A History of the European
Economy, 1000–2000
A History of the
European Economy,
1000–2000
François Crouzet
University Press of Virginia
Charlottesville and London
The University Press of Virginia
© 2001 by the Rector and Visitors of the University of Virginia
All rights reserved
Printed in the United States of America
First published 2001
Design & Composition by Colophon Typesetting
The paper used in this publication meets the minimum requirements of
the American National Standard for Information Sciences—Permanence of
Paper for Printed Library Materials, ANSI Z39.48–1984.
Library of Congress Cataloging-in-Publication Data
Crouzet, François, 1922–
A history of the European economy, 1000–2000 / François Crouzet.
p. cm.
Includes bibliographical references and index.
ISBN 0-8139-2024-8 (cloth : alk. paper) — ISBN 0-8139-2025-6 (pbk. :
alk. paper)
1. Europe—Economic conditions. I. Title.
HC240 .C763 2001
330.94—dc21
00-051297
To my grandchildren
vii
Contents
List of Maps ix
List of Tables x
Acknowledgments xi
Introduction xiii
List of Abbreviations xx
One The Emergence of a European Economy,
Tenth through Thirteenth Centuries 1
The Heritage from the “Dark Ages” 1 An Age of
Demographic Expansion 9 Change and Progress on
the Land 13 Towns and Industries 22 The Growth
of Trade 27 A New Europe 34
Tw o Change and Continuity in the European Economy,
Fourteenth through Eighteenth Centuries 37
Progress in Technology 38 New and Old Trade Routes 50
Manufactures in Town and Country 59
Shifts in Economic Primacy 63 Eastern Europe 74
Low Productivity and Its Consequences 78
Malthusian Traps 87 Growth Prevails 94
Three The Age of Industrialization, 1760s–1914 99
The Industrial Revolution 100 Why Britain First? 110
Continental Diffusion and Patterns of Industrialization 116
Reforms and Industrialization 121 Railroads 124
Banks 127 Stages of Industrialization 130 National
Disparities 133 Reasons Why 149 Global Views 155
Four Disasters, Renaissance, Decline, 1914–2000 171
The Economic Consequences of World War I 172
The Interwar Years: Chronology 178 The Interwar Years:
Overall Views 182 World War II and Its Aftermath 196
The Golden Age 205 The Eastern Bloc 214 Slowing Down
and Not Working 220 Europe and Euro 233 Upheaval in
the East 246 Conclusion 256
Notes 261
Selected Bibliography 297
Index 307
viii
Contents
ix
Maps
1. Europe: physical geography xvii
2. Medieval Europe: regions and towns
mentioned in the text 4
3. Early Modern Europe: regions and
towns mentioned in the text 45
4. Europe in 1914 139
5. Europe in 2000: political map 247
x
Tables
1.1. The population of Europe,
AD
1–1995 11
3.1. Rates of growth of Europe’s real product,
1800–1913 131
3.2. Relative GDP per capita and relative levels
of industrialization in 1913 148
3.3. Rates of growth by major regions, 1820–1913 148
4.1. Index of the USSR’s real GDP, 1913–1989 193
4.2. Economic growth of twelve Western European
countries, 1913–1996 206
4.3. Private automobiles per 1,000 inhabitants,
1950–1990 207
4.4. Economic growth of the USSR, 1928–1989 215
4.5. Economic growth of six socialist countries,
1950–1989 218
4.6. Europe and the world economy, 1995–1997 238
4.7. Relative GDP per capita of European countries
at PPP, 1999 242
4.8. Relative GDP per capita of eastern European
countries, 1990 and 1998 253
4.9. The population of Europe, 1950–2050 258
xi
Acknowledgments
T
his book is derived from lectures I gave in October and No-
vember 1996 at the University of Virginia, Charlottesville. I therefore
want to thank—for their invitation and welcome—the Corcoran Depart-
ment of History; Professor Peter S. Onuf, who was then the chair; and Pro-
fessor Ronald G. Dimberg, director, International Studies. I am also grate-
ful to Professors John James, Mark Thomas, and Olivier Zunz, who very
kindly attended my lectures and made many useful comments.
I am also indebted to friends who have been patient enough to read
parts of the manuscript (or even the whole thing) and to criticize it—es-
pecially Elise S. Brezis, Pierre Mougenot, Patrick O’Brien—and also two
anonymous commentators. As for the parts of the book that venture into
medieval history, my daughter-in-law, Professor Elisabeth Crouzet-Pavan,
has been an invaluable help.
Warm thanks are deserved by Marie-José Serizier for the preparation
of the manuscript, which was continuously lengthened and recast. Pro-
fessor Jean-Robert Pitte and Florence Bonnaud of the Laboratory of Car-
tography at the University of Paris–Sorbonne must also be thanked for
the maps. The support of Professor Jean-Pierre Bardet, director of the
Roland Mousnier Center at the University of Paris–Sorbonne, has been
vital and most generous.
Richard Holway, editor for history and social sciences at the Univer-
sity Press of Virginia, Ellen Satrom, David Sewell, and all members of the
press who have been involved in work on the book have shown much pa-
tience and understanding, for which I am most grateful.
Finally, like every time I have written a book, my wife has been most
supportive and calmly endured the outbursts of bad temper that my work
generated!