DOCSLIB.ORG

Essays on Long-Term Real Rate and Safe Asset Trends, 1311-2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Essays on Long-Term Real Rate and Safe Asset Trends, 1311-2018 Essays on Long-Term Real Rate and Safe Asset Trends, 1311-2018 The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters Citation Schmelzing, Paul Ferdinand. 2019. Essays on Long-Term Real Rate and Safe Asset Trends, 1311-2018. Doctoral dissertation, Harvard University, Graduate School of Arts & Sciences. Citable link http://nrs.harvard.edu/urn-3:HUL.InstRepos:42013032 Terms of Use This article was downloaded from Harvard University’s DASH repository, and is made available under the terms and conditions applicable to Other Posted Material, as set forth at http:// nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of- use#LAA ESSAYS ON LONG-TERM REAL RATE AND SAFE ASSET TRENDS, 1311-2018 A dissertation presented by Paul Ferdinand Schmelzing to The Department of History in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the subject of History Harvard University Cambridge, Massachusetts August 2019 © 2019 Paul Schmelzing All rights reserved. Dissertation Advisor: Niall Ferguson Paul Ferdinand Schmelzing ABSTRACT With recourse to archival, printed primary, and secondary sources, the first article of this dissertation constructs global real interest rate series on an annual basis going back to the 14th century, covering 78% of advanced economy GDP. I show that throughout monetary and fiscal regimes, and across fixed income assets, real interest rates have not been “stable”, and that since the major monetary upheavals of the late Middle Ages, a trend fall of 0.6-1.8bps p.a. has prevailed, despite temporary reversals such as the 17th Century Crisis. Currently depressed sovereign real rates are in fact “at historical trend” – a trend that makes narratives about a “secular stagnation” environment misleading, and suggests real rates could enter permanently negative territory in the coming years. I posit that the data here reflects a substantial share of “nonhuman wealth” over time: the resulting “R-G” series derived from this data exhibit a downward trend over the same timeframe: suggestions about the “virtual stability” of capital returns are thus equally unsubstantiated by the historical record. With recourse to both archival and published data, the second paper constructs a 546-year survey of “safe asset” dynamics in advanced economies. I document performance for historical “safe asset providers”, and identify nine major “safe asset shortage periods”. These have on average seen net reductions in safe asset supply of over 40% within 20 years, and are now secularly becoming more intense. In contrast to recent propositions, sub-par inflation has not been overcome by a boost in net safe asset supply. The third paper posits that it is entirely plausible that early modern economies exhibited “modern” net investment ratios, and that historical capital depreciation rates of 3% and more appear unlikely. But why were capital stocks relatively low at the beginning of the industrial age? I construct long-term “war- induced capital destruction series” to show empirically that the changing nature and capital destruction III intensity of wars over time likely constitute a key influence on the capital accumulation process. I link these geopolitical dynamics to present interest rate discussions – and seek to provide new replies to Simon Kuznets’ early modern capital accumulation model. IV Table of Contents I. Global Real Rates, R-G, and the ‘suprasecular’ decline, 1311-2018………………………….1 II. 546 years of safe asset cycles…………………………………………………………..……89 III. Capital accumulation and the capital destruction process, 1495-2018……………………135 Back matter Bibliography………………………………………………………………………160 Appendix………………………………………………………………………….188 V Front Matter For excellent support and many valuable discussions, I particularly thank my advisor Niall Ferguson, and for their insights and long support my dissertation committee members Barry Eichengreen, Charles Maier, and Kenneth Rogoff. For further useful discussions I thank Michael Bordo, Steve Broadberry, Pierre-Olivier Gourinchas, Andy Haldane, Andrew Metrick, John Lewis, Ryland Thomas, and Gertjan Vlieghe, as well as participants at the Joint Seventh CEPR Economic History Symposium-Fifth Banco de Espana Economic History seminar, the UC Berkeley economic history seminar, the Bank of England research seminar, the CEPR-BoE monetary policy roundtable, the Applied History Meeting at Harvard Kennedy School, the Reinventing Bretton Woods Conference Hamburg and discussants at Yale SOM. I thank Simon Neal for assistance with the transcription of early modern archival sources. I thank the Hoover Institution, Stanford, for financial research support during 2017-2019, and the Bank of England for the hospitality