The medieval Origins of Capitalism in the Netherlands

Bas J.P. Van Bavel

MPRA Paper from University Library of Munich, Germany

Abstract: Large parts of the Netherlands saw an early rise in market traffic during the late Middle Ages already. Exchange via the market became the dominant form not only for goods, but also for land, labour and capital, and this during the course of the sixteenth century already. This contribution investigates why it should be that the market form of exchange arose so early here specifically; how markets were organised as institutions and how they functioned. It will be demonstrated that the markets here had a favourable organisation, with low transaction costs, a high level of integration of the markets and a large degree of certainty for parties entering these markets. Nevertheless, the consequences of the rise of the market were not all positive. The rise of a market economy did not lead to any appreciable economic growth, while the social effects were largely negative. Social polarisation, pollution and the need to work ever harder depressed standards of living for most people in the sixteenth and seventeenth centuries.

Keywords: Capitalism; History Of Capitalism; Medieval Low Countries (search for similar items in EconPapers)
JEL-codes: N00 N01 N9 N93 O11 P1 (search for similar items in EconPapers)
Date: 2010
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Published in Bijdragen en mededelingen voor de geschiedenis der Nederlanden 125.2-3(2010): pp. 45-80

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