In this 1999 book, Karl Gunnar Persson surveys a broad sweep of economic history, examining one of the most crucial markets - grain. His analysis allows him to draw more general lessons, for example that liberalization of markets was linked to political authoritarianism. Grain Markets in Europe traces the markets' early regulation, their poor performance and the frequent market failures. Price volatility caused by harvest shocks was of major concern for central and local government because of the unrest it caused. Regulation became obsolete when markets became more integrated and performed better through trade triggered by falling transport costs. Persson, a specialist in economic history, uses insights from development economics, explores contemporary economic thought on the advantages of free trade, and measures the extent of market integration using the latest econometric methods. Grain Markets in Europe will be of value to scholars and students in economic history, social history and agricultural and institutional economics.

This book aims to present a general history of the Amsterdam grain trade on the Baltic in the early-modern period, and concentrates particularly on the development and role of transaction costs.

In eighteenth-century Russia, as elsewhere in Europe, bread was a dietary staple—truly grain was the staff of economic, social, and political life. Early on Tsar Peter the Great founded St. Petersburg to export goods from Russia's vast but remote interior and by doing so to drive Russia's growth and prosperity. But the new city also had to be fed with grain brought over great distances from those same interior provinces. In this compelling account, Robert E. Jones chronicles how the unparalleled effort put into the building of a wide infrastructure to support the provisioning of the newly created but physically isolated city of St. Petersburg profoundly affected all of Russia's economic life and, ultimately, the historical trajectory of the Russian Empire as a whole. Jones details the planning, engineering, and construction of extensive canal systems that efficiently connected the new capital city to grain and other resources as far away as the Urals, the Volga, and Ukraine. He then offers fresh insights to the state's careful promotion and management of the grain trade during the long eighteenth century. He shows how the government established public granaries to combat shortages, created credit instruments to encourage risk taking by grain merchants, and encouraged the development of capital markets and private enterprise. The result was the emergence of an increasingly important cash economy along with a reliable system of provisioning the fifth largest city in Europe, with the political benefit that St. Petersburg never suffered the food riots common elsewhere in Europe. Thanks to this well-regulated but distinctly free-market trade arrangement, the grain-fueled economy became a wellspring for national economic growth, while also providing a substantial infrastructural foundation for a modernizing Russian state. In many ways, this account reveals the foresight of both Peter I and Catherine II and their determination to steer imperial Russia's national economy away from statist solutions and onto a path remarkably similar to that taken by Western European countries but distinctly different than that of either their Muscovite predecessors or Soviet successors.