Lecture 10

As in europe under absolutism property rights were

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Unformatted text preview: in trade and granted monopolies. As in Europe under absolutism, property rights were generally not very secure (Reid, 1993, Chapter 5). James A. Robinson (Harvard) The Emergence of Modern Economic Growth: A Comparative and Historical Analysis October 14, 2009 15 / 19 Source: Reid, Anthony (1988) Southeast Asia in the Age of Commerce 1450-1680: The Land below the Winds, Yale University Press. P. 9. Source: Reid, Anthony (1993) Southeast Asia in the Age of Commerce 1450-1680: Expansion and Crisis, Yale University Press. p3. Nutmeg is the seed and mace the outer covering of the seed of the tree Myristica frangrans which until the 18th Century only grew on the Banda islands Clove flowers Dried cloves Expansion and Decline Source: Reid, Anthony (1993) Southeast Asia in the Age of Commerce 1450-1680: Expansion and Crisis, Yale University Press. p14. Source: Reid, Anthony (1993) Southeast Asia in the Age of Commerce 1450-1680: Expansion and Crisis, Yale University Press. p9. Source: Reid, Anthony (1993) Southeast Asia in the Age of Commerce 1450-1680: Expansion and Crisis, Yale University Press. p21. European Expansion The Portuguese took Melaka in 1511 and afterwards systematically tried to gain a monopoly of the valuable spice trade (Nutmeg, Cloves and Mace). But they never really succeeded. It was the Dutch who succeeded. Dutch East India Company (V.O.C.) successful managed to establish a monopoly of valuable spices in the Moluccas, in particular, in Ambon and Banda islands. They systematically eliminated all competitors. James A. Robinson (Harvard) The Emergence of Modern Economic Growth: A Comparative and Historical Analysis October 14, 2009 16 / 19 See what happens to Clove prices when the VOC established a monopoly Source: O’Rourke, Kevin and Jeffrey Williamson (2002) “After Columbus,” Jo...
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