%PDF-1.3 1 0 obj << /Type /Catalog /Outlines 2 0 R /Pages 3 0 R >> endobj 2 0 obj << /Type /Outlines /Count 0 >> endobj 3 0 obj << /Type /Pages /Kids [6 0 R 20 0 R 22 0 R 24 0 R 26 0 R ] /Count 5 /Resources << /ProcSet 4 0 R /Font << /F1 8 0 R /F2 9 0 R /F3 10 0 R >> /XObject << /I1 11 0 R >> >> /MediaBox [0.000 0.000 595.280 841.890] >> endobj 4 0 obj [/PDF /Text /ImageC ] endobj 5 0 obj << /Creator (DOMPDF) /CreationDate (D:20140420071337+01'00') /ModDate (D:20140420071337+01'00') /Title (Institutions and European Trade: Merchant Guilds, 1000?1800) >> endobj 6 0 obj << /Type /Page /Parent 3 0 R /Annots [ 12 0 R 15 0 R 18 0 R ] /Contents 7 0 R >> endobj 7 0 obj << /Length 4773 >> stream q 381.750 0 0 120.000 34.016 687.874 cm /I1 Do Q 0.000 0.000 0.000 rg BT 34.016 676.469 Td /F1 12.0 Tf [(Published on )] TJ ET BT 99.356 676.469 Td /F2 12.0 Tf [(Reviews in History)] TJ ET BT 190.016 676.469 Td /F1 12.0 Tf [( \()] TJ ET 0.000 0.000 0.800 rg BT 197.012 676.469 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 197.012 675.075 m 357.332 675.075 l S 0.000 0.000 0.000 rg BT 357.332 676.469 Td /F1 12.0 Tf [(\))] TJ ET 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d 34.391 653.743 526.499 1.500 re S BT 34.016 615.321 Td /F3 18.0 Tf [(Institutions and European Trade: Merchant Guilds, 1000?1800)] TJ ET BT 34.016 287.579 Td /F1 12.0 Tf [(In the wake of Douglass North?s theories on institutions and economic growth, the last two decades have )] TJ ET BT 34.016 273.323 Td /F1 12.0 Tf [(seen various kinds of medieval and early modern institutions increasingly regarded as factors aiding in, )] TJ ET BT 34.016 259.067 Td /F1 12.0 Tf [(rather than obstructing, the transformative processes that eventually led to modern industrial capitalism in )] TJ ET BT 34.016 244.811 Td /F1 12.0 Tf [(the 19th century. The emphases have not always been the same: some scholars, notably Avner Greif and his )] TJ ET BT 34.016 230.555 Td /F1 12.0 Tf [(collaborators, have focussed on merchant guilds )] TJ ET 0.000 0.000 0.800 rg BT 268.304 230.555 Td /F1 12.0 Tf [(\(1\))] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 268.304 229.161 m 282.296 229.161 l S 0.000 0.000 0.000 rg BT 282.296 230.555 Td /F1 12.0 Tf [(, whereas others, notably the late S. R. Epstein, have )] TJ ET BT 34.016 216.299 Td /F1 12.0 Tf [(stressed the importance of public institutions like states and municipalities in reducing opportunity and )] TJ ET BT 34.016 202.043 Td /F1 12.0 Tf [(transaction costs and enabling the growth of trade.)] TJ ET 0.000 0.000 0.800 rg BT 275.972 202.043 Td /F1 12.0 Tf [(\(2\))] TJ ET 0.24 w 0 J [ ] 0 d 275.972 200.649 m 289.964 200.649 l S 0.000 0.000 0.000 rg BT 289.964 202.043 Td /F1 12.0 Tf [( In the book under review Sheilagh Ogilvie presents a )] TJ ET BT 34.016 187.787 Td /F1 12.0 Tf [(strong case for the opposition, arguing that the influence of merchant guilds on economic growth was, if )] TJ ET BT 34.016 173.531 Td /F1 12.0 Tf [(anything, negative. Those who present a case for merchant guilds do so partly to explain their longevity: )] TJ ET BT 34.016 159.275 Td /F1 12.0 Tf [(since they lasted so long, the guilds must have been beneficial to the economy. But the advocates of the )] TJ ET BT 34.016 145.019 Td /F1 12.0 Tf [(merchant guilds also argue that despite what appear to be monopolistic and regressive tendencies, these )] TJ ET BT 34.016 130.763 Td /F1 12.0 Tf [(institutions did not actually seek to enforce monopolies, or were unable to do so; they suggest further that )] TJ ET BT 34.016 116.507 Td /F1 12.0 Tf [(even if merchant guilds had in some respects an adverse effect on economic growth, there were no )] TJ ET BT 34.016 102.251 Td /F1 12.0 Tf [(alternative means of improving efficiency and dealing with the various problems arising in pre-modern trade )] TJ ET BT 34.016 87.995 Td /F1 12.0 Tf [(in relation to contract enforcement, principal-agent problems, information, and price volatility. Thus the )] TJ ET BT 34.016 73.739 Td /F1 12.0 Tf [(advocates of the merchant guilds plead their case on many different grounds, ranging from positive \(the )] TJ ET BT 34.016 59.483 Td /F1 12.0 Tf [(guilds were primarily beneficial\) to negative \(the guilds had many negative effects, but still provided some )] TJ ET BT 34.016 584.699 Td /F3 12.0 Tf [(Review Number:)] TJ ET BT 34.016 570.443 Td /F1 12.0 Tf [(1102)] TJ ET BT 34.016 556.187 Td /F3 12.0 Tf [(Publish date:)] TJ ET BT 