Class differences and the Commercial Revolution: An equilibrium selection story
نویسندگان
چکیده
The reopening of the Mediterranean routes in tenth century sparked, some regions Europe, a long period economic boom. It also triggered social change whereby members nobility, despite their status, turned to commerce. I explain these events through lens Kiyotaki and Wright (1989) model, extended two-country world. response elite communication shock causes economy transit from low-to high-production equilibrium, if pre-existing class differences are not too large. Quantitative experiments illustrate view historians that medieval expansion ensued where enjoyed relatively modest privileges was slow places, most notably France, elite's preoccupation for preserving social-status strong.
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ژورنال
عنوان ژورنال: Economic Modelling
سال: 2021
ISSN: ['0264-9993', '1873-6122']
DOI: https://doi.org/10.1016/j.econmod.2021.105508