The Economy of Renaissance Italy (Routledge Explorations in Economic History)

Drawing on a wide range of literature and adopting a macroeconomic approach, this book provides a comprehensive overview of the Italian economy during the Renaissance, focusing on the period between 1348, the year of the Black Death, and 1630. The Italian Renaissance played a crucial role in the formation of the modern world, with developments in culture, art, politics, philosophy, and science sitting alongside, and overlapping with, significant changes in production, forms of organization, trades, finance, agriculture, and population. Yet, it is usually argued that splendour in culture coexisted with economic depression and that the modernity of Renaissance culture coincided with an epoch of epidemics, famines, economic crisis, poverty, and destitution. This book examines both faces of the Italian economy during the Renaissance, showing that capital per worker was plentiful and productive capacity and incomes were relatively high. The endemic presence of the plague, curbing population growth, played an important role in this. It is also shown that the organization of production in industry and finance, consumerism, human capital, and mercantile rationality were the forerunners of modern-day capitalism. This book is an invaluable resource for scholars and students of the Renaissance and Italian economic history. "Drawing on a wide range of literature and adopting a macroeconomic approach, this book provides a comprehensive overview of the Italian economy during the Renaissance, focusing on the period between 1348, the year of the Black Death, and 1630. The Italian Renaissance played a crucial role in the formation of modern world, with developments in culture, art, politics, philosophy and science sitting alongside, and overlapping with, significant changes in production, forms of organisation, trades, finance, agriculture and population. Yet it is usually argued that splendour in culture coexisted with economic depression: that the modernity of Renaissance culture coincided with an epoch of epidemics, famines, economic crisis, poverty and destitution. This book examines both faces of the Italian economy during the Renaissance showing that capital per worker was plentiful and productive capacity and incomes were relatively high. The endemic presence of the plague, curbing population growth, played an important role in this. It is also shown that the organisation of production in industry and finance, consumerism, human capital and mercantile rationality were forerunners of modern-day capitalism. This book is an invaluable resource for scholars and students of the Renaissance and Italian economic history. Paolo Malanima is an economic historian. He has been Director of the Institute of Studies on Mediterranean Societies (ISSM-CNR) in Naples, Italy, and Professor of Compared Economies and Growth Economics in Magna Graecia University in Catanzaro. His main research interests span the long-term Italian economy and past and present energy consumption"-- Provided by publisher Cover Half Title Series Page Title Page Copyright Page Table of Contents List of illustrations List of tables List of maps Introduction Chapter 1 Population and labour 1.1 The Black Death 1.1.1 The plague 1.1.2 Famines 1.1.3 Demographic recovery 1.2 A low-pressure population system 1.2.1 Population trend 1.2.2 Population density 1.2.3 Labour force 1.3 The cities 1.3.1 The urbanization rate 1.3.2 Structural continuity 1.3.3 The urban geography 1.3.4 From communes to state capitals 1.4 Population and prices 1.4.1 Currency and prices 1.4.2 Demographic trends and prices 1.5 Conclusion Chapter 2 Wealth and capital 2.1 Wealth 2.1.1 The wealthiest 2.1.2 Wealth structure 2.1.3 Wealth distribution 2.2 Capital 2.2.1 Fixed capital 2.2.2 Investment 2.2.3 Natural capital 2.2.4 Climate 2.3 Human capital 2.3.1 Literacy 2.3.2 Education 2.4 Conclusion Chapter 3 Productivity and efficiency 3.1 Productivity 3.1.1 The limiting factor 3.1.2 Agricultural productivity 3.1.3 Water, wind, and gunpowder 3.2 Efficiency 3.2.1 The institutional approach 3.2.2 Political and economic institutions 3.2.3 Political constraints 3.2.4 The cultural climate 3.2.5 Urban institutions 3.2.6 Rural institutions 3.3 Wages 3.3.1 Nominal wages 3.3.2 Real wages 3.3.3 Factor prices 3.3.4 Italian and European wages 3.4 Conclusion Chapter 4 Production and income 4.1 Product 4.1.1 Extensive growth 4.1.2 The trend 4.1.3 Incomes 4.2 Structure 4.2.1 Agricultural and non-agricultural product 4.2.2 Urban output 4.3 Expenditure 4.3.1 Public expenditure 4.3.2 The consumption of the poor 4.3.3 The consumption of the rich 4.4 Italy and Europe 4.5 Conclusion 4.5.1 A golden age 4.5.2 The long decline Bibliography Index