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Volatility, Integration and Grain Banks : Studies in Harvests, Rye Prices

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Volatility, Integration and Grain Banks : Studies in Harvests, Rye Prices Volatility, Integration and Grain Banks. Studies in Harvests, Rye Prices and Institutional Development 1 of the Parish Magasins in Sweden in the 18 h and 19th Centuries. Bengt Ake Berg AKADEMISK A VHANDLING Som for avHiggande av ekonomie doktorsexamen vid Handelshogskolan i Stockholm framHiggs for offentlig granskning den 12 juni 2007 kl. 10.15 i sal 550, Handelshogskolan, Sveavagen 65 Volatility, Integration and Grain Banks. Studies in Harvests, Rye Prices and Institutional Development of the Parish Magasins in Sweden in the 18th and 19th Centuries. {J,t~ STOCKHOLM SCHOOL ~ OF ECONOMICS 'J" HANDELSHOGSKOLAN I STOCKHOLM EFI, The Economic Research Institute EFI Mission EFI, the Economic Research Institute at the Stockholm School of Economics, is a scientific institution that works independently of economic, political and sectional interests. It conducts theoretical and empirical research in the management and economic sciences, including selected related disciplines. The Institute encourages and assists in the publication and distribution of its research findings and is also involved in the doctoral education at the Stockholm School of Economics. At EFI, the researchers select their projects based on the need for theoretical or practical development of a research domain, on their methodological interests, and on the generality of a problem. Research Organization The research activities at the Institute are organized into 21 Research Centres. Centre Directors are professors at the Stockholm School of Economics. EFI Research Centre: Centre Director: Management and Organisation (A) Sven-Erik Sjostrand Centre for Entrepreneurship and Business Creation (E) Carin Holmquist Public Management (F) Nils Brunsson Information Management (I) Mats Lundeberg Centre for People and Organization (PMO) Andreas Werr (acting) Centre for Innovation and Operations Management (T) Christer Karlsson Economic Psychology (P) Guje Sev6n Centre for Consumer Marketing ( CCM) Magnus Soderlund Centre for Information and Communication Research (CIC) Per Andersson (acting) Marketing, Distribution and Industrial Dynamics (D) Bjorn Axelsson Centre for Strategy and Competitiveness (CSC) Orjan Solvell Centre for Business and Economic History (BEH) Hakan Lindgren Accounting and Managerial Finance (B) Johnny Lind Centre for Financial Analysis and Managerial Economics in Accounting (BFAC) Kenth Skogsvik Finance (FI) Clas Bergstrom Centre for Health Economics (CHE) Bengt Jonsson International Economics and Geography (IEG) Mats Lundahl Economics (S) Paul Segerstrom Economic Statistics (ES) Anders Westlund Law(RV) Johnny Herre Centre for Tax Law (SR) Berti! Wunan Chair of the Board: Professor Carin Holmquist Director: Associate Professor Filip Wijkstrom Address EFI, Box 6501, SE-113 83 Stockholm, Sweden o Website: www.hhs.se/efi/ Telephone: +46(0)8-736 90 00 o Fax: +46(0)8-31 62 70 o E-mail [email protected] Volatility, Integration and Grain Banks. Studies in Harvests, Rye Prices and Institutional Development of the Parish Magasins in Sweden in the 18th and 19th Centuries. Bengt Ake Berg ~\ STOCKHOLM SCHOOL t_}11~~ OF ECONOMICS i{J! HANDELSHOGSKOLAN I STOCKHOLM EFI, The Economic Research Institute Dissertation for the Degree of Doctor of Philosophy, Ph.D (Economic History) Stockholm School of Economics 2007 © EFI and Bengt Ake Berg, 2007 ISBN 978-91-7258-722-9 Keywords: Agricultural credit, Harvest fluctuations, In kind loans, Price integration, sockenmagasin, Storage, Storehouses. Printed by: Partner Print AB, Stockholm 2007 Distributed by: EFI, The Economic Research Institute Stockholm School of Economics PO Box 6501, SE 113 83 Stockholm, Sweden www.hhs.se/efi Acknowledgments Authoring a thesis is a lonely work but it does not mean that you can do it alone. During my work I have more and more realized how absolutely crucial the support from other persons and institutions has been. My debts of gratitude have piled up in a way that I will never be able to repay. I have particularly strong reasons for gratitude. Having completed a working life career in business and administration I have, as a pensioner, got an opportunity of a new life where I can enjoy one of the most important things in life, to maintain and develop my curiosity. The Stockholm School of Economics has offered me the opportunity to benefit from their research training programs and courses. Professor Hakan Lindgren has been my supervisor and given me an absolutely crucial support with his knowledge, experience and enthusiasm. My fellow PhD students and other participants in the Economic History Seminars have made them very stimulating and instructive. My thanks to the SSE would not be complete if