Taxation, warfare, and the early fourteenth century ‘crisis’ in the north: Cumberland lay subsidies, 1332–1348

Chris Briggs

Recent research into the impact of Anglo-Scottish conflict on northern England’s economy has become increasingly sophisticated, using local estate accounts to enhance understanding of the role of war in the ‘crisis’ of the early fourteenth century. Yet taxation data also remains an important source on these issues, not least because of its wide geographical coverage. Using a rich series of lay subsidy documents for Cumberland, this article concludes that the direct impact of Scottish raids was only one of several determinants of economic fortunes. More significantly, reconstructing the process of taxation shows that non-violent resistance to state levies was as responsible as war damage for a decline in revenue from the county.

Article 2:

Slave prices, the African slave trade, and productivity in the Caribbean, 1674–1807

David Eltis, Frank D. Lewis and David Richardson

We draw wide-ranging implications about slave productivity change by making use of newly collected data on the prices paid for nearly 230,000 slaves as they arrived in the Americas from Africa between 1674 and 1807. Prices for the product that most slaves were destined to produce—sugar—are also available.  Together the comprehensive series allow us to derive annual measures of average slave productivity and to compare productivity trends across different sectors of the Caribbean. Average productivity rose throughout the Caribbean, and the pattern of average productivity change across regions was similar, indicating an open slave market. These averages mask sharp differences in the growth of demand for slaves among regions, as reflected by their slave populations. Between 1700 and 1790 the increase in demand ranged from 90 per cent in Barbados to 600 per cent in Jamaica and Cuba; while total factor productivity overall may have doubled. The slave trade accommodated the rising demand. It also served to offset population attrition among the slaves.

Article 3:

Explaining the ‘take-off’ of the Catalan cotton industry

James Thomson

Cotton was central to Catalan industrialization and, within cotton, progress in spinning and weaving, originating in the late eighteenth century, provided the cutting edge in the industry’s modernization. This article tests the current orthodoxy concerning the timing and causes of this breakthrough. It does so by first evaluating what were external influences on the success—government policy, the elasticity of supply of spun yarn (a potential disincentive) and of raw cotton—and then providing an analytical narrative of the advance first in hand and then mechanical spinning. On this basis a conclusion is reached that government policy was more advantageous to the development than posited in the current orthodoxy, that elasticity in the supply of spun yarn slowed the transition and that, though growing availability of American cotton eased the transition, the key to the development is to be found within the Catalan economy, experiencing a ‘Smithian’-type growth process in the eighteenth century, within which industrialization of cotton was nearly the last achievement before Spain’s severe ‘old régime crisis’ curtailed economic opportunity.

Article 4:

The market for American state government bonds in Britain and the United States, 1830–43

Namsuk Kim and John Joseph Wallis

In the 1830s the British and American economies were hit by a series of shared macroeconomic shocks. This paper investigates the role of markets for America’s State bonds in Britain and the USA during and between the crises in 1837, 1839, and 1842.There is strong evidence that the crises in 1839 and 1842 originated in the USA and spread to Britain. There is also strong evidence that credit markets for American state bonds were tighter in the USA than in London between 1839 and 1842. The idea that the depression that began in 1839 in the USA was triggered by credit conditions in Britain and transmitted via the market for state credit, finds no support here.