Skip to main content
×
×
Home

The Economic Crisis of 1619 to 1623

  • Charles P. Kindleberger (a1)
Abstract

Various states in the Holy Roman Empire prepared for the Thirty Years' War by creating new mints and debasing the subsidiary coinage. The process spread through Gresham's Law: bad money was taken by debasing states to their neighbors and exchanged for good. The neighbor typically defended itself by debasing its own coin. The resulting hyperinflation was terminated early in the war by an agreement to return to the Imperial Augsburg Ordinance of 1559. The Kipper- und Wipperzeit, as the period is called, illuminates the geographic spread of financial crises, German hypennflations of this century, and current proposals for “free banking.”

Copyright
References
Hide All
Attman, Artur, American Bullion in the European World Trade, 1600–1800 (Goteborg, 1986).
Barbour, Violet, Capitalism and Amsterdam in the Seventeenth Century (paperback edn., Ann Arbor, MI, 1966).
Bernholz, Peter, “Currency Competition, Inflation, Gresham's Law and Exchange Rate,” Journal of Institutional and Theoretical Economics, 145 (09 1989), pp.469–88.
Bisson, Thomas N., Conservation of Coinage: Monetary Exploitation and Its Restraint in France, Catalonia and Aragon, c 1000–1225 A.D. (Oxford, 1979).
Bogucka, Maria, “The Monetary Crisis of the XVIIth Century and Its Social and Psychological Consequences in Poland,” Journal of European Economic History, 4 (Spring 1975), pp. 137–52.
Braudel, Fernand, The Structure of Everyday Life, vol. 1 of Civilization & Capitalism, 15th–18th Century (New York, 1986).
Braudel, Fernand, The Wheels of Commerce, vol. 2 of Civilization & Capitalism, 15th–18th Century (New York, 1986).
Chaudhuri, K. M., The English East India Company: The Study of an Early Joint-Stock Company, 1600–1640 (London, 1965).
de, Roover, Gresham on Foreign Exchange: An Essay on Early English Mercantilism (Cambridge, MA, 1949).
dtv (Deutscher Taschenbuch Verlag), Atlas zur Weltgeschichte, Karten und Chronologischer Abriss, vol. 1, Von den Anfängen bis zur Franzöischen Revolution (Munich, 1964).
de Vries, Jan, The Economy of Europe in the Age of Crisis, 1600–1750 (New York, 1976).
Ehrenberg, Richard, Capital and Finance in the Age of the Renaissance: A Study of the Fuggers, translated from the 1898 German edn. (New York, 1928).
Einaudi, Luigi, “The Theory of Imaginary Money from Charlemagne to the French Revolution,” translated from the Italian of 1936, in Lane, F. C. and Riersma, J. C., eds., Enterprise and Secular Change (Homewood, IL, 1953), pp. 229–61.
Ellis, Howard E., German Monetary Theory, 1905–1933 (Cambridge, MA, 1934).
Elsas, M. J., Umriss einer Geschichte der Preise und Löhne in Deutschland, 3 vols. (Leiden, 1936, 1940, 1949).
Feaveryear, , Sir Albert, , The Pound Sterling: A History of British Money, 2nd edn., rev. by Morgan, E. Victor (Oxford, 1963).
Friedrichs, Christopher R., Urban Society in an Age of War: Nördlingen, 1580–1720 (Princeton, 1979).
Gaettens, Richard, Geschichte des Inflationen, 2nd edn. (Minden, 1986).
Glamann, Kristof, “European Trade, 1500–1750,” in Cipolla, Carlo M., ed., The Fontana Economic History of Europe: The Sixteenth and Seventeenth Centuries (Glasgow, 1974), pp. 427526.
Gould, J. S., “The Trade Depression of the Early 1620s,” Economic History Review, 2nd series, 7 (08 1954), pp. 8190.
Heckscher, Eli F., An Economic History of Sweden, translated by Ohlin, Göran (Cambridge, MA, 1954).