I did not include Britt-Marie Eisler who has always given a helping hand in administrative matters. During the work I have benefited from comments on drafts of certain parts from Sven Fritz, Erik Lakomaa, Mats Larson and Mats Olsson. Library services are essential for this kind of research and the Library of the Royal Academy of Agriculture and Forestry with its chief librarian Lars Ljunggren has provided very helpful cooperation. Professor Lars G. Sandberg has edited my drafts in a way that does not only deserve my gratitude both also that of the readers. Magnus Jonsson has made the lay out and GustafEkvall has given assistance with the editing of the final version. My dose and dear friend Boel Selden painted the watercolour of the parish magasin in Boge that graces the cover page. Last, but not least, I wish to thank the former Director of the Regional Archives, landsarkivet, in Visby, Tryggve Siltberg, who originally steered me towards a closer examination of the parish magasins. Contents CHAPTER I Introduction ...................................................................................................... 9 CHAPTER II Price Volatility. ................................................................................................. 25 CHAPTER III Harvest Variability............................................................................................ 33 CHAPTER IV Price Formation and Market Integration ........................................................... 51 CHAPTER V Price Integration: the Empirical Evidence ......................................................... 63 CHAPTER VI Parish Magasins in Sweden: Their Origin and Evolution .............................................................................. 79 CHAPTER VII How Did the Magasins Work? ......................................................................... 105 CHAPTER VIII The Rise and the Fall of an lnstitution............................................................ 139 CHAPTER IX Conclusion ....................................................................................183 Appendixes .......................................................................................................193 Abreviations .................................................................................................... 207 Archival Sources .............................................................................................. 2o8 References ........................................................................................................ 210 9 CHAPTER I Introduction A Volatile Society In the last quarter of the passed millennium a fundamental change took place that had, and will continue to have a deep impact on our living conditions. The process we call economic growth then started to accelerate. Even if developments often have been uneven and the process itself is somewhat evasive, the long-term trend with accumulated compound percentage increases has been dear enough and it has changed the structure of our societies beyond recognition. The impact is not only obvious but we all take the process for granted. That my childhood took place in a world that was very different from that of my father, and that my children grew up in a world even more different from the one I lived in as a child, that is not a private experience, but I share it with everyone I know. This is a change of regime in our living conditions that fascinates every student of economic history so much that we talk of all sorts of revolutions may they be industrial, agricultural, technological, financial or whatever. If growth today is the permanent underlying figure of thought for us, then volatility in a corresponding way was equally important for the Early Modern Man. Volatility and growth are closely linked together in the sense that our modern society, although more dynamic, is less volatile than the previous ones were.' I am referring to all the risks that characterised the daily life of ordinary people in the Early Modern Society and which completely dominated their lives. There was only one thing they knew for certain: tomorrow can be very different from today. And they were far more aware of that than that the world in fifty years' time would be different. The likelihood that the next year would bring war, pestilence, harvest failure and hunger was never small. In the 18th century Sweden only every second child survived until the age of 12. The number of deaths per 1 ooo inhabitants was every year more than 2Y2 times higher than today. Death was much more common in general and, moreover, the always high rates varied between years as and could in certain years become extremely high, which, is dearly displayed in figure 1.1. 10 CHAPTER I ~.. 40 +-~~---------++--------------4 ..8. 30 tl-'l--+--=------:;l~~r:--+-+--------:o:--A:--I~----:;:-----1\------i
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