0. Working paper, Peace Dividends and Land Booms

0. Working paper, Peace Dividends and Land Booms - Peace...

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Peace Dividends and Land Booms Mason Gaffney, August 2005 Many standard sources are used. A valuable and generally underutilized source is Levasseur, M.E., 1892. Les Prix . Aperçu de l'Histoire Économique de la Valeur et du Revenue de la Terre en France. 13th-18th cents. Extrait des Mémoires de la Société Nationale d'Agriculture de France. Tome 135, 1893. Paris: Typographie Chamerot et Renouard, 1893. Over several centuries we can observe that major peace and disarmament treaties have kicked off land booms by lowering taxes - all kinds of taxes. We also often observe that the booms lead to busts, after periods ranging from 4 years (1815-19), 7 years (1713-20, 1865-73) to 11 years (1918-29, 1781-92) A few examples follow: 1095, Pope Urban II kicks off the First Crusade 1259, Louis IX (St. Louis) gives up warfare, makes peace all around by compromising with James I of Aragon, and Henry III of England. A skilled arbitrator, he also brings peace to Flanders, Hainault, and Navarre. Stands in well with the Pope, who gives him Sicily. Previously, 1229, France had made honorable peace with Raymond VII of Toulouse, ending Albigensian “crusade” (or perhaps coopting Raymond into it, for Louis cooperated in the papal inquisition). Louis is a skilled administrator, brings to France unprecedented peace and unity. As to ”prosperity,” he raised land values; yet the quarrelsome city-states of northern Italy, Flanders, and southern Germany forged ahead in trade, industry, banking, art, science, and letters. 1431, French under Jeanne d’Arc lift siege of Orleans. Land values there rise from 16 to 92 francs per hectare (converted from ancient units in use then). 1509-29, Cardinal Wolsey, counselor to young Henry VIII of England, advised “Greatness through Peace.” This held down taxes, and raised English land values and so helped kick off the enclosure movement. Mania of land speculation: era of Peace and Poverty - inducing some emigration
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1519, Cortez conquers Mexico, looted gold and other treasures flood into Spain - raising Spanish land values. Charles V defeats and captures Francis I at Pavia, 1525, freeing Charles to return to Germany and suppress Anabaptist rebels under Munzer, slaughtering 100,000. Martin Luther supports Charles in this. Thus, a peace dividend of victory lets the ruling rentiers wage class warfare to the max, maintaining power of landlords to collect rent and enclose commons. As to religion, the suppression of the landless was ecumenical: in Germany, Catholic Charles V, with Luther’s approval, suppressed and dispossessed rebel protestants; in England, Henry VIII confiscated church lands and suppressed catholics. 1529, German states vote to help Vienna hold out
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This note was uploaded on 02/16/2012 for the course ECON 123 taught by Professor Smith during the Winter '11 term at UC Riverside.

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0. Working paper, Peace Dividends and Land Booms - Peace...

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