This paper investigates the causes and the consequences of the emergence of agriculture in the Middle East. Agriculture has emerged in many parts of the world since the end of the last Ice Age about 15 000 years ago. The paper first surveys the Palaeolithic Period to understand why agriculture did not emerge earlier. Then the paper considers the processes that led to the emergence of agriculture in the Middle East. The question is approached as a problem in economic history, and the archaeological record is understood in terms of changes in labour productivity, as measured by calories produced per hour of work, and in the size of the associated agricultural surplus (the difference between the calories produced by a food procurement system and the calories required to sustain the people trying to support themselves with that system). The shift from foraging to the cultivation of wild seeds and the later impact of the emergence of domestic seed and improvements in tool design are assessed in this framework. It is also used to analyse the impact of agriculture on human wellbeing, the origin of manufacturing (e.g. pottery), and the emergence of inequality, states, and warfare.
{"title":"The Neolithic Revolution in the Middle East","authors":"Robert C. Allen","doi":"10.1111/ehr.13307","DOIUrl":"10.1111/ehr.13307","url":null,"abstract":"<p>This paper investigates the causes and the consequences of the emergence of agriculture in the Middle East. Agriculture has emerged in many parts of the world since the end of the last Ice Age about 15 000 years ago. The paper first surveys the Palaeolithic Period to understand why agriculture did not emerge earlier. Then the paper considers the processes that led to the emergence of agriculture in the Middle East. The question is approached as a problem in economic history, and the archaeological record is understood in terms of changes in labour productivity, as measured by calories produced per hour of work, and in the size of the associated agricultural surplus (the difference between the calories produced by a food procurement system and the calories required to sustain the people trying to support themselves with that system). The shift from foraging to the cultivation of wild seeds and the later impact of the emergence of domestic seed and improvements in tool design are assessed in this framework. It is also used to analyse the impact of agriculture on human wellbeing, the origin of manufacturing (e.g. pottery), and the emergence of inequality, states, and warfare.</p>","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 4","pages":"1154-1196"},"PeriodicalIF":1.4,"publicationDate":"2024-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ehr.13307","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139448315","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Following the Mongol invasion of China, the Yuan (1260–1368) dynasty was the first political regime to introduce a precious metal standard and deploy paper money as the sole legal tender. Drawing on a new dataset on money issues, prices, warfare, imperial grants, taxation, natural disasters, and population, we find that a silver standard initially consolidated the Chinese currency market. However, persistent fiscal pressures eventually compelled rulers to ease the monetary standard, and a fiat standard was adopted. We show that inflation was high in the early and late periods of the dynasty but remained moderate for nearly half a century. We find that military pressure, particularly civil war, generated fiscal demands that led to the over-issuance of money. By contrast, natural disasters and imperial grants did not trigger the over-issue of money. Warfare was much more likely to increase paper money issues under the fiat standard than during the silver standard period.
