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Liverpool merchants versus Ohmi merchants: how and why they dealt with risk and insurance differently

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  • Yasuhiro Sakai

    (Shiga University)

Abstract

The purpose of this paper is to intensively discuss and carefully compare the Liverpool merchants of Britain and the Ohmi merchants of Japan in a historical perspective. The question of much interest is how and why those two merchants dealt with risk and insurance differently. In his later years, J. R. Hicks made a great contribution to the theory of economic history. He paid a special attention to the rise of the market in which the merchant played as the main actor of the history theater. According to the Hicks doctrine, the relation between theory and history should not be one-to-one, but rather flexible to a certain degree. Therefore, it would be quite interesting to compare the Liverpool merchants of Britain and the Ohmi merchants of Japan. It will be seen that they were engaged in their respective triangular trade, producing their respective socioeconomic systems. In short, we have to take a pluralistic view to fully understand the concept of risk and insurance from the viewpoint of economic history.

Suggested Citation

  • Yasuhiro Sakai, 2018. "Liverpool merchants versus Ohmi merchants: how and why they dealt with risk and insurance differently," Asia-Pacific Journal of Regional Science, Springer, vol. 2(1), pages 15-33, April.
    • Handle: RePEc:spr:apjors:v:2:y:2018:i:1:d:10.1007_s41685-017-0047-z
    DOI: 10.1007/s41685-017-0047-z
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    References listed on IDEAS

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    1. Yasuhiro Sakai, 2016. "J. M. Keynes on probability versus F. H. Knight on uncertainty: reflections on the miracle year of 1921," Evolutionary and Institutional Economics Review, Springer, vol. 13(1), pages 1-21, June.
    2. Hicks, J. R., 1969. "A Theory of Economic History," OUP Catalogue, Oxford University Press, number 9780198811633, Decembrie.
    3. Hicks, John, 2017. "A Market Theory of Money," OUP Catalogue, Oxford University Press, number 9780198796237, Decembrie.
    4. Hicks, John, 1977. "Economic Perspectives: Further Essays on Money and Growth," OUP Catalogue, Oxford University Press, number 9780198284079, Decembrie.
    5. Crawcour, Sydney, 1961. "The Development of a Credit System in Seventeenth-Century Japan," The Journal of Economic History, Cambridge University Press, vol. 21(3), pages 342-360, September.
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    More about this item

    Keywords

    Liverpool merchants; Ohmi merchants; Risk; Insurance; Triangular trade;
    All these keywords.

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • N70 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - General, International, or Comparative

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