given to me as a visiting researcher since 2016. I particularly thank my parents, siblings, and grandparents for continued support and encouragement. Mountain View, September 7, 2019. VI EIGHT CENTURIES OF GLOBAL REAL RATES, R-G, AND THE ‘SUPRASECULAR DECLINE’, 1311-2018. I. INTRODUCTION The evolution of long-term real interest rates has in recent years attracted significant academic interest. Partly in the context of the “secular stagnation” debate and related contributions, which in different variants have advanced theories on the drivers behind a low rate environment, supposedly originating in the second half of the 20th century. Partly in the context of “inequality” and “wealth” debates, particularly accelerated by the contributions of Piketty (2014), and its peculiar view of long-term asset and wealth returns in their relation to broader income growth. Despite regular recourse to “history” from the proponents of such theories, it will be posited in this essay that both debates advance a misrepresentative view of long-run interest rate and wealth return trends – and only partly because they overwhelmingly omit archival and other historical factual evidence. The discussion of longer-term trends in real rates is typically confined to the second half of the 20th century, identifying the high inflation period of the 1970s and early 1980s as an inflection point triggering a multi-decade fall in real rates. And indeed, for most economists’ eyes, considering interest rate dynamics over the 20th century horizon – or even over the last 150 years – the reversal during the last quarter of the 1900s at first appears decisive. Equally, the historical relation between real wealth returns (R) and broader real growth (G) has assumed a central role in the current debates on long-term inequality trends, culminating in the widely- discussed contribution of Piketty (2014). The latter contended – on the basis of positing a “virtual stability of the pure return of capital over the very long-run” – that excess real capital returns over real growth rates would perpetuate an “endless inegalitarian spiral” (ibid, 206, 572). From what are, at their core, return and capital cost debates, have sprung various related policy and academic contributions. For instance, more recently the spread between “Safe R” (the real capital cost for 1 the “safe” sovereign debt issuer) and “G” (its respective real income growth rate) since 1950 has been documented, and highlighted as a key variable to assess public debt sustainability (Blanchard 2019). This essay approaches these subjects from a historical perspective, arguing that the recourse to archives, printed primary sources, published secondary works, and assessed written evidence from the past, qualifies many of the assumptions underpinning such present debates. In what follows, I attempt to document for the first time the particular evolution of both GDP-weighted global and “safe asset provider” long-term sovereign real rates over a span of 707 years, relying on a collection of evidence from 14th century European registers to current Federal Reserve data. First, the approach here modifies various of the empirical findings by what is perhaps the most comprehensive existing investigation on interest rate trends, the work of Homer and Sylla (1996, 2005). The latter do not take into account primary sources, and even the secondary source material is limited, once assessed in detail. Neither do they discuss real rate dynamics, or attempt to build “GDP-weighted”, global series. In consequence, the timing and evolution of interest rate trends is partly inappropriate, partly inapplicable for current debates both in the historical and the economic literature. A key empirical finding advanced here is there is no evidence of a “virtual stability” of real capital returns over the very long run. Rather, – despite temporary reversals such as the period between 1550- 1640 – global real rates have shown a persistent downward trend over the past five centuries, falling between 0.9 (safe asset provider basis) and 1.75 basis points (global basis) per annum, with the former displaying a continuous decline since the deep monetary crises of the late medieval “bullion famine”. This downward trend has persisted across monetary regimes, is visible across various asset classes, and long preceded the emergence of modern central banks. It is not directly relatable to growth or demographic drivers, though capital accumulation trends, first visible in 14th century Northern Italy and the merchant towns of the Holy Roman Empire, may go some way in explaining the phenomenon. Together, I posit that these assets go some way in enabling the reconstruction of total “nonhuman” wealth returns since the 14th century. Prior to the recording
Load more

Recommended publications
  • Concordia Theological Quarterly
