The legacy of Earl J. Hamilton. New data for the study of prices in Spain, 1650–1800
Summary (2 min read)
1. Introduction
- 3 "Le problème des prix: quelle en est l'importance, aujourd'hui, dans tous les domaines de la vie économique et sociale d'un univers profondément troublé".
- Hamilton's printed series are not without their idiosyncrasies.
- Secondly, it scrutinizes their potential and deficiencies for their hypothetical use in purposes other than those the American economist intended.
3. Prices of several staples by regions, 1651-1800
- This section deals with presenting and analysing the regional series of some significant foodstuffs in Early Modern Spain.
- To standardize the series, weights and prices were converted to metric measures and to grams of silver respectively.
- For monetary conversions, I adopted Hamilton's equivalences for Castile and those provided by Feliu for Valencia.
- The comparison of this last series with Allen (2001) reveals significant discrepancies, with the relative position of prices in Valencia varying notably depending on which is used 15 .
3.1. Wheat
- The trends display similarity in broad terms; nevertheless, regional differences in price behaviour are relevant.
- Price volatility in Valencia was significantly lower than in the two Castiles or Andalusia, showing the advantage of coastal areas getting access to the international wheat trade -although the role played by rice as a substitute was pointed out to explain the case as well (Palop, 1975, p. 431; Reher, 2001, pp. 549-551) .
- With varying degrees, all the series show a sharp downward trend from the mid-17th century, which would last until approximately 1716-20 (1721-25 in the North).
- From a comparative viewpoint, during most of the period, Valencia had the steepest prices; within Castile, the lowest were those in Mansilla.
- The great similarity in regional price behaviour made Ánes speak of the existence of a Castilian price, highlighting the uniformity of the cyclical and long-term movements of Hamilton's prices for New Castile and Segovia (Ánes, 1970, p. 205, footnote 6) .
3.2. Legumes
- As far as other legumes, the only existing and really consistent series is for dried beans from Casarrubios del Monte, of which Hamilton published data for the 18th century; that has been extended backwards to the last years of the 17th century.
- Even though they are fragmented and very provisional, it is possible to present bean prices for León and Valencia, with the addition of a short series from Valladolid from 1750 onwards 18 .
- With all due precaution because of the nature and the provisional status of the available evidence, bean prices would resemble those of chickpeas, with New Castile prices again being visibly the highest.
- Unfortunately, there are hardly any entries regarding broad beans allowing us to build any series among Hamilton's papers.
3.4. Olive oil
- In broad terms, price trends for olive oil in the four regions were fairly similar and not so different to those observed for wheat: markedly downwards until the late 1720s, stabilising with a slight upward movement to the 1760s and then a vigorous rise from the late 1770s.
- The comparison of regional prices leaves no room for doubt: northern prices were the highest and the relationship with the lowest did not experience any further changes during the entire period.
- Between these two, the prices in Toledo and Valencia would tend to approach each other during the 18th century, especially from the 1760s .
3.5. Wine
- With all due precaution, the contrast of the assembled series would raise some questions worth researching: first of all, the significant differences in wine prices between the Mediterranean and Castile, also confirmed by the wine prices of Barcelona from Feliu (1991, pp. 95-96) .
- Finally, the own evolution of prices inside Castile, with León prices being the lowest until the last quarter of the 18th century when they started growing clearly faster (together with Valencia prices) than those of Toledo, Madrid or Seville.
4. Conclusions
- Bearing all these questions in mind, the prices proposed here intend to increase the existing knowledge on the subject in Spain.
- Hamilton carried out a gigantic task under unimaginable conditions by today's standards.
- His long, hard work studying and processing source after source has bequeathed to us all one of the most impressive collections of prices for any country in Early Modern Europe ready for use, and this paper attempts to pay a modest tribute to his efforts.
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Cites background from "The legacy of Earl J. Hamilton. New..."
...…or language and security, striving at the same time for low freight and intermediation costs (Hamilton 1947; Ringrose 1970; Madrazo 1981; Baker and Gerhold 1993; Greif 1994; Alexander and Akehurst 1998; Botticini and Eckstein 2007; Guiso et al. 2008; Barro and McClearly 2006; López Losa 2013)....
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...The exception seems to be calamancos, cheaper fabrics than sempiternals, which were consumed more in Madrid — 12 per cent — than in the rest of the cities — 8 per cent — that could be explained by the higher proportion of servants (Ringrose 1983, p. 70; Risco 2001, p. 31; see also Sarasúa 1984; Nieto 2006; López Garcı́a 2008; Dyer 1989)....
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...They would also like to thank Fernando Esteve, Ernesto López Losa, Santiago López, Patricio Sáiz and Philipp Sykas as well as the referees of this journal....
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...A long-standing presumption in this literature has been that the marketing of certain manufactured products appears to be frequently linked to the development of socio-economic networks based on local connections of trust such as family, religion, geography or language and security, striving at the same time for low freight and intermediation costs (Hamilton 1947; Ringrose 1970; Madrazo 1981; Baker and Gerhold 1993; Greif 1994; Alexander and Akehurst 1998; Botticini and Eckstein 2007; Guiso et al. 2008; Barro and McClearly 2006; López Losa 2013)....
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...MAP 2 DISTRIBUTION ACCORDING TO THE DEMAND OF CAPITALS OF PROVINCES AND RURAL AREAS OF THESE PROVINCES 36 On transport in Spain in the 18th century, see Ringrose (1972, Ch. IV), Madrazo (1984, 2001); López Garcı́a and Madrazo (1996), Bel (2012)....
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References
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Additional excerpts
...5 Including but not limited to Allen (2001, 2003, 2005, 2007a, 2007b, 2011); Allen t al....
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