34.016 541.931 Td /F1 12.0 Tf [(Friday, 1 July, 2011)] TJ ET BT 34.016 527.675 Td /F3 12.0 Tf [(Author:)] TJ ET BT 34.016 513.419 Td /F1 12.0 Tf [(Sheilagh Ogilvie)] TJ ET BT 34.016 499.163 Td /F3 12.0 Tf [(ISBN:)] TJ ET BT 34.016 484.907 Td /F1 12.0 Tf [(9780521747929)] TJ ET BT 34.016 470.651 Td /F3 12.0 Tf [(Date of Publication:)] TJ ET BT 34.016 456.395 Td /F1 12.0 Tf [(2011)] TJ ET BT 34.016 442.139 Td /F3 12.0 Tf [(Price:)] TJ ET BT 34.016 427.883 Td /F1 12.0 Tf [(22.99)] TJ ET BT 34.016 413.627 Td /F3 12.0 Tf [(Pages:)] TJ ET BT 34.016 399.371 Td /F1 12.0 Tf [(500pp.)] TJ ET BT 34.016 385.115 Td /F3 12.0 Tf [(Publisher:)] TJ ET BT 34.016 370.859 Td /F1 12.0 Tf [(Cambridge University Press)] TJ ET BT 34.016 356.603 Td /F3 12.0 Tf [(Place of Publication:)] TJ ET BT 34.016 342.347 Td /F1 12.0 Tf [(Cambridge)] TJ ET BT 34.016 328.091 Td /F3 12.0 Tf [(Reviewer:)] TJ ET BT 34.016 313.835 Td /F1 12.0 Tf [(Shami Ghosh)] TJ ET endstream endobj 8 0 obj << /Type /Font /Subtype /Type1 /Name /F1 /BaseFont /Times-Roman /Encoding /WinAnsiEncoding >> endobj 9 0 obj << /Type /Font /Subtype /Type1 /Name /F2 /BaseFont /Times-Italic /Encoding /WinAnsiEncoding >> endobj 10 0 obj << /Type /Font /Subtype /Type1 /Name /F3 /BaseFont /Times-Bold /Encoding /WinAnsiEncoding >> endobj 11 0 obj << /Type /XObject /Subtype /Image /Width 509 /Height 160 /Filter /FlateDecode /DecodeParms << /Predictor 15 /Colors 3 /Columns 509 /BitsPerComponent 8>> /Mask [ 255 255 255 255 255 255 ] /ColorSpace /DeviceRGB /BitsPerComponent 8 /Length 3280>> stream x[EQ㎦fVttҒ +3O{?lGDQԯDrB^.ϯ%~'0۠/2>0AG_>0j0GCfE67>rB^}@  !&y+r?INp:erc b8f=rQC!~-Wf^^zF[)G 2ޯe7V_Go3Ke GEGOo8rώ#\1ZY~N6^H}yLxS-!:412V+u\-LSO?xVvZ|GjǮT_8EYJF=Tw^ 7GxfN/S:Ʌ~ʟtt?5n÷J'JcF-GVξx{rO~tJd;#a\7}|~y'>}c2C vR}f׈**h.)_&@pfzjsx:5;S\vKhM5j=!Cn+h"u]a EUN]jn=k<,:Ք>sU!ni~6EJ)¦72?G}[y}_vc$t?iSܟ2Zݞ,VN?_`='RFK1A2qv&X_lLRWY'%:I㢖zb_UEx\>&ɆBˏ~K@ \gYØU4}$8Dv!'Q'*+Εj(UCGo[#< 2Ja(sZi9fZKE Rn`u\9r^Zmɯ׹}mstO4uc~#'jEvۼ Dx[z ޏQ4KL5,5u3>i^uÒ-53ba ~,~/pyt1fMU'CVm:qv~=Y'Es"WsφG?l_kN5}],Ow7 uh`xƫ?zMl7ٻv$A(4Dl(wwH} ?=[=S;yC]^BK>㕪9`Z'Wj;E|:bf>kCԘ#RY,iv쵗~}n'"1u" *uO΄/2^Sxr(!/DD\~mJyZ!MmrA!#u[if|99WB WΡpp}w}sh#,\ &:%˳X?D3 %W0cC?o̲^} F3XLVn]Cߖiϧ!7}yZJ#P7]=)7Ρp;>> Ye^xx{Oafw{ ;>4gfLt ʊ:q%#r/)pv!O4wGh|dS ӣݽހ-gVUC'pBxrB^} 7JA^} /'8!`:r?}}],X  }6y!`/~Br?}Q< >k7vx"] ,' .3jn{-i}|~%-};b6#U)7繎kiEw 㤳:E}[޼c"rꬊ7Dc$~"/Y&zSd:tFȌCrʙ`7u .#[-<)j ?TGS(j~oTup(hjU4PlJ=}|it.ҽ@\wʨuXÞZcx18Wo<~ikOg,ވ\^?EneyZcc0[R١z|zv7_m:_n]a?osS3~j^ hD.a_X'KfBX6w wݶ"Oa:,bvhrWH[uCF-Xfc}>x+Rz)2N-B 7y^٨;[/vg? | |2Sve}=o䑰j[vWjF0{굦?VI~}xM(_TlG__+]:#к?S} c>GŸD7 !w{S{B =x7a?oE#)+Gz:o_4Q<;n?\tt7?mGCџQGu4kņOF>F?#} hP&ђߴM#u!.СtL2^#o nIk_i.~7tr@n 1P~3?.[]=S5b߮~Yo^HFH YBi8a4iom>CKgMy*;?zqEӕ` >zB9iFzC?XF?ޟIܰ펉A}{I5ᄊx%ez#Mp@rߎpi]IOVjzuJt\۰f׺u5><,J~PTJp1)}){9N {!`/> endstream endobj 12 0 obj << /Type /Annot /Subtype /Link /A 13 0 R /Border [0 0 0] /H /I /Rect [ 197.0117 675.3895 357.3317 687.2695 ] >> endobj 13 0 obj << /Type /Action /S /URI /URI (http://www.history.ac.uk/reviews) >> endobj 14 0 obj [6 0 R /Fit] endobj 15 0 obj << /Type /Annot /Subtype /Link /A 16 0 R /Border [0 0 0] /H /I /Rect [ 268.3037 229.4755 282.2957 241.3555 ] >> endobj 16 0 obj << /Type /Action >> endobj 17 0 obj [6 0 R /Fit] endobj 18 0 obj << /Type /Annot /Subtype /Link /A 19 0 R /Border [0 0 0] /H /I /Rect [ 275.9717 200.9635 289.9637 212.8435 ] >> endobj 19 0 obj << /Type /Action >> endobj 20 0 obj << /Type /Page /Parent 3 0 R /Contents 21 0 R >> endobj 21 0 obj << /Length 7505 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(solutions to problems that could not be found elsewhere\). Ogilvie provides a thorough, empirically-grounded )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(rebuttal of all these arguments: merchant guilds were, in her view, primarily agents for improving the )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(economic prospects of a very small portion of society, and they actively hindered the growth of trade in )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(general, as well as economic growth and redistribution beyond the confines of the guilds themselves.)] TJ ET BT 34.016 727.445 Td /F1 12.0 Tf [(After setting out the theoretical positions of her opponents as well as her own approach, the author begins by )] TJ ET BT 34.016 713.189 Td /F1 12.0 Tf [(defining merchant guilds, in terms that will mostly be uncontroversial. Merchant guilds could be local )] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(guilds: