This pathbreaking book shows how credit markets functioned in Paris, through the agency of notaries, during a critical period of French history. Its authors challenge the usual assumption that organized financial markets—and hence the opportunity for economic growth—did not emerge outside of England and the Netherlands until the nineteenth century. Drawing on innovative research, the authors show that as early as the Old Regime, financial intermediaries in France were mobilizing a great tide of capital and arranging thousands of loans between borrowers and lenders. The implications for historians and economists are substantial. The role of notaries operating in Paris that Priceless Markets uncovers has never before been recognized. In the wake of this pathbreaking new study, historians will also have to rethink the origins of the French Revolution. As the authors show, the crisis of 1787-88 did not simply ignite revolt; it was intimately bound up in an economic struggle that reached far back into the eighteenth century, and continued well into the 1800s.

Priceless Markets: The Political Economy of Credit in Paris, 1660-1870

Business & Money

Rosenthal, Jean-Laurent

Hoffman, Philip T.

Postel-Vinay, Gilles

Economics

University of Chicago Press

Church and Community in the Diocese of Lyon, 1500-1789 (Yale Historical Publications Series)

Yale University Press

Financial disasters often have long-range institutional consequences. When financial institutions--banks, insurance companies, brokerage firms, stock exchanges--collapse, new ones take their place, and these changes shape markets for decades or even generations. Surviving Large Losses explains why such financial crises occur, why their effects last so long, and what political and economic conditions can help countries both rich and poor survive--and even prosper--in the aftermath. Looking at past and more recent financial disasters through the lens of political economy, the authors identify three factors critical to the development of financial institutions: the level of government debt, the size of the middle class, and the quality of information that is available to participants in financial transactions. They seek to find out when these factors promote financial development and mitigate the effects of financial crises and when they exacerbate them. Although there is no panacea for crises--no one set of institutions that will resolve them--it is possible, the authors argue, to strengthen existing financial institutions, to encourage economic growth, and to limit the harm that future catastrophes can do.

Surviving Large Losses: Financial Crises, the Middle Class, and the Development of Capital Markets

Belknap Press

Listen to a short interview with Philip T. HoffmanHost: Chris Gondek | Producer: Heron &amp; Crane
Financial disasters often have long-range institutional consequences. When financial institutions--banks, insurance companies, brokerage firms, stock exchanges--collapse, new ones take their place, and these changes shape markets for decades or even generations. Surviving Large Losses explains why such financial crises occur, why their effects last so long, and what political and economic conditions can help countries both rich and poor survive--and even prosper--in the aftermath.Looking at past and more recent financial disasters through the lens of political economy, the authors identify three factors critical to the development of financial institutions: the level of government debt, the size of the middle class, and the quality of information that is available to participants in financial transactions. They seek to find out when these factors promote financial development and mitigate the effects of financial crises and when they exacerbate them.Although there is no panacea for crises--no one set of institutions that will resolve them--it is possible, the authors argue, to strengthen existing financial institutions, to encourage economic growth, and to limit the harm that future catastrophes can do.

Growth in a Traditional Society

Philip Hoffman shatters the widespread myth that traditional agricultural societies in early modern Europe were socially and economically stagnant and ultimately dependent on wide-scale political revolution for their growth. Through a richly detailed historical investigation of the peasant agriculture of ancien-régime France, the author uncovers evidence that requires a new understanding of what constituted economic growth in such societies. His arguments rest on a measurement of long-term growth that enables him to analyze the economic, institutional, and political factors that explain its forms and rhythms. In comparing France with England and Germany, Hoffman arrives at fresh answers to some classic questions: Did French agriculture lag behind farming in other countries? If so, did the obstacles in French agriculture lurk within peasant society itself, in the peasants' culture, in their communal property rights, or in the small scale of their farms? Or did the obstacles hide elsewhere, in politics, in the tax system, or in meager opportunities for trade? The author discovers that growth cannot be explained by culture, property rights, or farm size, and argues that the real causes of growth derived from politics and gains from trade. By challenging other widely held beliefs, such as the nature of the commons and the workings of the rural economy, Hoffman offers a new analysis of peasant society and culture, one based on microeconomics and game theory and intended for a wide range of social scientists.