Henning, Friederich-Wilhelm, Das vorindustrielle Deutschland, 800 bis 1800 (Paderborn, 1974).
Hobsbawm, E. J., “The Crisis of the Seventeenth Century,” in Aston, Trevor, ed., Crisis in Europe, 1560–1660: Essays from Past and Present (London, 1965), pp. 558.
Hoskins, W. G., “Harvest Fluctuations and English Economic History, 1480–1619,” Agricultural History Review, 12 (Summer 1964), pp. 2846.
Hoszowski, St., Les prix à Lwow (XVIe—XVIIe siècles), translated from the Polish (Paris, 1954).
Judge, A. V., “Philip Burlamachi: A Financier of the Thirty Years' War,” Economica, 6 (11 1926), pp. 285300.
Kellenbenz, Hermann, Sephardim an der unteren Elbe: Ihre wirtschaftliche und politische Bedeutung von Ende des 16. bis zum Beginn des 18. Jahrhunderts (Wiesbaden, 1958).
Kindleberger, C. P., “International Propagation of Financial Crises: The Experience of 1886–1893,” in Kindleberger, C. P., Keynesianism vs. Monetarism and Other Essays in Financial History (London, 1985), pp. 226–39.
Kindleberger, C. P., Manias, Panics and Crashes: A History of Financial Crises, 2nd edn. (New York, 1989).
Kindleberger, C. P., “The Panic of 1873,” in White, Eugene N., ed., Crashes and Panics: The Lessons from History (Homewood, IL, 1990), pp. 6984.
Kindleberger, C. P., “Spenders and Hoarders: The World Distribution of Spanish American Silver, 1550–1750,” in Kindleberger, C. P., Historical Economics: Art or Science? (Berkeley, CA, 1990), pp. 3585.
Kindleberger, C. P., “International (and Interregional) Aspects of Financial Crises” (National Bureau of Economic Research conference volume, forthcoming).
Klíma, Arnošt, “Inflation in Bohemia in the Early Stage of the 17th Century,” in Flinn, Michael, ed., Seventh International Economic History Congress (Edinburgh, 1978), pp. 375–86.
Langer, Herbert, Kulturgeschichte des 30 jähriges Krieges (Leipzig, 1978).
Macauley, Thomas Babington, History of England from the Accession of James II, vol. 4 (London, 1948).
Olson, Mancur, “Some Questions about the Weimar Republic and Possible Parallels in the Developed Democracies Today,” in Koslowski, Peter, ed., Individual Liberty and Democratic Decision-Making (Tübingen, 1987), pp. 127–41.
Opel, J. C., “Deutsche Finanznoth beim Beginn der dreissigjährische Krieges,” Historische Zeitschrift, 16 (1966), pp. 213–68.
Parker, Geoffrey, “The Emergence of Modern Finance in Europe, 1500–1730,” in Cipolla, Carlo M., ed., The Fontana Economic History of Europe: The Sixteenth and Seventeenth Centuries (Glasgow, 1974), pp. 529–94.
Parker, , Geoffrey, , The Thirty Years' War, rev. ed. (London, 1987).
Phelps, Brown E. H., and Hopkins, Sheila V., “Seven Centuries of the Prices of Consumables Compared with Builders' Wage-Rates,” Economica, n.s. 23, 92 (11 1956), pp. 296314.
Posthumus, N. W., Nederlandische Prijsgeschiednis, 2 vols. (Leiden, 1943).
Rapp, Richard T., Industry and Economic Decline in Seventeenth-Century Venice (Cambridge, MA, 1976).
Redlich Fritz, De Praeda Militari: Looting and Booty, 1500–1815, Beihefte 39 to Viertelsjahrschrift für Sozial- und Wirtschaftsgeschichte, 1956.
Redlich, Fritz, Die deutsche Inflation des frühen 17. Jahrhunderts in der zeitgenössischen Literatur: Die Kipper und Wipper (Cologne, 1972).
Romano, Ruggerio, “Italy in the Crisis of the Seventeenth Century,” in Earle, Peter, ed., Essays in European Economic History, 1500–1800 (Oxford, 1974), pp. 185–98.