associations of merchants within one town, in some cases of merchants trading in one particular )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(commodity or group of commodities; they could be alien merchant guilds: associations of merchants from )] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(one town or region coming together when trading outside their home territories; they could be in the form of )] TJ ET BT 34.016 656.165 Td /F1 12.0 Tf [(a hanse, most prominently the German Hanse, which was an association of merchants from a large group of )] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(towns trading internationally. The only aspect of her definition likely to be disputed \(which she )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(acknowledges\) is the inclusion of the early modern trading companies \(such as the English and the Dutch )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(East India Companies\) under the rubric of guilds. Many would argue that these companies were )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(fundamentally different, not least because, while they could still restrict who could and did trade on their )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(behalf, a much larger circle of people could be and were shareholders in these companies than were )] TJ ET BT 34.016 570.629 Td /F1 12.0 Tf [(members of guilds. Nevertheless, Ogilvie argues that the monopolistic practices of these institutions were )] TJ ET BT 34.016 556.373 Td /F1 12.0 Tf [(sufficiently like those of the earlier merchant guilds to allow for a combined analysis of both phenomena )] TJ ET BT 34.016 542.117 Td /F1 12.0 Tf [(\(many merchant guilds also continued to exist well into the early modern period\).)] TJ ET BT 34.016 515.861 Td /F1 12.0 Tf [(Two lengthy chapters provide overviews of how local merchant guilds, alien merchant guilds and trading )] TJ ET BT 34.016 501.605 Td /F1 12.0 Tf [(companies were constituted in terms of their economic structures and functions. Ogilvie proceeds by setting )] TJ ET BT 34.016 487.349 Td /F1 12.0 Tf [(out the arguments of her opponents and then adducing a very large number of examples proving that they are )] TJ ET BT 34.016 473.093 Td /F1 12.0 Tf [(wrong. Thus she gives evidence that both kinds of guilds sought monopolies; were largely effective in doing )] TJ ET BT 34.016 458.837 Td /F1 12.0 Tf [(so; sought to enforce their monopolies and were again largely effective in doing so; successfully sought to )] TJ ET BT 34.016 444.581 Td /F1 12.0 Tf [(restrict by various criteria entry into their associations; fixed prices; restricted supply; and used various other )] TJ ET BT 34.016 430.325 Td /F1 12.0 Tf [(means to dominate the market and force competitors out of it. In each instance, Ogilvie provides examples )] TJ ET BT 34.016 416.069 Td /F1 12.0 Tf [(from across Europe, spanning the second half of the Middle Ages and the early modern centuries, of guilds )] TJ ET BT 34.016 401.813 Td /F1 12.0 Tf [(seeking rights and then seeking to enforce them by various means, from lobbying public authorities to )] TJ ET BT 34.016 387.557 Td /F1 12.0 Tf [(imposing internal systems of punishment for infringement of guild regulations. She also cites numerous )] TJ ET BT 34.016 373.301 Td /F1 12.0 Tf [(cases of people complaining that the guilds were doing precisely what they tried to do: enforce their )] TJ ET BT 34.016 359.045 Td /F1 12.0 Tf [(monopolies and other exclusionary policies. With regard to both local and alien merchant guilds, roughly the )] TJ ET BT 34.016 344.789 Td /F1 12.0 Tf [(same sort of evidence can be found, and a lot of it, though alien merchant guilds often appear to have had )] TJ ET BT 34.016 330.533 Td /F1 12.0 Tf [(rather more competition and thus also rather more difficulty in getting their own way. All this seems to )] TJ ET BT 34.016 316.277 Td /F1 12.0 Tf [(prove conclusively that guilds were in fact monopolistic, exclusive and restrictive institutions that did not )] TJ ET BT 34.016 302.021 Td /F1 12.0 Tf [(assist in promoting the free movement of goods. Companies functioned in similar ways, though with regard )] TJ ET BT 34.016 287.765 Td /F1 12.0 Tf [(to exclusivity, I would suggest that there is surely a difference between a shareholder in a company and )] TJ ET BT 34.016 273.509 Td /F1 12.0 Tf [(someone who has given a loan to a merchant. In the latter