    Concordia Theological Quarterly Volume 76:1-2 Januaryj April 2012 Table of Contents What Would Bach Do Today? Paul J. Grilne ........................................................................................... 3 Standing on the Brink of the J01'dan: Eschatological Intention in Deute1'onomy Geoffrey R. Boyle .................................................................................. 19 Ch1'ist's Coming and the ChUl'ch's Mission in 1 Thessalonians Charles A. Gieschen ............................................................................. 37 Luke and the Foundations of the Chu1'ch Pete1' J. Scaer .......................................................................................... 57 The Refonnation and the Invention of History Korey D. Maas ...................................................................................... 73 The Divine Game: Faith and the Reconciliation of Opposites in Luthe1"s Lectures on Genesis S.J. Munson ............................................................................................ 89 Fides Heroica? Luthe1" s P1'aye1' fo1' Melanchthon's Recovery f1'om Illness in 1540 Albert B. Collver III ............................................................................ 117 The Quest fo1' Luthe1'an Identity in the Russian Empire Darius Petkiinas .................................................................................. 129 The Theology of Stanley Hauerwas Joel D. Lehenbauer ............................................................................. 157 Theological Observer
    [Show full text]
  • Ühe Baltisaksa Ajalookirjutuse Paradigma Kriitika
    Ajalooline Ajakiri, 2013, 1 (143), 29–54 “Kõige selgem õiguslik järjepidevus valitses Eestimaa kubermangus.” Ühe baltisaksa ajalookirjutuse paradigma kriitika Andres Andresen Kogu baltisaksa seisuste elukorraldus Vene impeeriumi Läänemerepro- vintsides tugines seisuslikule omavalitsusele. Juba keskaegsel Vana-Lii- vimaal alguse saanud ning seejärel Poola ja Rootsi ülemvõimu all selge- piirilise institutsionaalse kuju omandanud rüütelkondade ning linnade omavalitsus saavutas oma maksimaalse ulatuse Vene tsaaride ülemvalit- suse algus perioodil. Vene pool fikseeris Eesti- ja Liivimaa seisuste oma- valitsusõigused koos teiste ulatuslike privileegidega kõigepealt Põhjasõja ajal 1710. aasta võimuvahetuse käigus rüütelkondade ja linnadega sõlmitud kapitulatsioonides ning seejärel 1721. aasta Uusikaupunki rahulepingus, nendele eesõigustele andis oma kinnituse Peeter I ja tema järel ka valdav enamus enne Aleksander III valitsenud Vene monarhidest. Poola kolmanda jagamise käigus 1795. aastal läksid Vene valitsuse alla Kuramaa ja Piltene, kus 19. sajandi algupoolel oli samuti maksvel rüütelkondlik omavalitsus. Baltisaksa historiograafia ajalugu käsitleva kogumiku sissejuhatuses kir- jutab raamatu väljaandja Georg von Rauch, et baltisaksa ajalookirjutuse jaoks on seisuslik omavalitsus uusaja perioodi osas kõige kesksemaks uuri- misprobleemiks: “Dagegen steht das Prinzip der Autonomie der Stände und des Landes, sowohl in der Wirklichkeit als Politikum als auch als geschichtlicher Gegenstand, im Zentrum der Aufmerksamkeit. Das Privilegium Sigis- mundi
    [Show full text]
  • Concordia Theological Quarterly
    Concordia Theological Quarterly Volume 76:1–2 January/April 2012 Table of Contents What Would Bach Do Today? Paul J. Grime ........................................................................................... 3 Standing on the Brink of the Jordan: Eschatological Intention in Deuteronomy Geoffrey R. Boyle .................................................................................. 19 Christ’s Coming and the Church’s Mission in 1 Thessalonians Charles A. Gieschen ............................................................................. 37 Luke and the Foundations of the Church Peter J. Scaer .......................................................................................... 57 The Reformation and the Invention of History Korey D. Maas ...................................................................................... 73 The Divine Game: Faith and the Reconciliation of Opposites in Luther’s Lectures on Genesis S.J. Munson ............................................................................................ 89 Fides Heroica? Luther’s Prayer for Melanchthon’s Recovery from Illness in 1540 Albert B. Collver III ............................................................................ 117 The Quest for Lutheran Identity in the Russian Empire Darius Petkūnas .................................................................................. 129 The Theology of Stanley Hauerwas Joel D. Lehenbauer ............................................................................. 157 Theological Observer .....................................................................................