History

Europe

Princeton University Press

Philip Hoffman shatters the widespread myth that traditional agricultural societies in early modern Europe were socially and economically stagnant and ultimately dependent on wide-scale political revolution for their growth. Through a richly detailed historical investigation of the peasant agriculture of ancien-régime France, the author uncovers evidence that requires a new understanding of what constituted economic growth in such societies. His arguments rest on a measurement of long-term growth that enables him to analyze the economic, institutional, and political factors that explain its forms and rhythms. In comparing France with England and Germany, Hoffman arrives at fresh answers to some classic questions: Did French agriculture lag behind farming in other countries? If so, did the obstacles in French agriculture lurk within peasant society itself, in the peasants' culture, in their communal property rights, or in the small scale of their farms? Or did the obstacles hide elsewhere, in politics, in the tax system, or in meager opportunities for trade? The author discovers that growth cannot be explained by culture, property rights, or farm size, and argues that the real causes of growth derived from politics and gains from trade. By challenging other widely held beliefs, such as the nature of the commons and the workings of the rural economy, Hoffman offers a new analysis of peasant society and culture, one based on microeconomics and game theory and intended for a wide range of social scientists.

The startling economic and political answers behind Europe's historical dominance
Between 1492 and 1914, Europeans conquered 84 percent of the globe. But why did Europe establish global dominance, when for centuries the Chinese, Japanese, Ottomans, and South Asians were far more advanced? In Why Did Europe Conquer the World?, Philip Hoffman demonstrates that conventional explanations―such as geography, epidemic disease, and the Industrial Revolution―fail to provide answers. Arguing instead for the pivotal role of economic and political history, Hoffman shows that if certain variables had been different, Europe would have been eclipsed, and another power could have become master of the world. Hoffman sheds light on the two millennia of economic, political, and historical changes that set European states on a distinctive path of development, military rivalry, and war. This resulted in astonishingly rapid growth in Europe's military sector, and produced an insurmountable lead in gunpowder technology. The consequences determined which states established colonial empires or ran the slave trade, and even which economies were the first to industrialize. Debunking traditional arguments, Why Did Europe Conquer the World? reveals the startling reasons behind Europe's historic global supremacy.

Why Did Europe Conquer the World? (The Princeton Economic History of the Western World)

How a vast network of shadow credit financed European growth long before the advent of banking
Prevailing wisdom dictates that, without banks, countries would be mired in poverty. Yet somehow much of Europe managed to grow rich long before the diffusion of banks. Dark Matter Credit draws on centuries of cleverly collected loan data from France to reveal how credit abounded well before banks opened their doors. This incisive book shows how a vast system of shadow credit enabled nearly a third of French families to borrow in 1740, and by 1840 funded as much mortgage debt as the American banking system of the 1950s.
Dark Matter Credit traces how this extensive private network outcompeted banks and thrived prior to World War I―not just in France but in Britain, Germany, and the United States―until killed off by government intervention after 1918. Overturning common assumptions about banks and economic growth, the book paints a revealing picture of an until-now hidden market of thousands of peer-to-peer loans made possible by a network of brokers who matched lenders with borrowers and certified the borrowers’ creditworthiness.
A major work of scholarship, Dark Matter Credit challenges widespread misperceptions about French economic history, such as the notion that banks proliferated slowly, and the idea that financial innovation was hobbled by French law. By documenting how intermediaries in the shadow credit market devised effective financial instruments, this compelling book provides new insights into how countries can develop and thrive today.

Dark Matter Credit: The Development of Peer-to-Peer Lending and Banking in France (The Princeton Economic History of the Western World)

See the best price to sell, buy, or rent books by Hoffman, Philip T.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Hoffman, Philip T.

See the best price to sell, buy, or rent books by Hoffman, Philip T.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Priceless Markets: The Political Economy of Credit in Paris, 1660-1870

Church and Community in the Diocese of Lyon, 1500-1789 (Yale Historical Publications Series)

Surviving Large Losses: Financial Crises, the Middle Class, and the Development of Capital Markets

Surviving Large Losses: Financial Crises, the Middle Class, and the Development of Capital Markets

Growth in a Traditional Society

Growth in a Traditional Society

Why Did Europe Conquer the World? (The Princeton Economic History of the Western World)

Why Did Europe Conquer the World? (The Princeton Economic History of the Western World)

Dark Matter Credit: The Development of Peer-to-Peer Lending and Banking in France (The Princeton Economic History of the Western World)