Coping with inflation: a fourteenth- century example

In England, between 1305 and 1311, all prices rose significantly. Historians have generally assumed that these high prices led to high profits that enabled landlords to enjoy a period of unparalleled prosperity. A detailed study, however, of the manorial and central accounts of Canterbury Cathedral Priory suggets that this traditional view may not be altogether correct.Inflation did bring with it increased revenues and stimulated extensive investment in agriculture and building. But the priory's regular expenses increased as fast, and, at times, even faster than the extra revenues. Consequently the financial situation of the priory slowly deteriorated. Before the inflation set in, the priory had more than one year's revenue in hand. By 1318 this surplus had been wiped out. Financial equilibrium was finally restored only by the massive sale of relics and the high receipts from oblations. Yet, once prices began to fall after 1326 the priory found that, although its receipts dropped, so did its expenses and it was able to keep within its income.     

Le prieuré de Saint-Zacharie en i403 d'après le Livre de raison de son prieur

Saint-Zacharie is a small township northeast of Marseille, some kilometers from the main Aix-en-Provence-Nice road. In the middle ages it possessed a priory of Benedictine nuns of St Zacharias which was a dependency of the abbey of St Victor at Marseille. This abbey appointed a monk with the title of prior to administer the nunnery at Saint-Zacharie, while the nuns themselves elected a prioress. The Livre de raison drawn up by Jean de Assana, prior in 1402, allows us to establish the convent's budget. It reveals the efforts undertaken to restore a situation which had been severely shaken by the troubles of the fourteenth century, and in particular to develop the domain, which furnished the greater part of the convent's revenues from the production of corn and wine. Only corn provided a cash surplus. The economy of the priory was thus fragile because insufficiently diversified. The house faced other problems too. The development of its spiritual life was no longer a prime aim: the abbey of St Victor on several occasions arbitrarily limited the number of its nuns. There were ninety-eight of them in 1322; twenty-four in 1402; five in 1461. What is more, they were reduced to an income which provided only a bare living so that the convent's possessions appeared to be being exploited mainly as a source of profit for the prior and for the financial benefit of the mother house of St Victor, the archbishop of Aix, and the papal court.     

The Russian Stabilization Fund and Its Successor: Implications for Inflation

A senior Japanese specialist on Russia's economy and its oil- and gas-producing sectors analyzes the functions and performance of the Stabilization Fund of the Russian Federation and the new system replacing it in 2008. The Fund, created to diminish the effects of possible future decreases in oil prices on federal budget revenues and to absorb excess liquidity in the economy, was expected to exert a major curb on inflation. The author investigates the extent to which the latter, inflation-fighting role of the Fund has been fulfilled, given increases in the country's money supply and in state-regulated prices within the natural monopolies. Journal of Economic Literature, Classification Numbers: E50, E62, H20, H60. 4 figures, 5 tables, 25 references.     

The farming out of manors: a new look at the evidence from Canterbury cathedral priory

In the mid-thirteenth century the cathedral priory of Christ Church, Canterbury, was still farming out its manors for either a fixed money rent or a composite bundle of goods and money, but using its own monks as farmers. Although Prior Thomas Ringmere stopped this practice at a time of great indebtedness, his main concern was to improve monastic discipline by keeping the monks within the confines of the cloister. The adoption of direct management did not immediately lead to any increase in revenues. After the Black Death, Christ Church, like other monastic houses, was very unsure of what path to take and switched back and forth between farming out its manors and keeping them in hand, before finally moving over to wholesale leasing in the 1390s. As earlier, the form of management, whether direct or leasing, did not make any significant difference to the amount of money available to the central treasurers. What may have finally persuaded the monks of the advantages of leasing was the willingness of some local lords, who served as farmers, to lend the convent money and then repay themselves out of their farm.     

The farming out of manors: a new look at the evidence from Canterbury cathedral priory

In the mid-thirteenth century the cathedral priory of Christ Church, Canterbury, was still farming out its manors for either a fixed money rent or a composite bundle of goods and money, but using its own monks as farmers. Although Prior Thomas Ringmere stopped this practice at a time of great indebtedness, his main concern was to improve monastic discipline by keeping the monks within the confines of the cloister. The adoption of direct management did not immediately lead to any increase in revenues. After the Black Death, Christ Church, like other monastic houses, was very unsure of what path to take and switched back and forth between farming out its manors and keeping them in hand, before finally moving over to wholesale leasing in the 1390s. As earlier, the form of management, whether direct or leasing, did not make any significant difference to the amount of money available to the central treasurers. What may have finally persuaded the monks of the advantages of leasing was the willingness of some local lords, who served as farmers, to lend the convent money and then repay themselves out of their farm.     

