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Market, civic virtues, and civic bargaining in the medieval and early modern age: some evidence from sixteenth century Italy

Content Provider	Springer Nature Link
Author	Clerici, Luca
Copyright Year	2012
Abstract	In the last decades, historians have shown that the modern market is rooted in the institutional system created in European towns since the middle ages. This approach leads us beyond the usual opposition between market and society or between public and private market. Indeed, in the medieval and early modern age, the market was part of a wider institutional design of civil life, which had a basic conceptual frame of reference in the notion of the common good, a feature typical of such organicistic and hierarchical societies. This paper explores the process of market construction in the medieval and early modern age. I firstly analysed the role of the market in these societies and then focused on the case of foodstuff provision: a key element of the non-written, ancient pact between rulers and people, based on the assurance of subsistence. As a basis for the study, I employed sixteenth century documents regarding Vicenza, a medium-sized town in the Republic of Venice. These show very clearly that, in general, market and price regulation was not the result of arbitrary interventions by public authorities; on the contrary, it was the result of a process of negotiation, which I call civic bargaining. This process involved—to various degrees—public authorities, landowners, merchants and guilds, and the town’s people, the pursuit of the common good being, in practice, a matter of balancing various needs and interests. Present-day economic and social public policies are, in many aspects, an inheritance of the institutional system created in the medieval and early modern age: knowledge of these origins is useful in the present debate regarding economic versus social development, as discussed at the end of the paper.
Starting Page	459
Ending Page	475
Page Count	17
File Format	PDF
ISSN	18651704
Journal	International Review of Economics
Volume Number	59
Issue Number	4
e-ISSN	18634613
Language	English
Publisher	Springer-Verlag
Publisher Date	2012-02-14
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Market Medieval and early modern age Economic ethics Market and price regulation Fair price Civic bargaining Methodology and the History of Economic Thought Game Theory/Mathematical Methods Law and Economics Social Policy Economic Policy
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

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