case, while the creditor could indeed potentially )] TJ ET BT 34.016 259.253 Td /F1 12.0 Tf [(make the merchant bankrupt, she or he would not normally have, even in theory, any say in running the )] TJ ET BT 34.016 244.997 Td /F1 12.0 Tf [(process of trading; in contrast, shareholders even in early modern companies could, and sometimes did, )] TJ ET BT 34.016 230.741 Td /F1 12.0 Tf [(interfere with the running of those companies \(such instances were, admittedly, quite rare\). There was thus a )] TJ ET BT 34.016 216.485 Td /F1 12.0 Tf [(potentially much larger number of people who could have some influence on what a company did than )] TJ ET BT 34.016 202.229 Td /F1 12.0 Tf [(would have been the case with a guild.)] TJ ET BT 34.016 175.973 Td /F1 12.0 Tf [(How did merchant guilds manage to survive so long if they were not particularly beneficial to the economy )] TJ ET BT 34.016 161.717 Td /F1 12.0 Tf [(as a whole? Ogilvie argues that they did so because although they retarded economic growth in general, they )] TJ ET BT 34.016 147.461 Td /F1 12.0 Tf [(did prove to be beneficial \(at least to some extent\) for those who were guild members; and they were able to )] TJ ET BT 34.016 133.205 Td /F1 12.0 Tf [(continue doing so because of the various benefits they provided to rulers. Merchant guilds were able to )] TJ ET BT 34.016 118.949 Td /F1 12.0 Tf [(enforce their monopolies and other privileges because of the support they got from political authorities, but )] TJ ET BT 34.016 104.693 Td /F1 12.0 Tf [(this support had to be paid for. Guilds paid fees, often very large, to rulers, and also provided them with )] TJ ET BT 34.016 90.437 Td /F1 12.0 Tf [(loans; in addition, they frequently assisted with the assessment and sometimes collection of taxes and excise )] TJ ET BT 34.016 76.181 Td /F1 12.0 Tf [(duties on behalf of the rulers, and provided political and military support. One aspect of the relationship )] TJ ET BT 34.016 61.925 Td /F1 12.0 Tf [(between guilds and rulers that Ogilvie passes over with little comment is that members of merchant guilds )] TJ ET endstream endobj 22 0 obj << /Type /Page /Parent 3 0 R /Contents 23 0 R >> endobj 23 0 obj << /Length 7907 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(often )] TJ ET BT 61.676 796.469 Td /F2 12.0 Tf [(were)] TJ ET BT 85.004 796.469 Td /F1 12.0 Tf [( the rulers. At least in the major trading towns throughout most of western Europe, town councils )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(tended to be dominated throughout the Middle Ages by trading families, and these oligarchies effectively )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(gave the larger group to which they belonged ? the guilded merchants ? a helping hand. Thus the guilds were )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(able to survive not because of general economic benefits they brought, but because of the stranglehold their )] TJ ET BT 34.016 739.445 Td /F1 12.0 Tf [(members had on political power in many parts of Europe.)] TJ ET BT 34.016 713.189 Td /F1 12.0 Tf [(There remains, however, the argument that regardless of the restrictiveness of merchant guilds, since there )] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(were no alternative institutions promoting trade, the guilds were essential in enabling whatever economic )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(growth there was. Particularly in long-distance trade, merchants face a number of problems, many of which )] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(are associated primarily with issues relating to information and trust. Merchants must know where they can )] TJ ET BT 34.016 656.165 Td /F1 12.0 Tf [(buy cheap and sell dear, but in order to do so, they also need to trust their informants. Furthermore, given the )] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(distances and available means of communication, there needed to be a high level of trust to ensure that )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(contracts were enforced, goods bought were paid for, loans repaid, and agents entrusted with carrying out )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(transactions did so to their principals? benefit rather than their own. Proponents of merchant guilds argue )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(that these institutions built up a level of social capital among their