Reconstructing Kilmainham: the topography and architecture of the chief priory of the Knights Hospitaller in Ireland,c.1170–1349

ABSTRACT

For almost 400 years the Knights of St John of Jerusalem – the Knights Hospitaller – maintained a priory in Kilmainham, Co. Dublin, as their principal residence in Ireland. Nothing survives of it above ground. The priory's early history and topography are mainly shrouded in mystery, but a fourteenth-century registrum illuminates the workings of its community and the character of its members, and provides valuable evidence relating to the appearance of its architecture and layout when it was at the peak of its prosperity. Yet the registrum has never been subjected to detailed scrutiny. Recent research on the Hospitallers in Ireland on the one hand, and on the organisation of domestic space in medieval contexts in Ireland on the other, has prompted this comprehensive appraisal of the evidence in Kilmainham's registrum.     

Le prieuré de Saint-Zacharie en i403 d'après le Livre de raison de son prieur

Saint-Zacharie is a small township northeast of Marseille, some kilometers from the main Aix-en-Provence-Nice road. In the middle ages it possessed a priory of Benedictine nuns of St Zacharias which was a dependency of the abbey of St Victor at Marseille. This abbey appointed a monk with the title of prior to administer the nunnery at Saint-Zacharie, while the nuns themselves elected a prioress. The Livre de raison drawn up by Jean de Assana, prior in 1402, allows us to establish the convent's budget. It reveals the efforts undertaken to restore a situation which had been severely shaken by the troubles of the fourteenth century, and in particular to develop the domain, which furnished the greater part of the convent's revenues from the production of corn and wine. Only corn provided a cash surplus. The economy of the priory was thus fragile because insufficiently diversified. The house faced other problems too. The development of its spiritual life was no longer a prime aim: the abbey of St Victor on several occasions arbitrarily limited the number of its nuns. There were ninety-eight of them in 1322; twenty-four in 1402; five in 1461. What is more, they were reduced to an income which provided only a bare living so that the convent's possessions appeared to be being exploited mainly as a source of profit for the prior and for the financial benefit of the mother house of St Victor, the archbishop of Aix, and the papal court.     

Observations on the Influence of High Oil Prices on Russia's GDP Growth

A noted economist and observer of post-Soviet affairs presents a study probing the influence of high oil prices on Russia's GDP growth. The paper analyzes the contributions to the country's GDP by sectors of origin and final use, and pays special attention to the influence of trade margins produced by oil and gas but recorded and placed by Goskomstat Rossii in Russia's trade sector. The author's interpretation of statistical data released by Goskomstat Rossii as well as by Russian customs authorities enables him to conclude that the present-day economic boom in Russia can be characterized as consumption-led growth fueled by oil and gas export revenues. Journal of Economic Literature, Classification Numbers: C67, C82, E23, L71, Q43. 2 figures, 10 tables, 20 references.     

La Cour Notre-Dame de Michery: a response to Constance Berman

In a recent article in JMH, Constance Berman suggested that the thirteenth-century history of the Cistercian nuns of La Cour Notre-Dame de Michery in France has been distorted by scholars' reliance on the fifteenth-century cartulary of the house. This compilation, she argues, was meant to portray the nunnery as a failure and to justify its transformation into a male priory. The authors of the present article attempt to show that Berman's doubts about the reliability of the cartulary are unjustified and that the archeological evidence of the church of La Cour which she uses to infer La Cour's financial vigor in the thirteenth-century actually points strongly in the opposite direction.     

Sovereign wealth funds: dangers and opportunities

Soaring oil prices since the early 2000s have led to a historic transformation of wealth from consuming regions to major oil exporters. In recent years many of these exporters have set up oil funds to utilize their massive and growing oil revenues. These funds are divided into two categories—stabilizing and saving. Their large investments in western markets have raised concerns that they might be driven by political and strategic interests rather than commercial ones. This article examines oil funds in the Persian Gulf, Norway and Russia. It discusses US and European proposals to regulate oil funds' investments. The article examines the International Monetary Fund's efforts to forge a consensus on a ‘code of conduct’ that would guide the relationship between oil funds and the recipient markets. The analysis argues against excessive regulation.     

