Money Supply and Grain Prices in Fifteenth-Century Egypt

Shoshan, Boaz

doi:10.1111/j.1468-0289.1983.tb01223.x

Cited by 7 publications

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“…This was important, as Muslims were largely operating without a bimetallic standard, and were not trading in gold or silver. With Grierson (1961), Brunetti (1950/1951), Bacharach and Gordus (1972, Gordus and Gordus (1974), Ehrenkreutz (1956, 1959, Ashtor ( , 1971, , Shoshan (1983), Schultz (2003 and Borsch (2005), providing data on coins, exchange rates and wheat prices in specific periods, our research managed to present a coherent analysis for the entire period, on the monetary effects on prices and the economy. The nearest attempt at analyzing prices over the long term was from Ashtor (1969, pp.…”

Section: Discussionmentioning

confidence: 99%

“…For earlier analysis on monetary conditions and prices in Egypt, , Ashtor ( , 1971, , Shoshan (1983), Schultz (2003Schultz ( , 2008 and Borsch (2005) provided commentary and data on exchange rates and prices of wheat and other commodities. Allouche's translation of the Ighathah was an indispensable chronicle of monetary policy in Egypt.…”

Section: Literature Reviewmentioning

confidence: 99%

“…for 1382-1405 andShoshan (1983) for 1401-1517, who provided more regular price observations in dirham and dirham fulus, whilstBorsch (2005) provided prices in both dirhams and dinars for 1300-1350, and dirham fulus and ashrafi for 1440-1490. Borsch's data were based on Ashtor and Shoshan, and were mainly derived from the following scholars:Al-'Ayni ('Iqd al-Juman), Al-Maqrizi (Ighathah, Khitat, Nuqud, Suluk, Traité); Al-Qalqashandi (Subh); Al-Sakhawi (Tibr); Al-Sayrafi (Nuzhat); Al-Suyuti (Husn); Ibn Athir (al-Kamil); Ibn al-Djauzi (Kanz); Ibn Duqmaq (Kitab al-Intisar); Ibn al-Ji'an (Tuhfah); Ibn Furat (Furat); Ibn Hajar (Inba'); Ibn Iyas (Bada'i); and Ibn Taghri (Hawadith, Nujum).…”

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An Islamic monetary theory of value and equation of exchange: evidence from Egypt (696-1517)

Abdullah

2016

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This paper adopts a quantitative empirical investigation derived from a full population of secondary data to deductively evaluate the measure and store of value functions of money, to affirm an Islamic monetary theory of value, which is also inductively researched through a qualitative interpretation of documentary and content analysis of Islamic and numismatic literature. Findings: The Islamic monetary theory of value leads to an Islamic equation of exchange that reconfirms the outcome of this research, where a high value of money ensures low constant real prices over the long term. Research limitations/implications: The findings are based on an empirical investigation involving a single price of wheat series as a reasonable proxy for changes in wholesale commodity prices generally, which was successfully adopted by other studies. Practical implications: The significance for modern monetary policy is that monetary authorities should adopt an Islamic monetary theory of value to achieve genuine monetary and price stability. Social implications: Through an Islamic equation of exchange, price stability would ensure real economic growth that protects wealth for holders of money due to a stable purchasing power, and combined with Islamic equity finance, more efficiency in allocating investible resources to increase gross domestic product and employment. Originality/value: The Islamic monetary theory of value ensures that there is no transfer or confiscation of wealth through inflation, which would impart gains to the issuer due to the excessive supply of money in relation to demand.