members that facilitated all of these )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(operations, and thus aided economic growth. Ogilvie demonstrates, however, that there were in fact many )] TJ ET BT 34.016 570.629 Td /F1 12.0 Tf [(alternatives to merchant guilds in terms of institutions that could provide commercial security, contract )] TJ ET BT 34.016 556.373 Td /F1 12.0 Tf [(enforcement, information, and appropriate methods of dealing with principal-agent problems \(the problems )] TJ ET BT 34.016 542.117 Td /F1 12.0 Tf [(that arise when an agent might act not primarily to the benefit of the principal for whom she or he works, but )] TJ ET BT 34.016 527.861 Td /F1 12.0 Tf [(in her or his own interest\). Regarding all of these aspects of trade, Ogilvie has a twofold argument: first, that )] TJ ET BT 34.016 513.605 Td /F1 12.0 Tf [(there is little evidence to demonstrate that merchant guilds were in fact terribly effective in resolving any of )] TJ ET BT 34.016 499.349 Td /F1 12.0 Tf [(the problems posed; and second, that there were indeed alternative means of addressing these issues, often as )] TJ ET BT 34.016 485.093 Td /F1 12.0 Tf [(or more effective than the guilds. The alternative was provided by various public institutions that came into )] TJ ET BT 34.016 470.837 Td /F1 12.0 Tf [(being at the latest from around 1200; the sophistication and number of these institutions increased in the next )] TJ ET BT 34.016 456.581 Td /F1 12.0 Tf [(few hundred years. Thus Ogilvie shows that merchants, even those within guilds, frequently sought to )] TJ ET BT 34.016 442.325 Td /F1 12.0 Tf [(operate outside guild regulations because those regulations might have been beneficial to the guilds as a )] TJ ET BT 34.016 428.069 Td /F1 12.0 Tf [(whole, but were frequently not beneficial to individual merchants, or particular groups of merchants. In )] TJ ET BT 34.016 413.813 Td /F1 12.0 Tf [(many cases, large guilds like the Hansa, or the later trading companies, demonstrably operated in extremely )] TJ ET BT 34.016 399.557 Td /F1 12.0 Tf [(inefficient ways: size clearly did not induce efficiencies. There were, furthermore, many independent )] TJ ET BT 34.016 385.301 Td /F1 12.0 Tf [(merchants who seem to have been able to prosper as much as, and often more than, their guilded )] TJ ET BT 34.016 371.045 Td /F1 12.0 Tf [(counterparts, relying not on guilds but on various public institutions to deal with the problems arising from )] TJ ET BT 34.016 356.789 Td /F1 12.0 Tf [(trade. Over time, municipal and royal courts \(and also, though less frequently, ecclesiastical courts\) provided )] TJ ET BT 34.016 342.533 Td /F1 12.0 Tf [(judgements in mercantile matters, and merchants can frequently be seen to have preferred these venues to )] TJ ET BT 34.016 328.277 Td /F1 12.0 Tf [(guild mechanisms. By around 1300, public venues for dealing with disputes were common throughout )] TJ ET BT 34.016 314.021 Td /F1 12.0 Tf [(Western Europe, and were open to all, not just to guild members; the spread of literacy and the ubiquity of )] TJ ET BT 34.016 299.765 Td /F1 12.0 Tf [(written contracts and record-keeping also lessened, if not eliminated, the need for the sort of social capital )] TJ ET BT 34.016 285.509 Td /F1 12.0 Tf [(that might have been built up by guilds. Towards the end of the Middle Ages, and especially in the early )] TJ ET BT 34.016 271.253 Td /F1 12.0 Tf [(modern centuries, even information-gathering was facilitated by various public institutions, regulated not by )] TJ ET BT 34.016 256.997 Td /F1 12.0 Tf [(guilds but by the state or town authorities; these proved to be at least as beneficial to economic growth as the )] TJ ET BT 34.016 242.741 Td /F1 12.0 Tf [(merchant guilds if not more. Crucially, in many cases it seems to be possible to show that public institutions )] TJ ET BT 34.016 228.485 Td /F1 12.0 Tf [(arose as early as or before the guilds; the merchant guilds were therefore not necessary motors of growth that )] TJ ET BT 34.016 214.229 Td /F1 12.0 Tf [(were later superseded by public institutions.)] TJ ET BT 34.016 187.973 Td /F1 12.0 Tf [(Why would there have been public provision of such institutions if rulers could in fact benefit as much or )] TJ ET BT 34.016 173.717 Td /F1 12.0 Tf [(more from collaborating with the guilds and thereby restricting non-guild trade? Ogilvie does not really )] TJ ET BT 34.016 159.461 Td /F1 12.0 Tf [(address this question, but