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Books > History > History of specific subjects > Economic history
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The Role of Precious Metals in European Economic Development - From Roman Times to the Eve of the Industrial Revolution (Hardcover, New)
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The Role of Precious Metals in European Economic Development - From Roman Times to the Eve of the Industrial Revolution (Hardcover, New)
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Tracing the monetary history of Europe, this study explores the
impact of change in the availability and use of bullion, in the
form of money, on the economic evolution of Europe. The Romans
fostered economic prosperity through the accumulation of bullion
and circulation of accredited currency. Over time, shortages of
species rendered the Roman coinage worthless. As a result,
commercial activities contracted, causing the breakdown of the
Roman economic and political systems. Lack of liquidity in the
early Middle Ages limited commercial activities, and promoted
conditions sustaining dependency on land, thereby enabling
feudalism to flourish. In the late 10th century, discovery of rich
silver mines in Central Europe increased the circulation of
coinage, promoting trade and demographic urbanization. The
augmentation of silver resources continued to boost economic
prosperity during the 12th and 13th centuries. In the 14th century,
decrease in mine output induced severe scarcity of bullion. Lack of
currency caused the contraction of economic activities, leading to
food shortages, famines, depopulation, and the eventual breakdown
of the feudal economic order. Continuous shortage of bullion in the
15th century forced the reintroduction of barter trade and limited
commercial activities. Scarcity of precious metals induced the
Portuguese to venture into Africa. African gold provided them with
the incentive and capital for expeditions of discovery to the East,
but the lack of sufficient bullion prevented them from monopolizing
the eastern trade. In the 16th century the influx of species from
the mines of central Europe and America ended the European bullion
famine and gave rise to economicprosperity.
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