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Section: Discussionmentioning

confidence: 99%

Section: Literature Reviewmentioning

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An Islamic monetary theory of value and equation of exchange: evidence from Egypt (696-1517)

Abdullah

2016

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“…However, there were a number of studies in the economic history of Egypt that examined the problem indirectly. The work of Boaz Shoshan (1983) on grain prices, from which he considerably expanded the data on prices and exchange rates for late medieval Egypt, focused on the role of monetary factors in the economic turbulence of the 1400s. Shoshan was one of a series of scholars-Giles Hennequin (1974), Adel Allouche (1994), Warren Schultz (1998Schultz ( , 2011, and John Meloy (2001)-who studied various aspects of the monetary system in the wake of the Black Death.…”

Section: Studying the Economic Impact Of The Black Death In Egyptmentioning

confidence: 99%

Plague Depopulation and Irrigation Decay in Medieval Egypt

BORSCH¹

2015

Pandemic Disease in the Medieval World

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“…However, there were a number of studies in the economic history of Egypt that examined the problem indirectly. The work of Boaz Shoshan (1983) on grain prices, from which he consider ably expanded the data on prices and exchange rates for late medieval Egypt, focused on the role of monetary factors in the economic turbulence of the 1400s. Shoshan was one of a series of scholars-Giles Hennequin (1974), Adel Allouche (1994), Warren Schultz (1998Schultz ( , 2011, and John Meloy (2001)-who studied various aspects of the monetary system in the wake of the Black Death.…”

Section: Studying the Economic Impact Of The Black Death In Egyptmentioning

confidence: 99%

Pandemic Disease in the Medieval World

2015

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LIST OF ILLUSTRATIONS4 Morse and colleagues (2012) estimate that roughly 80% of viruses, 50% of bacteria, 40% of fungi, 70% of protozoa, and 95% of helminths that infect human beings are of zoonotic origin. 5 I am referring here, of course, only to HIV1, Group M, which has been responsible for the global pandemic and which, according to current understanding, passed to humans via a single transmission from a Pan troglodytes troglodytes chimpanzee. On the Ebola virus, see Baize et al. 2014 and Gire et al. 2014. 6 Van der Waals et al. (1986 and Knobloch et al. (1982), neither of which were cited by Schoepp et al. (2014), which found nearly comparable levels of seroprevalence of Ebola antibodies. Cf. Becquart et al. (2010) for a similar study of Gabon based on samples taken in 2006-08. Importantly, scientists have noted for more than a decade that major dieoffs were occurring from Ebola in primate populations in West Central Africa; see Muyembe-Tamfum et al. 2012. Saéz et al. (2014/2015, however, found no evidence of such dieoffs in primate or other nonbat populations in the area of Guinea where the 2014 outbreak is thought to have begun. xvi PREFACEThere is an important trend now in historical studies: not only to move analysis beyond the limits of the nationstate and even the human organ ism, but also to move it into deeper time scales. Although some diseases (like malaria and various kinds of parasites) have likely been with humans for many millennia (e.g., Webb forthcoming), increasing congregations of human populations into urban settlements have amplified the impact of infectious diseases in a shorter timescale, perhaps some 4,000 to 6,000 years, in both the Old World and the New. No definitive shift separates us from that history of increasing urbanization and the networking of human communities through longdistance trade. Granted, the revolution in sci entific understanding of infectious diseases brought about by the great late nineteenthcentury revelations of germ theory did put us on a whole new footing with respect to understanding infectious disease. But only one infectious disease has since been thoroughly eradicated (smallpox). Malaria and tuberculosis are still high on the list of the world's killers; plague, as we have noted, is embedded in the landscapes of four conti nents, still regularly producing outbreaks in Madagascar, Peru, Vietnam, Central Africa, and China; cholera still rears its head in any number of places, most recently in Haiti and Ghana. And for all of these diseases, antibiotic resistance is weakening the arsenal of defenses we have. Ebola's "small" numbers or (currently) limited geography should not, therefore, in any way be dismissed. Rather, we should think of this as a realtime les son in how local diseases become global.Recent comparisons of Ebola and plague have often been accompa nied by an implicit shudder of horror: "How medieval." Yes, the practice of quarantine-so discredited when it was invoked by the Liberian gov ernment in August 2014 in its own capital of Monrovia, ...

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Money Supply and Grain Prices in Fifteenth-Century Egypt

Cited by 7 publications

References 0 publications

An Islamic monetary theory of value and equation of exchange: evidence from Egypt (696-1517)

An Islamic monetary theory of value and equation of exchange: evidence from Egypt (696-1517)

Plague Depopulation and Irrigation Decay in Medieval Egypt

Pandemic Disease in the Medieval World

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