it is significant that England and the Low Countries seem to have advanced the )] TJ ET BT 34.016 145.205 Td /F1 12.0 Tf [(most, and earliest, in the direction of stable public institutions that could fulfil all or most of the functions )] TJ ET BT 34.016 130.949 Td /F1 12.0 Tf [(merchant guilds are held to have performed, )] TJ ET BT 249.296 130.949 Td /F2 12.0 Tf [(without)] TJ ET BT 285.308 130.949 Td /F1 12.0 Tf [( any sort of exclusionary effect or enforcement of )] TJ ET BT 34.016 116.693 Td /F1 12.0 Tf [(monopolies. Obviously, in some regions, public authorities saw the benefits of a more free form of trade in )] TJ ET BT 34.016 102.437 Td /F1 12.0 Tf [(which transaction and opportunity costs were reduced by the existence of public institutions, whereas in )] TJ ET BT 34.016 88.181 Td /F1 12.0 Tf [(other places, rulers preferred to rely on the benefits they could reap from merchant guilds. As Ogilvie herself )] TJ ET BT 34.016 73.925 Td /F1 12.0 Tf [(admits, more work needs to be done to determine the causes of these regional differences. It would be )] TJ ET BT 34.016 59.669 Td /F1 12.0 Tf [(particularly interesting to study the rise of public institutions, which were in effect competitors to the guilds )] TJ ET endstream endobj 24 0 obj << /Type /Page /Parent 3 0 R /Contents 25 0 R >> endobj 25 0 obj << /Length 7874 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(and appear to have undermined them, in towns that were dominated by the merchant class, as many late )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(medieval towns were, even in the Low Countries and England \(it is surely no coincidence that these )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(institutions seem to have been most prevalent and powerful in these regions, where merchant guilds began to )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(decline in importance relatively early\). Is it the case that in those towns where the merchant patriciates were )] TJ ET BT 34.016 739.445 Td /F1 12.0 Tf [(guild members, there was less provision of public, generalised alternatives to those services guilds are )] TJ ET BT 34.016 725.189 Td /F1 12.0 Tf [(thought to have provided than in towns dominated either by independent merchants or non-merchants?)] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(It is impossible to do justice here to the geographical and temporal scope of this study and the range of )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(examples Ogilvie adduces in support of her arguments, but it is clear that this is a very important book that )] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(gives rise to a number of highly significant questions for future research. It is also particularly commendable )] TJ ET BT 34.016 656.165 Td /F1 12.0 Tf [(that Ogilvie has chosen not to assume a high level of familiarity with economic theory on the part of her )] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(readers, explaining the terminology and concepts she uses concisely and clearly and thus making her work )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(accessible to historians with less theoretical sophistication than herself ? though much of the detail presented )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(about the guilds will not be new to specialist economic historians of the regions and periods covered \(as )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(opposed to economic theorists\). As is inevitable in a work of this sort, the argument is based on the citation )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(of a large range of scholarship \(which seems to me slightly biased towards northern Europe, but which does )] TJ ET BT 34.016 570.629 Td /F1 12.0 Tf [(include material from non-European parts of the world as well\); on occasion, at least with regard to regions )] TJ ET BT 34.016 556.373 Td /F1 12.0 Tf [(and periods with which I am relatively familiar, it seems to me that \(as is again probably inevitable\), Ogilvie )] TJ ET BT 34.016 542.117 Td /F1 12.0 Tf [(accepts as a matter of faith the arguments of some scholars that are not necessarily verified or easily )] TJ ET BT 34.016 527.861 Td /F1 12.0 Tf [(verifiable by documentary evidence \(I found at least one example where Ogilvie?s statements are backed up )] TJ ET BT 34.016 513.605 Td /F1 12.0 Tf [(by the citation of scholarship which does not