A collection of Professor Postan's major essays on medieval trade and finance.

The central theme of this volume is the political economy of early state societies: the ways in which the income of the central government of such systems was collected and spent. The work contains descriptive as well as narrative and commemorative essays. Contributions present data on early states as diverse as the Interlacustrine states of East Africa, the Sudanic states of West Africa, prehistoric Cahokia in the Mississippi Valley, Aztec Mexico, the Classical Maya, eighteenth-century Nepal, and Polynesian, Tahitian, and Mayan case studies. At the theoretical end of the spectrum, the book offers a general discussion of the concept of political economy; modes of production in antiquity, and the editors themselves offer an overview of early state organizational forms. With the data of the contributions to this volume, such theoretical viewpoints are evaluated. The conclusion is that inherited approaches fall far short of explaining the political economies of early states. The editors of this volume maintain that much thinking on this issue of the early state is off-base because it is confined to the study of redistribution. They hold that a prestige goods system is probably as important, while in some cases, the key factor to look at is tribute or taxation. Likewise, the system of gift giving, often viewed as ancillary, should be considered central to the performance of the ancient states. In short, political economy is rooted in the stages of social growth. Nearly all contributors agree that simple evolutionary generalizations can no longer be applied to specific cases without considerable modification, and in this undertaking formalist and Marxist canons alike need to be invoked for a deeper understanding of the actual operations of the state in earlier societies.

The sixteen articles in this collection analyse the contribution made by overseas trade, and the wealth in coin which it created, to the development of the English economy and locate this in an European-wide setting. In time, they range from the late Anglo-Saxon period up to the advent of the Tudors. The papers include general surveys of the importance of coinage and credit in the rise and decline of a market economy, and of the way that credit functioned in a society that lacked reliable supplies of bullion and which was also subject to the scourges of warfare and devastating disease. They illustrate, too, how from the tenth century the English crown used its control and exploitation of the coinage as part of a sophisticated fiscal system which helped create the precocious power of the English state. The author further shows how the wool trade altered the geographical pattern of wealth and enriched peasants, landowners and merchants, while the competing interests involved in the trade also cause political conflicts in Parliament and in the government of London during the period when London was establishing itself as the political capital and the financial centre of the kingdom.