Crises and Transformation in the Mediterranean World: Lessons from Catalonia (Palgrave Studies in Economic History)

This edited collection presents an economic history of Catalonia and its economic crises, from Roman times to the political difficulties of the present day. It considers how the strong identity of the Catalan people has been reinforced in critical episodes such as the commercial revolution of the Late Medieval Age, the 1640 rebellion, the Succession War of 1705-1714, the industrial revolution of the eighteenth and nineteenth centuries, and the strong repression during early Francoism. The book also explores how historical parallels from Catalonia’s past might shed light on the long-term consequences of the Great Recession of 2007-9 and recovery in the EU, showing how the typical Mediterranean approach of adjusting to crises by depreciating currencies and expanding public deficits has been less straightforward during the most recent financial crisis. A particularly deep slump has contributed to fostering the claim for independence of Catalonia in recent times, echoing larger dissatisfaction with EU monetary policy. With a comprehensive overview of major events in Catalonian economic history and their broader implications to European political economy and development, this book will be of interest to students and academics in economic history, social history, and monetary economics. Contents List of Contributors List of Figures List of Tables 1 Introduction: The Conversion of the Mediterranean into a World Centre, Its Crises and the Formation of the Late Mediaeval Commercial Empires 1.1 The Formation of a World Centre, c 9000 BC–164 AD 1.2 Recurrent Crises and Transformation of the Mare Nostrum, 165–800 1.3 The Catalan Counties, Between the Roman-Carolingian Matrix and the Mediterranean Commercial Revolution, 801–1315 References 2 Late Antiquity and Early Middle Ages: The Crisis Before the Crisis or, Again, the Transition from the Ancient System to Feudalism 2.1 Ancient System and Crises in Roman Times 2.2 Successor-States: Continuities and Changes 2.3 The Carolingians: Restoration and Crisis 2.4 The Feudal Revolution 2.5 The Twelfth-Century Crisis 2.6 Concluding Remarks Notes References 3 The Great Late Medieval Depression and the Catalan Economy, 1315–1516 3.1 The Great Depression of the Late Middle Ages in the Mediterranean 3.2 Crises and Growth in Fourteenth-Century Catalonia 3.3 The Collapse of the Catalan Economy, 1404–1516 3.4 Splendour and Decay of Barcelona: A Comparison from a Mediterranean Perspective 3.5 Concluding Remarks References 4 The Crisis of the Seventeenth Century in Valencia and Catalonia 4.1 Some Economic Indicators from Valencia and Catalonia 4.2 The Expulsion of the Moriscos and the Economic Crisis in Valencia 4.3 Other Factors of the Valencian Crisis 4.4 An Explanation of the Crisis of the Seventeenth Century in Catalonia 4.5 Concluding Remarks Notes References 5 Crises in Catalonia at a Time of Growth and Transition, 1680–1840 5.1 Crises in a Phase of Secular Growth 5.2 The Crises That Affected the Phoenix Just When It Was Trying to Take Off 5.3 The Catastrophe of the War of the Spanish Succession and its Consequences 5.4 The Crisis of 1765—When the Shadow of Malthus Loomed Over the Catalan Economy 5.5 “War with Everyone, and Peace with England”—The Crises of the End of the Century 5.6 The Calamity of the Peninsular War 5.7 The Crises of the Years of Collapse of the Ancien Régime and of the Liberal Revolution 5.8 Concluding Remarks Notes References 6 Economic and Financial Crises in Catalonia (1840–1914) 6.1 The Economic and Financial Crises of the Nineteenth Century 6.2 The 1847–1848 Crisis 6.3 The 1857–1859 Crisis 6.4 The 1860s Crisis and the 1866 Crash 6.5 The “Gold Rush” Bubble 6.6 The Systemic Transformations of the End of the Nineteenth Century: Fiscal Crisis and New Monetary System 6.7 The Wheat Crisis and the Disappearance of Subsistence Crises 6.8 The Catalan Economy Overwhelmed by the Restriction of Bank Credit, 1883–1914 6.9 Concluding Remarks Appendix Notes References 7 Depressions of the Catalan Economy During the Rise and Decline of the Second Industrial Revolution, 1914–2016 7.1 The Slump of the End of the Great War, 1919–1923 7.2 The Great Depression of the Twentieth Century, 1929–1955 7.3 The Slump of Late Francoism and Transition to Democracy, 1974–1986 7.4 The Great Depression of the Euro, 2008–2016 7.5 Concluding Remarks Appendix Notes References 8 Conclusions: Five Mediterranean Lessons from Catalonia—Diversity, Exchange, Development, Crises and Resilience 8.1 Diversity, Exchange and Development in the Bronze Age 8.2 The Crisis of the Late Bronze Age 8.3 Resilient Thalassocracies 8.4 Empire, Exchange and Development Under Rome 8.5 The Long Decline of Mediterranean Exchange 8.6 Renewed Diversity: The Case of the Catalan Counties 8.7 Mediterranean Resilience Between Feudalism and the Commercial Revolution 8.8 The Great Late Mediaeval Depression 8.9 The Mare Nostrum, from Centre to Periphery 8.10 Atlantic Exchange as a New Development Opportunity 8.11 The Challenge of the First Industrial Revolution 8.12 Nations Versus Empires, Empires Versus Nations 8.13 The Financial Instability of Nineteenth-Century Capitalism 8.14 Acceleration of Development During the Second Industrial Revolution 8.15 The Worst Crisis of the Twentieth Century 8.16 The Climax of the Second Industrial Revolution 8.17 A New Drive to Mediterranean Diversity 8.18 From Stagflation to Deindustrialization 8.19 The Euro’s Crisis 8.20 Resilient Mediterranean Diversity References Index