Paper published in Economic Alternatives journal, vol 12, no 3, pp. 419-434.
The paper stems from a greater project on economic history concerning the monetary system and policies of medieval and renaissance Venice, with a special focus on Venice’s colony of Crete. The Venetian monetary system included various currencies, both minted and virtual, and it was intertwined with the currencies that already existed or appeared in the Eastern Mediterranean during the Venetian imperial era. I examine actual historical examples through the lenses of both mainstream and heterodox monetary theories in order to show the complexity of monetary practices under real conditions and how the available monetary theories need further sophistication in order to explain and systemize our understanding of monetary phenomena.
To make the research inquiry clearer, I focus on two examples that seem to run counter to what current assumptions about monetary structures:
One case is that of the Byzantine yperpyron, a golden coin of the Eastern Roman Empire which seems to survive in Crete island, both the Venetian rule (starting in early 13th century) and the end of the Byzantine Empire itself (in 1453) and remained in circulation, mostly as a virtual currency or accounting unit, until 17th century, together with various other currencies circulating in the island.
The other case is the Venetian ducat itself, a golden coin minted by Venice from late 13th century onwards and well known for its quality of gold and value in international trade in both Mediterranean and Europe. Yet, it seems that the Venetians preferred to use other international currencies in domestic trade. There has been evidence that in some cases the never-debased golden ducat was not accepted in local transactions.
The paper attempts to set the grounds for further investigation and discussion concerning monetary phenomena and the issues those raise for monetary theory.
Keywords: Venice, Crete, monetary history, yperpyron, ducat, monetary theory
JEL Codes: B50, E42, N13, N23, P4, P5.
Αυτές είναι οι διαφάνειες (5 ενότητες) και η βιβλιογραφία από το εργαστήριο για την σχέση αποικιοκρατίας και οικονομίας, που έγινε την 12.12.2016 στο Πανεπστήμιο του Κόβεντρυ.
This is the set of slides and the reading list for the Doctoral Training Workshop held on 12.12.2016 at Coventry University.
Abstract: The article discusses the grassroots approaches to value(s) and valuing(s) as encountered in several schemes which exist in Greece over the last few years and whose members perform transactions without the use of any official currency. The main scope of the article is to explore the theoretical issues that emerge from the grassroots practices and analyse ways by which those practices challenge or even defy the dominant economic structures, perceptions and theories about value. Given that the theoretical issues emerge from field research and findings, empirical data on ethnographic nature are used to contribute to the discussion and place the questions within their historical and practical contexts. The variety of practices itself informs the theoretical debate about the multiple ways people might think of and use ideas about value in their economic activity.
Link to JSTOR for institutional access