    [Show full text]
  • Introduction * C
    NOTES Introduction * C. G.Jung, Psychological Types, val. 6 of The Collected Works if C. G.]ung, trans. R. F. C. Hull (Princeton: Princeton University Press, 1971), p. 52. 1. The psychoanalytic dimension of this interchange is discussed in Paul Schilder, "The Libidinous Structure of the Body-Image," in his The Image and Appearance if the Human Body (New York: International Universities Press, 1950), pp. 119-212. 2. Louise 0. Fradenburg, City, Marriage, Tournament: Arts if Rule in Late Medieval Scotland (Madison: University ofWisconsin Press, 1991), p. 249. 3. See Jeffrey Jerome Cohen, "Monster Culture (Seven Theses);' in his Monster Theory: Reading Culture (Minneapolis: University of Minnesota Press, 1996), pp. 3-25, and Of Giants: Sex, Monsters, and the Middle Ages (Minneapolis: University of Minnesota Press, 1999). 4. L. 0. Aranye Fradenburg, Sacrifice Your Love: Psychoanalysis, Historicism, Chaucer (Minneapolis: University of Minnesota Press, 2002). 5. Georg Simmel, "The Stranger," The Sociology if Geotg Simmel, trans. and ed. Kurt H. Wolff (New York: Free Press, 1950), p. 405 [402-408]. 6. A. David Napier, Foreign Bodies: Performance, Art, and Symbolic Anthropology (Berkeley: University of California Press, 1992), pp. 139-40. 7. Napier, Foreign Bodies, p. 156. 8. On this issue, see Homi K. Bhabha, "The Other Question: Stereotype, Discrimination, and the Discourse of Colonialism;' in his The Location of Culture (New York: Routledge, 1994), pp. 66-84. Bhabha shows how stereo­ typing is based at once upon "daemonic repetition" and absolute rigidity, such that stereotyping's apparent fixity, as sign of difference, is paradoxical. Stereotyping thus carries within it the force of ambivalence, a force that is, e.g., largely ignored, as Bhabha points out, by critics and readers of oriental­ ism, Said included.
    [Show full text]
  • Mittelrheinisches Jahrbuch Für Archäologie, Kunst Und Geschichte
    SONDERDRUCK AUS: MAINZER ZEITSCHRIFT MITTELRHEINISCHES JAHRBUCH FÜR ARCHÄOLOGIE, KUNST UND GESCHICHTE HERAUSGEGEBEN VOM ALTERTUMSVEREIN IN VERBINDUNG MIT DER DIREKTION LANDESMUSEUM DER DIREKTION LANDESARCHÄOLOGIE DEM STADTARCHIV UND DER STADTBIBLIOTHEK MAINZ JAHRGANG 105,2010 (9 VERLAG PHILIPP VON ZABERN " GEGRÜNDET 1785 " MAINZ DIE MAINZER RESIDENZ IM AUSGEHENDEN MITTELALTER. EIN UNBEKANNTER AUGENZEUGENBERICHT ÜBER DEN BRAND DER MARTINSBURG 1481 von Enno Biinz Der Erzbischof von Mainz spielte als Primas Germa- Holger Kruse und Werner Paravicini. Sigmaringen Überlegungen niae, Kurfürst und Reichserzkanzler eine reichs- und 1999, S. 285-300; Walter G. RODEL, zur kirchengeschichtlich bedeutende Residenzfunktion der Stadt Mainz. In: Mainzer Zeit- gleichermaßen 96/97 (2001/2002), S. 115-123; Walter G. RODEL, Rolle, die über schrift weit seinen geistlichen und weltlichen Mainz, Erzbischöfe In: Höfe Residenzen im Herrschaftsbereich hinausgriff. Die Aus- von. und gewaltige spätmittelalterlichen Reich. Ein dynastisch-topogra- dehnung des Erzbistums, das linksrheinischen vom phisches Handbuch (Residenzenforschung 15), hg. von Rheinhessen und dem unteren Neckargebiet bis Werner Paravicini. Bd. [1], Teilband 1: Dynastien und nach Südniedersachsen und Ostthüringen reichte Höfe. Stuttgart 2003, S. 418-421; Walter G. RODEL, und die Zersplitterung des erzbischöflichen Territori- Mainz. In: Höfe und Residenzen im spätmittelalterli- dynastisch-topographisches Hand- ums mit seinen inselartigen Schwerpunkten am Un- chen Reich. Ein buch (Residenzenforschung 15), hg. Werner Para- termain und am Mittelrhein, in Nordhessen, im von Bd. [1], Teilband 2: Residenzen. Stuttgart 2003, Eichsfeld im Thüringer Becken haben dazu bei- vicini. und S. 357f.; Enno BÜNZ, Aschaffenburg. In: Höfe Re- dass im Mittelalter und getragen, späten neben und zeit- sidenzen (wie oben), Teil 2, S. 19-22; Enno BÜNz, Elt- Mainz weilig sogar vor auch andere Orte als Resi- ville.
