Published online by Cambridge University Press: 03 February 2011
The thesis that long-term price movements in medieval and early modern periods were the results of changes in the supply of precious metals has been questioned by a number of historians who believe that fluctuations in population provide a more fundamental explanation. These men point out that if changes in the supply of money were primarily responsible, the secular rise and fall of prices would have been approximately the same for all commodities. Actually, agricultural prices rose and fell faster and more sharply than did the prices of industrial goods. It is claimed that these price changes and the lack of synchronization between them can be satisfactorily explained by changes in the size of population:
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21 Kaufman, Serebrianyi rubl, pp. 13, 26–28, 62–69; Kulischer, Wirtschaftsgeschichte, I, 369–72. The coining of Moscow den'gi tapered off during the sixteenth century and was finally abandoned.
22 Chaudoir, Aperçu, I, 50–79; Fedorov, “Den'gi,” p. 146; Goetz, Deutsch-russische Handelsgeschichte, pp. 329–32.
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28 Rozhkov, Sel'skoe khoziaistvo, pp. 234–44, 275–80; Grekov, B. D., Kresf'iane na Rusi s drevneishikh vremen do XVII veka [Peasants in Russia from the earliest times to the seventeenth century] (Moscow, Leningrad, 1946), pp. 500, 584–86Google Scholar.
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35 Bakhrushin, “Predposylki,” p. 42.
36 Ibid., pp. 41–47; Liashchenko, P. I., History of the National Economy of Russia to the 1917 Revolution, trans, from Russian by Herman, L. M. (New York, 1949), pp. 205–8Google Scholar.
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41 Cf. Veselovskii, S. B., Feodal'noe zemlevladenie v severo-vostochnoi Rusi [Feudal landowning in north-east Russia] (Moscow, Leningrad, 1947), I, 151, 155–56Google Scholar; Liashchenko, National economy, pp. 146–50.
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45 For example, by Grekov, Krest'iane na Rust, pp. 8–9, 375; Liashchenko, National Economy, pp. 185–87.
46 Rozhkov, Sel'skoe khoziaistvo, pp. 160, 180–81, 190–91, 200.
47 Grekov, Krest'iane na Rusi, pp. 584–87; Pokrovsky, M. N., History of Russia from the Earliest Times to the Rise of Commercial Capitalism, trans, and ed. by Clarkson, J. D. and Griffiths, M. R. M. (New York, 1931), pp. 112–13Google Scholar.
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51 For example, Giles Fletcher, Of the Russe Common Wealth, in Works Issued by the Hakluyt Society, XX, 18, 61–62.
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60 Cf. Willan, “Trade between England and Russia,” passim; Goetz, Deutsch-russischce Handelsgeschichte, pp. 330–31.
61 Even without any increase in the quantity of money in circulation, the more frequent use of money would have increased the total of money expenditures. Thus, in effect, the money supply was augmented because of this greater velocity of money. The problem, however, is to determine why there was this increase in velocity.
62 For example, Miliukov, P. N., Ocherki po istorii russkoi kul'tury [Outlines of the history of Russian culture] (St. Petersburg, 1898–1903), I, 26–27Google Scholar.
63 Fletcher, Of the Russe Common Wealth, pp. 9, 57; Man'kov, Tseny, pp. 33–34.