectively demolishes the efficiency thesis regarding merchant guilds, but, more importantly, also provides a framework for analysing institutional change, and it will define the terms of how social institutions should be researched and evaluated for years to come." -Economic History Review.
About the Author
Sheilagh Ogilvie is Professor of Economic History at the University of Cambridge and a Fellow of the British Academy. Her prize-winning publications include State Corporatism and Proto-Industry: The Württemberg Black Forest 1590-1797 (Cambridge, 1997, winner of the Gyorgy Ranki Prize 1999) and A Bitter Living: Women, Markets, and Social Capital in Early Modern Germany (2003, winner of the René Kuczynski Prize 2004).
Most helpful customer reviews
0 of 0 people found the following review helpful.
This is what a reasoned historical argument looks like
By T. Carlsson
Of all the history books I have read, this one might be the most Aristotelian in its style. The author's prose is strict and consistent in its no-nonsense, no-embellishment approach, much like the old philosopher's works. Each chapter starts with a clearly phrased question, continues with a detailed review of much historical evidence and wraps up with the answer. In answering each question the author relies on the combined weight of several pieces of evidence from across centuries and from various geographical locations rather than on any particular case study.
This isn't an easy way to write a book because it could easily degenerate into a mere recital of weakly connected citations, but the author joins the disparate sources together masterfully into a concise whole. Not many historians balance their detailed source material with broad general arguments as skillfully as she does. It is clear that she has studied economics and social science more widely than any history curriculum would require, and she puts all of that knowledge to good use. As far as the methodology of historical writing is concerned, this book therefore sets a new standard and I sincerely hope that other historians emulate it.
As for its subject matter, this book is an attack against overly positive views of European merchant guilds. Medieval merchant guilds strived for, and were often granted, commercial monopolies. Some modern historians have argued that this was a good thing because the guilds facilitated commercial security and contract enforcement, provided solutions to information problems and kept prices stable. The author challenges each of these claims in turn.
The thrust of her argument is twofold: (1) Merchant guilds were not always beneficial to the economy, and in many cases they were directly harmful. Rulers granted commercial monopolies not for reasons of efficiency, but for their own benefit. Well-organized guilds with monopolistic rights could help the king fend off political and financial threats from the nobility in return for their exclusive privileges. This collusion hindered both economic development and (this final conclusion is my own, not the author's) the emergence of political representation. (2) Alternative institutions for solving the problems of commerce existed, even inclusive ones which served everyone. They were utilized by many merchants and performed functions that state bureaucracies would later appropriate, but even though they functioned well in many places their development was slow in the shadow of the monopolies. As the author puts it: particularized trust was a substitute for generalized trust.
Just like Aristotle's works, this is a book that most readers probably would not read a second time. The reason is the same in both cases: the argument is so clear and comprehensive that when you finish the book you will consider the matter settled, at least for the next 1500 years.
2 of 3 people found the following review helpful.
A very realistic picture of medieval and early modern commerce
By Anton Tomsinov
After years of attempts to paint guilds white it is refreshing to see this book. It shows that guilds were based on monopolies and used their privileges in a way that is universally condemned today. It also shows that monopolies and bribed politicians were a feature of European commerce for a much longer time that nowadays’ ideal of fair trade and competition. No surprise that the old exclusive system still informally remains in some areas of business. Also, it was very interesting to read about medieval legal ways to enforce contracts.
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