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Priceless Markets: The Political Economy of Credit in Paris, 1660-1870

Priceless Markets: The Political Economy of Credit in Paris, 1660-1870

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  • Philip T Hoffman
  • University of Chicago Press
  • Hardcover
  • 9780226348018
  • -
  • -
  • History > Europe - France
  • English
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Book Description

This pathbreaking book shows how credit markets functioned in Paris, through the agency of notaries, during a critical period of French history. Its authors challenge the usual assumption that organized financial markets--and hence the opportunity for economic growth--did not emerge outside of England and the Netherlands until the nineteenth century. Drawing on innovative research, the authors show that as early as the Old Regime, financial intermediaries in France were mobilizing a great tide of capital and arranging thousands of loans between borrowers and lenders.

The implications for historians and economists are substantial. The role of notaries operating in Paris that Priceless Markets uncovers has never before been recognized. In the wake of this pathbreaking new study, historians will also have to rethink the origins of the French Revolution. As the authors show, the crisis of 1787-88 did not simply ignite revolt; it was intimately bound up in an economic struggle that reached far back into the eighteenth century, and continued well into the 1800s.

Priceless Markets: The Political Economy of Credit in Paris, 1660-1870

Author Bio

Philip Hoffman is interested in combining economic theory and historical evidence to explain long-term changes in politics, society, and the economy—in particular, economic growth and political development. His current research focuses on several areas. He's exploring why the West grew rich before other parts of the world and why it became a dominant military power.  

Another area of interest is the evolution of financial institutions and their effect on economic growth. Specifically, he's trying to understand how mortgage markets developed in France and how they were affected by institutional change. Finally, Hoffman is interested in how states develop the capacity to levy taxes and provide public goods.

Hoffman was president of the Economic History Association in 2013–2014 and co-editor of the Journal of Economic History from 2006 to 2010, and he will become the incoming president of the Social Science History Association in 2019. He has been a visiting professor at the Ecole des Hautes Etudes en Sciences Sociales in France, a visiting researcher at the Paris School of Economics (2011), and a visiting professor at the Hong Kong University of Science and Technology (2013). 

In addition to numerous articles, he has written six books and edited two. 

He has won the Gyorgy Ranki Biennial Prize from the Economic History Association twice, for Priceless Markets: The Political Economy of Credit in Paris, 1660–1870 (2001) and for Growth in a Traditional Society: The French Countryside, 1450–1815 (1997), which was also awarded the Allan Sharlin Memorial Award from the Social Science History Association. In addition to receiving other prizes for his books and articles, he was a John Simon Guggenheim Fellow in 2001.

  •  
  • Education 
  •  
  • A.B., Harvard College, 1969; 
  • M.A., University of California, 1971; 
  • Ph.D., Yale University, 1979. 
  • Lecturer in History, Caltech, 1980-81; Instructor, 1981-82; Assistant Professor, 1982-84; 
  • Associate Professor of History and Social Science, 1984-95; 
  • Professor, 1995-2003; 
  • Richard and Barbara Rosenberg Professor of History and Social Science, 2003-08; 
  • Axline Professor, 2008-. Executive Officer for the Humanities, 1995-2000.
     
  • Research Interests
     
  • Economic History of Europe and the World; Economic Development; Institutional Change

 

Source: California Institute of Technology Division of The Humanities and Social Sciences 

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