itself, however, cite any supporting documentary evidence\). )] TJ ET BT 34.016 499.349 Td /F1 12.0 Tf [(Many of her arguments are buttressed by an impressive range of examples; for others, however, the evidence )] TJ ET BT 34.016 485.093 Td /F1 12.0 Tf [(adduced is rather thin. And while the focus on guilds and what they do certainly brings a number of benefits, )] TJ ET BT 34.016 470.837 Td /F1 12.0 Tf [(it brings with it some dangers too: both the negative effects often ascribed to guilds and the positive )] TJ ET BT 34.016 456.581 Td /F1 12.0 Tf [(outcomes arising from alternative institutions are unlikely to have monocausal explanations, and it seems to )] TJ ET BT 34.016 442.325 Td /F1 12.0 Tf [(me highly unlikely that the relative strength or weakness of merchant guilds were the sole, or even most )] TJ ET BT 34.016 428.069 Td /F1 12.0 Tf [(important factor influencing economic change in the period in question. Although I accept that these issues )] TJ ET BT 34.016 413.813 Td /F1 12.0 Tf [(were certainly of great significance, I think they do need to be assessed as part of a bundle of social and )] TJ ET BT 34.016 399.557 Td /F1 12.0 Tf [(economic factors not solely restricted to institutions, that brought about economic transformation in greater )] TJ ET BT 34.016 385.301 Td /F1 12.0 Tf [(or lesser degree in many parts of Western Europe.)] TJ ET BT 34.016 359.045 Td /F1 12.0 Tf [(All these caveats are, however, of relatively minor weight. The sheer mass of examples Ogilvie has amassed )] TJ ET BT 34.016 344.789 Td /F1 12.0 Tf [(surely outweighs the occasional weak links, and it would be unfair to expect a book on merchant guilds to )] TJ ET BT 34.016 330.533 Td /F1 12.0 Tf [(explore too much else in any detail. The most significant aspect of her work is indeed that she has managed )] TJ ET BT 34.016 316.277 Td /F1 12.0 Tf [(to put all of this together: it will be very difficult, in the face of so many examples to the contrary, to argue )] TJ ET BT 34.016 302.021 Td /F1 12.0 Tf [(that merchant guilds were not restrictive and monopolistic institutions, or that there were no alternative, )] TJ ET BT 34.016 287.765 Td /F1 12.0 Tf [(probably better, institutions that could and did foster economic growth. Equally important are the potential )] TJ ET BT 34.016 273.509 Td /F1 12.0 Tf [(ramifications of this study for our understandings of social and economic change in the pre-modern \(and )] TJ ET BT 34.016 259.253 Td /F1 12.0 Tf [(possibly also modern\) world, an aspect of her work that is not much stressed by Ogilvie but is certainly )] TJ ET BT 34.016 244.997 Td /F1 12.0 Tf [(present. To begin with, she makes the crucial point that the solely economic functions of institutions cannot )] TJ ET BT 34.016 230.741 Td /F1 12.0 Tf [(be viewed in isolation from the other things the institutions do: the efficiency an institution creates or )] TJ ET BT 34.016 216.485 Td /F1 12.0 Tf [(maintains is affected by )] TJ ET BT 151.328 216.485 Td /F2 12.0 Tf [(all)] TJ ET BT 164.000 216.485 Td /F1 12.0 Tf [( its actions, and if some might promote efficiency, others might detract from it, )] TJ ET BT 34.016 202.229 Td /F1 12.0 Tf [(and thus all the actions of any given institution must be examined holistically. Even more fundamentally, )] TJ ET BT 34.016 187.973 Td /F1 12.0 Tf [(institutions \(and, I would argue, all economic activities\) must be viewed within their larger institutional \(and, )] TJ ET BT 34.016 173.717 Td /F1 12.0 Tf [(I would argue, broader social and economic\) framework if we are to come to any reasonable judgement )] TJ ET BT 34.016 159.461 Td /F1 12.0 Tf [(about them and their long-term effects. If we examine only what merchant guilds did, we might come to the )] TJ ET BT 34.016 145.205 Td /F1 12.0 Tf [(conclusion that many scholars have reached, namely that whatever their flaws, they nevertheless did )] TJ ET BT 34.016 130.949 Td /F1 12.0 Tf [(promote trade in ways that were otherwise impossible. But when alternative existing institutions are taken )] TJ ET BT 34.016 116.693 Td /F1 12.0 Tf [(into account, it becomes clear that other methods of increasing efficiency in trade were not only known, but )] TJ ET BT 34.016 102.437 Td /F1 12.0 Tf [(also used, and quite often, and that these methods were in fact normally more effective for a broader )] TJ ET BT 34.016 88.181 Td /F1 12.0 Tf [(population. The crucial aspect of merchant guilds in this regard is that