The cost of capital and medieval agricultural technique
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The rate of return to capital in England before 1350 was at least two and a half times its level subsequent to 1750. The extent and timing of this fall is examined using rent charges and the returns on holding land from 1151 till 1850. High interest rates explain several features of the medieval economy, including most elements of the much debated open-field system. Further the low yields of medieval grain producers, also the subject of some debate, can be shown to be at least partly explicable by the high interest costs of land improvements.
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DOI: 10.1016/0014-4983(88)90002-2
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ISTEX:1577E26997698338B26B55C9163C2E5331695800Le document en format XML
<record><TEI><teiHeader><fileDesc><titleStmt><title>The cost of capital and medieval agricultural technique</title><author><name sortKey="Clark, Gregory" uniqKey="Clark G">Gregory Clark</name><affiliation wicri:level="2"><mods:affiliation>Stanford University, Stanford, California 94305 USA</mods:affiliation><country xml:lang="fr">États-Unis</country><placeName><region type="state">Californie</region></placeName><wicri:cityArea>Stanford University, Stanford</wicri:cityArea></affiliation><affiliation><mods:affiliation>I thank Donald McCloskey for his generous and encouraging comments, without in any way implicating him in the conclusions drawn in the paper. Stefano Fenoaltea and two other referees made extensive and useful suggestions and criticisms, as did Paul David, Joel Mokyr, Paul Rhode, Bill Sundstrom, members of the Social Science History Workshop at Stanford, and the participants at the 1986 Cliometrics conference.</mods:affiliation><wicri:noCountry code="subField">and the participants at the 1986 Cliometrics conference.</wicri:noCountry></affiliation></author></titleStmt><publicationStmt><idno type="RBID">ISTEX:1577E26997698338B26B55C9163C2E5331695800</idno><date when="1988">1988</date><idno type="doi">10.1016/0014-4983(88)90002-2</idno><idno type="url">https://api.istex.fr/document/1577E26997698338B26B55C9163C2E5331695800/fulltext/pdf</idno><idno type="wicri:Area/Istex/Corpus">000323</idno><idno type="wicri:Area/Istex/Curation">000323</idno><idno type="wicri:Area/Istex/Checkpoint">002C83</idno><idno type="MainMerge">002C83</idno><idno type="wicri:Area/Main/Merge">003948</idno></publicationStmt><seriesStmt><idno type="ISSN">0014-4983</idno></seriesStmt></fileDesc><profileDesc><textClass></textClass></profileDesc></teiHeader><front><div type="abstract" xml:lang="eng">The rate of return to capital in England before 1350 was at least two and a half times its level subsequent to 1750. The extent and timing of this fall is examined using rent charges and the returns on holding land from 1151 till 1850. High interest rates explain several features of the medieval economy, including most elements of the much debated open-field system. Further the low yields of medieval grain producers, also the subject of some debate, can be shown to be at least partly explicable by the high interest costs of land improvements. </div></front></TEI></record>Pour manipuler ce document sous Unix (Dilib)
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