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Storage and English Government Intervention in Early Modern Grain Markets

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  • Nielsen, Randall

Abstract

In 1587 the English Privy Council issued its first Book of Orders for the relief of dearth, a program of grain-market control that included forced delivery of private stocks to local markets in crisis periods. The policy has been described as an effective response to irrational hoarding and credited for a significant reduction in English grain-price variance. In contrast, I find support for an alternative profit maximizing model of storage. The occurrence of similar price stabilization in other European markets in the early seventeenth century is also demonstrated, suggesting English policy was not the cause.

Suggested Citation

  • Nielsen, Randall, 1997. "Storage and English Government Intervention in Early Modern Grain Markets," The Journal of Economic History, Cambridge University Press, vol. 57(1), pages 1-33, March.
    • Handle: RePEc:cup:jechis:v:57:y:1997:i:01:p:1-33_01
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    Cited by:

    1. Marcus J. Chambers & Roy E. Bailey, 1999. "A Statistical Analysis of Wheat Price Fluctuations in England: 1685–1850," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(3), pages 564-588, September.
    2. Liam Brunt & Edmund Cannon, 2022. "English farmers’ wheat storage and sales in the late eighteenth and early nineteenth centuries," Economic History Review, Economic History Society, vol. 75(3), pages 932-959, August.
    3. Lanot, Gauthier & Tribe, Keith, 2024. "Before Political Economy: Debate over Grain Markets, Dearth and Pauperism in England, 1794-96," Umeå Economic Studies 1025, Umeå University, Department of Economics.
    4. Nicolas Bourgeois & Laurent Herment, 2023. "Was Labrousse Wrong? Seasonality of Grain Transactions in French Marketplaces during the July Monarchy [Labrousse avait-il tort ? La saisonalité des transactions sur les marchés des grains en Franc," Post-Print hal-04367715, HAL.
    5. Rota, Mauro & Weisdorf, Jacob, 2019. "Why was the First Industrial Revolution English? Roman Real Wages and the Little Divergence within Europe Reconsidered," CAGE Online Working Paper Series 400, Competitive Advantage in the Global Economy (CAGE).
    6. Fredrik Charpentier Ljungqvist & Peter Thejll & Bo Christiansen & Andrea Seim & Claudia Hartl & Jan Esper, 2022. "The significance of climate variability on early modern European grain prices," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 16(1), pages 29-77, January.
    7. Reed, Clyde G. & Bekar, Cliff T., 2003. "Religious prohibitions against usury," Explorations in Economic History, Elsevier, vol. 40(4), pages 347-368, October.

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