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Event

The Price Revolution

The long rise in European prices from about 1520 to 1650.

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Dates
1520–1650
How each side tells it

According to Earl J. Hamilton

According to John H. Munro

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The long rise in European prices from about 1520 to 1650.

Connections 5

caused by

  • American silver imports According to Earl J. Hamilton Scholarship & press 1

    Hamilton's thesis as Munro states it: chiefly, if not entirely, responsible for the inflation of much of the era, but principally only for about 1540 to 1600. Hamilton's price data are Spanish; Munro warns that many economic historians, himself included, have misread him on this.

  • American silver imports According to John H. Munro Scholarship & press 1

    Munro's own view: a monetary explanation is held today by a minority, and none can be purely monetary.

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Timeline 1 date
  1. 1520–1650 The Price Revolution
Proof 1 source
  1. John Munro, review essay on Earl J. Hamilton, American Treasure and the Price Revolution in Spain, 1501-1650, in EH.Net Classic Reviews in Economic History, Economic History Association (EH.Net), Jan 2007. Scholarship & press
    in seeking to demonstrate that the influx of American silver was chiefly, if not entirely, responsible for the inflation of much of the Price Revolution era, from ca. 1520 to ca. 1650: but, principally only for the specific period of ca. 1540 to ca. 1600.
    Hamilton and the Price Revolution: A Revindication of His Tarnished Reputation and of a Modified Quantity Theory
    only a minority of us today espouse a basically monetary explanation for the European Price Revolution (ca. 1515/20-1650) — though no such explanation can be purely monetary.
    on prices (including wages) in Spain (Old and New Castile, Andalusia, Valencia), for the 150 year period from 1501 to 1650
    principally from what is now Bolivia (Vice Royalty of Peru) and Mexico
    Many economic historians (myself included, regrettably) have misunderstood Hamilton on this point
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