Atlantic trade and regional specialisation in nothern Spain 1550-1650: an integrated trade theory-institutional organisation approach
AbstractBased on an in-depth study of the northern Spanish economy in the sixteenth and seventeenth centuries, this paper argues that commercial expansion was a major source of the diverging performance of European regions. It develops an approach that integrates insights from more recent trade theory with those from new institutional economics. New trade theory informs the analysis of changes at a macro-level - defined as traded quantities, the structure of (inter-) regional integration and specialisation, and the larger institutional framework. New institutional economics are the basis for the interpretation of developments at a micro-level defined as the strategies of merchant organisations and individual firms within that larger framework. The paper shows how macro-level changes impacted upon - and interacted with - micro-level structures and processes of adaptation. The integration of quantitative and qualitative analysis demonstrates that the Commercial Revolution transformed the European economy more through structural change than through increased availability of goods.
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Bibliographic InfoPaper provided by Universidad Carlos III de Madrid in its series Open Access publications from Universidad Carlos III de Madrid with number info:hdl:10016/397.
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- Regina Grafe, 2001. "Atlantic Trade And Regional Specialisation In Nothern Spain 1550-1650: An Integrated Trade Theory-Institutional Organisation Approach," Working Papers in Economic History wh016502, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
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- Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
- O'Rourke, K.H. & Williamson, J.G., 1999.
"The Heckscher-Ohlin Model Between 1400 and 2000: When it Explained Factor Price Convergence, Ehen it Did not, and Why,"
99/25, College Dublin, Department of Political Economy-.
- Kevin H. O'Rourke & Jeffrey G. Williamson, 1999. "The Heckscher-Ohlin Model Between 1400 and 2000: When It Explained Factor Price Convergence, When It Did Not, and Why," NBER Working Papers 7411, National Bureau of Economic Research, Inc.
- O'Rourke, Kevin H & Williamson, Jeffrey G, 2000. "The Heckscher-Ohlin Model Between 1400 and 2000: When It Explained Factor Price Convergence, When It Did Not, and Why," CEPR Discussion Papers 2372, C.E.P.R. Discussion Papers.
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