Date Added: Apr 2011
In a new approach to a long-ranging debate on the causes of the Late Medieval Debasement, the authors offer an institutional case-study of Russia and the Levant. Avoiding the complexity of the "Upstream" financial/minting centres of Western Europe, they consider the effects of debasement "Downstream", in resource-exporting periphery countries. The paper shows the amazing synchronicity of the worldwide appearance of the early modern trading system, associated with capitalism or commercial society. The centre-periphery feedback loop amplified trends and pushed towards economic and institutional changes.