How China Navigated the Dilemma of Trade Liberalization and Government Revenues

Many economists believe that in the long run, the aggregate performance of open economies is better than that of closed ones, and that open policies contribute significantly to economic development. At the same time, many political scientists and policy makers fear that, in the short run, one of the steps towards openness — trade liberalization — may harm government revenues. However, in the 1990s, China successfully navigated the dilemma of trade liberalization and government revenues. In this period, China decreased tariff and non‐tariff barriers for WTO accession, but has achieved dramatically increased tariff revenues since 1999. This study explores how China implemented trade liberalization and simultaneously increased tariff revenues in the 1990s. It demonstrates that a series of institutional arrangements, including a reform of Criminal Law, rigorous anti‐smuggling activities and a de facto tax imposed on the export sector, successfully curbed smuggling activities through the processing trade, and made foreign‐invested manufacturing enterprises the major contributors to the stability of customs revenue. China's case shows that a prosperous, export‐oriented and foreign‐invested manufacturing sector could potentially provide a developing country with a source of customs revenue.     

False,cheap and degraded: when history,economy and environment collided at Cades Cove,Great Smoky Mountains National Park

Great Smoky Mountains National Park was created in 1934 after decades of popular activism. The National Park Service initially planned to restore wildness to all formerly settled lands through the process of secondary succession, but did not in a valley in the northwest corner of the park, Cades Cove. Transforming the 1200-ha agricultural setting into forest would have eliminated the visual charm highly prized by the tourists who had long come there. Additionally, experts promoted the preservation of Cades Cove's historic–cultural landscape because they falsely perceived the local culture to be a relic of the past. The Park Service acceded, but its commitment to historic preservation was tempered by a concern to minimize its expenses. Consequently, an agricultural permit system was adopted in 1945, which allowed modern farmers to operate on the historic landscape, keeping it open. This cheap method kept open the beautiful vistas of Cades Cove. Unfortunately, the agency's commitment to beauty and economy led to decades of ecological degradation, including water pollution and species extirpation. Only in the last two decades, has park management moved away from its focus on a low-cost, attractive landscape to embrace one that is also ecologically healthy, and thus more sustainable.     

Fabric for Seventeenth-Century Children and Adolescents' Clothes

Abstract

This article attempts to describe the information on clothing which can be taken from the relatively newly exploited source of the probate account (as opposed to the probate inventory). The accounts only itemize the costs of clothing children up to apprenticeship, or to marriage, not the fully adult. Fortunately for this author's interests, the bulk of the accounts cover the children of parents with moveable goods worth under £100, under yeoman status. This particular article focuses on the range of prices that can be gleaned from the accounts on the prices of fabrics, and demonstrates that the same fabrics in the seventeenth century came in a very large range of prices and qualities. It differs from Professor Shammas' conclusions. The costs of clothing minors rose in the seventeenth century. It examines the prices of boys' and girls' clothes that can be gathered from the accounts, and also the types of fabric that were used to make each type of garment for them, taking into account the economic status of each child. It concludes that although the finer, more expensive, fabrics more commonly made up clothes for better-off children, this did not always follow : nor did the poor always wear the cheapest fabrics. There was no clear social stratification, although there was a rough one.     

Worcestershire Peasant Buildings,Household Goods and Farming Equipment in the Later Middle Ages

THE BUILDINGS of the Blackfriars priory in Gloucester are in the course of restoration by the Ancient Monuments Branch of the Department of the Environment. This provides an unusual opportunity to examine in a dismantled state an important series of scissor-braced roofs, to compare many timbers and joints, and thereby to consider the finer points of the 13th-century carpenter's workmanship and engineering sense, and the ways in which he reacted to variations in the timber. The value of such a study is increased by the existence of contemporary records about the origin of the timber.     

The Assault on Occupancy in Surabaya: Legible and Illegible Landscapes in a City of Passage

This article takes as its starting point the burning down of traditional markets and clearance of squatter communities and street vendors that took place in the major Indonesian port city of Surabaya during 2007–08. It is argued that a legible landscape facilitating intervention, simulation and passage now marks a city where malls and hotels linked into new accelerated networks of unobstructed streets form the dominant presence. Using recent anthropological investigation from a poor neighbourhood and broader economic analysis of urban trends, the article demonstrates that while this landscape both displaces the poor and generates unprecedented revenues for the municipal government, it also contributes to a delegitimization of the city's municipal administration as it struggles to extend a legible gaze over the city's poor neighbourhoods.     