their benefits were particularised, )] TJ ET BT 34.016 73.925 Td /F1 12.0 Tf [(rather than general, and thus were limited to a relatively small group. Their economic benefits, potential and )] TJ ET BT 34.016 59.669 Td /F1 12.0 Tf [(real, were similarly also limited. In contrast, public institutions had generalised effects, and, Ogilvie argues, )] TJ ET endstream endobj 26 0 obj << /Type /Page /Parent 3 0 R /Annots [ 28 0 R 30 0 R 32 0 R ] /Contents 27 0 R >> endobj 27 0 obj << /Length 2635 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(could therefore be of greater overall economic benefit. The wider implication of Ogilvie?s monograph is that )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(economic growth and the spread of its benefits to the largest possible percentage of the population depends )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(to a great extent on the expansion of impersonalised, public institutions; why such institutions became more )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(prevalent earlier in some regions and not others thus becomes one of the most significant challenges for )] TJ ET BT 34.016 739.445 Td /F1 12.0 Tf [(future scholarship on the process of economic transformation in late medieval and early modern Europe.)] TJ ET BT 34.016 704.547 Td /F3 18.0 Tf [(Notes)] TJ ET BT 48.816 673.930 Td /F1 12.0 Tf [(1.)] TJ ET BT 64.016 673.925 Td /F1 12.0 Tf [(Avner Greif, )] TJ ET BT 128.324 673.925 Td /F2 12.0 Tf [(Institutions and the Path to the Modern Economy: Lessons from Medieval Trade)] TJ ET BT 64.016 659.669 Td /F1 12.0 Tf [(\(Cambridge, 2006\); this work sums up a number of earlier articles by Greif, many written in )] TJ ET BT 64.016 645.413 Td /F1 12.0 Tf [(collaboration with other scholars and referred to frequently by Ogilvie in the volume under review.)] TJ ET 0.000 0.000 0.800 rg BT 64.016 631.157 Td /F1 12.0 Tf [(Back to \(1\))] TJ ET 0.24 w 0 J [ ] 0 d 64.016 629.763 m 118.004 629.763 l S 0.000 0.000 0.000 rg BT 48.816 616.906 Td /F1 12.0 Tf [(2.)] TJ ET BT 64.016 616.901 Td /F1 12.0 Tf [(S. R. Epstein, )] TJ ET BT 132.692 616.901 Td /F2 12.0 Tf [(Freedom and Growth: The Rise of States and Markets in Europe, 1300?1750)] TJ ET BT 503.336 616.901 Td /F1 12.0 Tf [( \(London, )] TJ ET BT 64.016 602.645 Td /F1 12.0 Tf [(2000\).)] TJ ET 0.000 0.000 0.800 rg BT 95.012 602.645 Td /F1 12.0 Tf [(Back to \(2\))] TJ ET 0.24 w 0 J [ ] 0 d 95.012 601.251 m 149.000 601.251 l S 0.000 0.000 0.000 rg BT 34.016 576.389 Td /F1 12.0 Tf [(The author is happy to accept this review and does not wish to comment further.)] TJ ET 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d 34.391 559.663 526.499 1.500 re S BT 34.016 541.883 Td /F3 12.0 Tf [(Source URL:)] TJ ET 0.000 0.000 0.800 rg BT 104.672 541.883 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews/review/1102)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 104.672 540.489 m 328.316 540.489 l S 0.000 0.000 0.000 rg BT 34.016 515.512 Td /F3 12.0 Tf [(Links:)] TJ ET BT 34.016 501.112 Td /F1 12.0 Tf [([1] http://www.history.ac.uk/reviews/item/7741)] TJ ET endstream endobj 28 0 obj << /Type /Annot /Subtype /Link /A 29 0 R /Border [0 0 0] /H /I /Rect [ 64.0157 630.0775 118.0037 641.9575 ] >> endobj 29 0 obj << /Type /Action /S /GoTo /D 14 0 R >> endobj 30 0 obj << /Type /Annot /Subtype /Link /A 31 0 R /Border [0 0 0] /H /I /Rect [ 95.0117 601.5655 148.9997 613.4455 ] >> endobj 31 0 obj << /Type /Action /S /GoTo /D 17 0 R >> endobj 32 0 obj << /Type /Annot /Subtype /Link /A 33 0 R /Border [0 0 0] /H /I /Rect [ 104.6717 540.8035 328.3157 552.6835 ] >> endobj 33 0 obj << /Type /Action /S /URI /URI (http://www.history.ac.uk/reviews/review/1102) >> endobj xref 0 34 0000000000 65535 f 0000000008 00000 n 0000000073 00000 n 0000000119 00000 n 0000000349 00000 n 0000000386 00000 n 0000000569 00000 n 0000000665 00000 n 0000005490 00000 n 0000005599 00000 n 0000005709 00000 n 0000005818 00000 n 0000009379 00000 n 0000009507 00000 n 0000009591 00000 n 0000009620 00000 n 0000009748 00000 n 0000009784 00000 n 0000009813 00000 n 0000009941 00000 n 0000009977 00000 n 0000010042 00000 n 0000017600 00000 n 0000017665 00000 n 0000025625 00000 n 0000025690 00000 n 0000033617 00000 n 0000033715 00000 n 0000036403 00000 n 0000036530 00000 n 0000036585 00000 n 0000036712 00000 n 0000036767 00000 n 0000036895 00000 n trailer << /Size 34 /Root 1 0 R /Info 5 0 R >> startxref 36991 %%EOF