{"title":"The rise and fall of paper money in Yuan China, 1260–1368","authors":"Hanhui Guan, Nuno Palma, Meng Wu","doi":"10.1111/ehr.13305","DOIUrl":"10.1111/ehr.13305","url":null,"abstract":"<p>Following the Mongol invasion of China, the Yuan (1260–1368) dynasty was the first political regime to introduce a precious metal standard and deploy paper money as the sole legal tender. Drawing on a new dataset on money issues, prices, warfare, imperial grants, taxation, natural disasters, and population, we find that a silver standard initially consolidated the Chinese currency market. However, persistent fiscal pressures eventually compelled rulers to ease the monetary standard, and a fiat standard was adopted. We show that inflation was high in the early and late periods of the dynasty but remained moderate for nearly half a century. We find that military pressure, particularly civil war, generated fiscal demands that led to the over-issuance of money. By contrast, natural disasters and imperial grants did not trigger the over-issue of money. Warfare was much more likely to increase paper money issues under the fiat standard than during the silver standard period.</p>","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 4","pages":"1222-1250"},"PeriodicalIF":1.4,"publicationDate":"2024-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ehr.13305","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139448319","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Cambridge Economic History of the Modern World: Vol. I & II. , Stephen Broadberry & Kyoji Fukao (eds), Cambridge: Cambridge University Press, 2021. pp. 512 (vol. I) 572 (vol. II). ISBN 9781107159457 (vol. I) 9781107159488 (vol. II). Hbk £120 (vol. I) £120 (vol. II)","authors":"Mark Koyama","doi":"10.1111/ehr.13317","DOIUrl":"https://doi.org/10.1111/ehr.13317","url":null,"abstract":"","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"317-318"},"PeriodicalIF":2.2,"publicationDate":"2024-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139480452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Review of periodical literature for 2022: (v) 1850–1945","authors":"Tehreem Husain","doi":"10.1111/ehr.13314","DOIUrl":"10.1111/ehr.13314","url":null,"abstract":"","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"364-375"},"PeriodicalIF":2.2,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139388280","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Review of periodical literature for 2022: (iii) 1500–1700","authors":"Charmian Mansell","doi":"10.1111/ehr.13311","DOIUrl":"10.1111/ehr.13311","url":null,"abstract":"","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"347-354"},"PeriodicalIF":2.2,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139388374","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Review of periodical literature for 2022: (vi) post-1945","authors":"Meredith M. Paker","doi":"10.1111/ehr.13312","DOIUrl":"10.1111/ehr.13312","url":null,"abstract":"","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"376-387"},"PeriodicalIF":2.2,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139387798","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
What caused the 1929 crash of the New York Stock Exchange? This paper quantitatively studies liquidity during the 1929 crash of the NYSE. I evidence that the crash represented a liquidity crisis due to the liquidation of brokers’ margin loans. Applying recent estimators of effective spreads and liquidity conditions from contemporary finance literature suggests a four-fold increase in spreads during the crash at the aggregate level. At the individual stock level, quoted bid-ask spreads suggest that liquidity explains one-fifth of the variance in daily stock returns during the crash.
{"title":"The 1929 crash of the New York stock exchange as a liquidity crisis","authors":"Jean-Laurent Cadorel","doi":"10.1111/ehr.13309","DOIUrl":"10.1111/ehr.13309","url":null,"abstract":"<p>What caused the 1929 crash of the New York Stock Exchange? This paper quantitatively studies liquidity during the 1929 crash of the NYSE. I evidence that the crash represented a liquidity crisis due to the liquidation of brokers’ margin loans. Applying recent estimators of effective spreads and liquidity conditions from contemporary finance literature suggests a four-fold increase in spreads during the crash at the aggregate level. At the individual stock level, quoted bid-ask spreads suggest that liquidity explains one-fifth of the variance in daily stock returns during the crash.</p>","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 4","pages":"1197-1221"},"PeriodicalIF":1.4,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139387819","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Review of periodical literature for 2022: (iv) 1700–1850","authors":"Karolina Hutková","doi":"10.1111/ehr.13313","DOIUrl":"10.1111/ehr.13313","url":null,"abstract":"","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"355-363"},"PeriodicalIF":2.2,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139388998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Artisans Abroad: British Migrant Workers in Industrialising Europe, 1815–1870 By Fabrice Bensimon, (Oxford: Oxford University Press, 2023. pp. 304. 60 figs. 13 tabs. 8 maps. ISBN 978019883584-4 Hbk. £83)","authors":"Jane Humphries","doi":"10.1111/ehr.13321","DOIUrl":"10.1111/ehr.13321","url":null,"abstract":"","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"323-324"},"PeriodicalIF":2.2,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139452846","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Impunity and Capitalism: The Afterlives of European Financial Crises, 1690–1830 By Trevor Jackson, (Cambridge: Cambridge University Press, 2022. pp. xii + 310. 5 figs. 4 tabs. ISBN Hbk. 9781316516287£75)","authors":"Pamfili M. Antipa","doi":"10.1111/ehr.13320","DOIUrl":"10.1111/ehr.13320","url":null,"abstract":"","PeriodicalId":47868,"journal":{"name":"Economic History Review","volume":"77 1","pages":"319-320"},"PeriodicalIF":2.2,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139452100","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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