The problem of “technological unemployment” in the industrial research of the 1930's in the United States∗

The article surveys the findings and debates about “technological unemployment” carried out in the 1920's and 1930's in the United States. The huge productivity increases of the 1920's had sizable labour‐displacing effects, which were not matched by the job‐creating trends of prosperity. Unemployment was therefore a sizable and observable phenomenon as early as the late 1920's, while manufacturing employment shrank. After 1929, it was found that the Depression had hit production and investment hard, but productivity per man‐hour continued to increase. This meant that, because of the increases in population of working age and because of technological progress, in the late 1930's it would have been necessary to outgrow the levels of investment and production of 1929 in order to bring unemployment down to the 1929 rate. Even the recovery of 1937 remained much below those levels: the cause was seen in the behavior of large, concentrated industrial firms that administered prices and only applied technological advances in order to reduce costs. Their limited spending did not foster enough demand to move the economy out of the slump. The recovery was eventually brought about not by spontaneous, market‐driven economic behaviour, but by the deus‐ex‐machina of war‐induced Government spending.

A separate study of the theories of technological progress out‐distancing the job‐creating trends of prosperity is in preparation.     

Spatial Analysis of Residential Prices in Istanbul

The purpose of this paper is to examine the spatial distribution of housing prices at the metropolitan and at the district level of Istanbul. At the metropolitan level, the most important factors which affect housing prices are sub-market, floor area and sea view. At the district level, housing prices vary from district to district according to locational, socio-economic and property characteristics. High-income sub-markets have higher coefficient of determinations and more significant variables than low-income sub-markets. Furthermore, the results suggest that planned districts have higher housing prices; thus, restructuring squatter areas and revitalizing inner city areas provide not only benefits to individuals but also higher tax revenues to the city.     

The politics of finance in Napoleonic Italy (1802‐1814)

Abstract

The Republic and Kingdom of Italy (1802‐14) served as an important source of revenues for Napoleonic France. Most importantly, the authorities had to pay for a growing Italian army and for the French troops in northern Italy. To satisfy the Emperor's increasing financial pressure, Prina, the Finance Minister, increased the tax burden and reorganized the financial administration and tax collection. Prina kept a moderate property tax to secure the support of the landowners and raised indirect taxes, thereby increasing the burden on the poor. His reforms in the financial administration made it more orderly, uniform and efficient, thus strengthening the central state. While Prina modernized the financial machinery and expanded the state's resources, the fiscal pressure contributed to growing hostility from the population to the Napoleonic state. Following the fall of the Kingdom of Italy, the Austrians left the Napoleonic financial system intact, a demonstration of Prina's effective reforms and long‐term impact.     

The Mining Industry's Campaign Against Native Title: Some Explanations

The mining industry has consistently maintained that 'native title' is a major impediment to mineral exploration and development and that it is a key factor in recent industry trends. Yet there is little evidence to justify these claims. This article suggests that this contradiction is less a reflection of ideological opposition to native title on the part of industry leaders than a case of political posturing aimed at ensuring that government policy better reflects mining interests. Government policy is an investment determinant over which the industry can exert some influence, unlike other determinants such as commodity prices and exchange rates. In addition to the industry's self-interest in pressuring government to circumscribe native title rights by overstating its detrimental economic impact, the peculiar intensity of the campaign is explained by its concerns about its role in the policy process, its popularity in the community and its comparative power as an interest group.     

Red outposts in a hostile landscape: People's houses,People's parks and the reconstruction of rural southern Sweden's political geography, 1889–1909

Organizing rural workers has always proved to be a challenge for the labour movement. This was especially the case in Scandinavia where well into the industrial era, labour and property relations in the agricultural countryside remained essentially feudal in character. Nonetheless, and especially in the rich agricultural districts of the southernmost province of Skåne, the Swedish labour movement had succeeded spectacularly by the interwar years. Perhaps unintuitively, a key to its success was that it focused as much money and energy on constructing new spaces of culture and leisure – so-called People's Houses and People's Parks – as it did to direct workplace organizing. Drawing on Kevin Cox's concepts of “spaces of dependence” and “spaces of engagement,” this paper explains how and why Sweden's labour unions succeeded in remaking Skåne's political geography and transformed the region into one of the strongest social-democratic districts in early-twentieth century Sweden.