Schöttle, Gustav, “Die grosse deutsche Geldkrise von 1620–23 und ihr Verlauf in Oberschwaben,” in Würtembergische Vierteljahrshefte für Landesgeschichte, N.F., 30 (1921), pp. 3657.
Schöttle, Gustav, “Münz- und Geldgeschichte in ihren Zusammenhang mit der jenigen Schwabens,” in Würtembergische Vierteljahrshefte für Landesgeschichte, N.F.,31(1922–1924), pp. 54128.
Shaw, William A., The History of Currency (London, 1895).
Shaw, William A., “The Monetary Movements of 1600–21 in Holland and Germany,” in Transactions of the Royal Historical Society, n.s., 9 (1895), pp. 189213.
Silva, Jose-Gentil da, Banque et crédit en Italie au XVIIe siècle, 2 vols. (Paris, 1969).
Smith, Adam, The Wealth of Nations, Cannan, edn. (New York, 1937).
Spooner, Frank C., The International Economy and Monetary Movements in France, 1493–1725 (Cambridge, MA, 1972).
Steinberg, Siegfried Henry, “The Thirty Years' War: Economic Life,” in Encyclopedia Britannica, 14th edn. (1968), vol. 21 (Soelman-Timmins), p. 1060.
Stuart, James Montgomery, The History of Free Trade in Tuscany, with Remarks on Its Progress in the Rest of Italy (London, 1876).
Supple, Barry E., “Thomas Mun and the Commercial Crisis, 1623,” Bulletin of the Institute of Historical Research, 27 (05 1954), pp. 9194.
Supple, Barry E., “Currency and Commerce in the Early Seventeenth Century,” Economic History Review, 2nd ser., 10 (05 1957), pp. 239–55.
Supple, Barry E., Commercial Crisis and Change in England, 1600–1642 (Cambridge, 1959).
Thirsk, Joan, and Cooper, J. P., eds., Seventeenth-Century Economic Documents (Oxford, 1972).
Tilly, Richard, Financial Institutions and Industrialization in the Rhineland, 1815–1870 (Madison, WI, 1966).
Trevor-Roper, H. R., “The General Crisis of the Seventeenth Century,” in Aston, Trevor, ed., Crisis in Europe, 1560–1660: Essays from Past and Present (London, 1965), pp. 5975.
van der Wee, Herman, “Industrial Dynamics and the Process of Urbanization and De-urbanization in the Low Countries from the Late Middle Ages to the Eighteenth Century: A Synthesis,” in van der Wee, Herman, ed., The Rise and Decline of Urban Industries in Italy and the Low Countries (Late Middle Ages–Early Modern Times) (Leuven, 1988), pp. 307–81.
van Klavaren, Jacob, General Economic History, 100–1760: From the Roman Empire to the Industrial Revolution (Munich, 1969).
Vilar, Pierre, A History of Gold and Money, 1450–1920, translated from the 1969 Spanish original (London, 1976).
Wilson, Charles, The Transformation of Europe, 1558–1648 (Berkeley, 1976).
Wolowski, Louis, La question monétaire, 3rd edn. (Paris, 1869).
Wuttke, Robert, “Zur Kipper- und Wipperzeit in Kursachsen,” in Neue Archiv für Sachsiche Geschichte und Alterstumkunde, 15 (1916), pp. 119–56.
Recommend this journal

Email your librarian or administrator to recommend adding this journal to your organisation's collection.

The Journal of Economic History
  • ISSN: 0022-0507
  • EISSN: 1471-6372
  • URL: /core/journals/journal-of-economic-history
Please enter your name
Please enter a valid email address
Who would you like to send this to? *
×

Metrics

Altmetric attention score

Full text views

Total number of HTML views: 0
Total number of PDF views: 50 *
Loading metrics...

Abstract views

Total abstract views: 929 *
Loading metrics...

* Views captured on Cambridge Core between September 2016 - 20th July 2018. This data will be updated every 24 hours.