Integration and Deregulation of European Grain Markets, 1500-1900
AbstractThis paper gives straightforward answers to complex problems. First it identifies the adverse affects of the high price volatility typical of segmented grain markets during the ancien régime. Extending a result in the modern literature on poverty and famines it is argued that price stability improves 'survival' chances in a given capability state, such as the capability to participate in the labour market or to perform normal 'doings and beings'. Price instability in segmented markets was caused by local and independent supply shocks but these shocks had less and less impact on prices on, say, local wheat, because of the increased number of substitutes, such as wheat from other markets or other types of food, due to market integration permitted by lower transport, storage, and transaction costs. Then it asks why grain markets after centuries of regulation and public intervention enter a long century of deregulation starting c. 1750, and finally can be characterized as 'laissez-faire' markets. Cost-reducing technological progress stimulated integration which implied price stabilization and the waning of market power.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoPaper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 94-07.
Length: 37 pages
Date of creation:
Date of revision:
Contact details of provider:
Postal: Øster Farimagsgade 5, Building 26, DK-1353 Copenhagen K., Denmark
Phone: (+45) 35 32 30 10
Fax: +45 35 32 30 00
Web page: http://www.econ.ku.dk
More information through EDIRC
Find related papers by JEL classification:
- O51 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Hoffmann).
If references are entirely missing, you can add them using this form.