First published 1999
David Hackett Fischer examines the economic history of the Western world through the lens of price data spanning from medieval times to the present day. He identifies four major price revolutions, each starting from periods of stability during the High Middle Ages, Renaissance, Enlightenment, and Victorian era. Fischer argues that these economic waves follow predictable patterns of inflation, growing inequality, instability, and eventual crisis marked by population decline, social upheaval, and economic collapse. The most severe example occurred in the fourteenth century when war, famine, and the Black Death caused Europe's population to actually shrink. Fischer connects these economic cycles to cultural and intellectual movements, showing how periods of stability foster belief in progress and reason, while price revolutions generate cultures of despair. He suggests we currently live in the final phase of a price revolution that began around 1900, evidenced by recent economic instability and global conflicts. Rather than making predictions, Fischer analyzes our current options and potential paths forward.
Genres: history, economics, non-fiction, academic
Vibes: intimate, suspenseful, thought-provoking
Tropes: historical-analysis, social-commentary
Period: Medieval, Renaissance, Enlightenment, Victorian Era, 20th Century
536 pages · Paperback · Oxford University Press