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Coins as gauge for growth: VOC- doits to probe Java’s deep monetisation, 1700-1800

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  • Alberto Feenstra

Abstract

During the eighteenth century the VOC imported over a billion small copper coins (doits) to Java, which is a remarkable operation for the world’s largest enterprise at that time, since these coins were unfit to pay for the company’s wholesale trade. This paper argues that the VOC responded to Java’s specific need for small coins, because people increasingly relied on the market for daily necessities and became less dependent on subsistence farming. The alternative explanations of population growth, substitution and inflation do not satisfactorily explain the increased demand for these copper doits. Therefore, this paper proposes that Java’s economy underwent a transformation, particularly after 1750.

Suggested Citation

  • Alberto Feenstra, 2013. "Coins as gauge for growth: VOC- doits to probe Java’s deep monetisation, 1700-1800," Working Papers 0049, Utrecht University, Centre for Global Economic History.
    • Handle: RePEc:ucg:wpaper:0049
    as

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    References listed on IDEAS

    as
    1. Parthasarathi,Prasannan, 2011. "Why Europe Grew Rich and Asia Did Not," Cambridge Books, Cambridge University Press, number 9780521168243.
    2. Parthasarathi,Prasannan, 2011. "Why Europe Grew Rich and Asia Did Not," Cambridge Books, Cambridge University Press, number 9781107000308.
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    Keywords

    Economic History; Money Suppply; Economic growth; Indonesia; Java;
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