Silver Circulation Worldwide: Initial Steps in Comprehensive Research
Published data on silver flows and stocks, gathered in volumes published by Moneta, provide a basis for initial steps in documenting flows of silver production and commerce from the sixteenth through the nineteenth century. Collection and publication of comprehensive data on silver flows will generate the first comprehensive study of flows of a commodity in the world economy of recent centuries, and will facilitate advances in global economic history. This article presents estimates from 1400 through 1900, showing annual flows of production, cumulative stocks (accounting for various levels of wear and tear), and the long-term rate of growth in silver stocks.
Recent economic historical study of silver in the world economy, from the 15th century onward, has stopped short of comprehensive quantitative analysis. This group uses recently published date from the nineteenth-century silver boom and the international meetings associated with the gold standard to begin such comprehensive analysis. Results indicate that, while world population grew at an annual rate of 0.45% per year, 1700– 1900, silver stock rose at an approximate 0.7% per year in the same period. To support this confirmation of rapid monetization of the world economy, the article describes the procedure of estimating global flows and stocks out of competing estimates of silver flows.
- The Author shall grant to the Publisher and its agents the nonexclusive perpetual right and license to publish, archive, and make accessible the Work in whole or in part in all forms of media now or hereafter known under a Creative Commons Attribution 4.0 Licenseor its equivalent, which, for the avoidance of doubt, allows others to copy, distribute, and transmit the Work under the following conditions:
- Attribution—other users must attribute the Work in the manner specified by the author as indicated on the journal Web site;
- The Author is able to enter into separate, additional contractual arrangements for the nonexclusive distribution of the journal's published version of the Work (e.g., post it to an institutional repository or publish it in a book), as long as there is provided in the document an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post online a pre-publication manuscript (but not the Publisher’s final formatted PDF version of the Work) in institutional repositories or on their Websites prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (see The Effect of Open Access). Any such posting made before acceptance and publication of the Work shall be updated upon publication to include a reference to the Publisher-assigned DOI (Digital Object Identifier) and a link to the online abstract for the final published Work in the Journal.
- Upon Publisher’s request, the Author agrees to furnish promptly to Publisher, at the Author’s own expense, written evidence of the permissions, licenses, and consents for use of third-party material included within the Work, except as determined by Publisher to be covered by the principles of Fair Use.
- The Author represents and warrants that:
- the Work is the Author’s original work;
- the Author has not transferred, and will not transfer, exclusive rights in the Work to any third party;
- the Work is not pending review or under consideration by another publisher;
- the Work has not previously been published;
- the Work contains no misrepresentation or infringement of the Work or property of other authors or third parties; and
- the Work contains no libel, invasion of privacy, or other unlawful matter.
- The Author agrees to indemnify and hold Publisher harmless from Author’s breach of the representations and warranties contained in Paragraph 7 above, as well as any claim or proceeding relating to Publisher’s use and publication of any content contained in the Work, including third-party content.