    [Show full text]
  • Accepted Manuscript
    English (and European) Royal Charters: from Reading to reading Nicholas Vincent University of East Anglia What follows was first delivered as a lecture ‘off the cuff’ in November 2018, in circumstances rather different from those in which, writing this in January 2021, I now set down an extended text. In the intervening two and a bit years, Brexit has come, and gone. The Covid virus has come, but shows no immediate sign of going. When I lectured in 2018, although the edition of The Letters and Charters of King Henry II was in press, the publishers were still working to produce proofs. These were eventually released in December 2019, ensuring that I spent the entire period of Covid lockdown, from March to December 2020 correcting and re-correcting 4,200 proof pages. The first 3,200 of these were published, in six stout volumes, at the end of December 2020.1 A seventh volume, of indexes, should appear in the spring of 2021, leaving an eighth volume, the ‘Introduction’, for completion and publication later this year. All told, these eight volumes assemble an edition of 4,640 items, derived from 286 distinct archival repositories: the largest such assembly of materials ever gathered for a twelfth-century king not just of England but of any other realm, European or otherwise. In a lecture delivered at the University of Reading, as a part of a symposium intended to honour one of Reading’s more distinguished former professors, I shall begin with the debt that I and the edition owe to Professor Sir James (henceforth ‘Jim’) Holt.2 It was Jim, working from Reading in the early 1970s, who struck the spark from which this great bonfire of the vanities was lit.
    [Show full text]
  • Praise for Frederick the Wise
    Praise for Frederick the Wise To his family, friends, peers, and subjects, Elector Frederick the Wise of Saxony was much more than simply Martin Luther’s noble protector. Dr. Wellman’s thoroughly researched and engaging biography paints a vivid image of the Saxon elector. It is sure to become a valuable resource for students of German history and the Reformation period. Interested readers will be introduced to a Christian prince whose humanity and integrity were rare for someone of his elite status within the German empire. They will also encounter political intrigue and scandalous behavior. Praiseworthy, yet not without his flaws, Frederick the Wise steps out from the pages as an exceptional and noteworthy man of his time. —Paul M. Bacon, PhD Adjunct Professor of Art History Dominican University River Forest, IL Sam Wellman’s telling of the story of the public and personal life of Luther’s celebrated protector, Frederick the Wise, is a welcome addition to Reformation scholarship as we approach 2017. His careful research and well-crafted prose provide readers with insights into the risky yet resolute Christian prince who defended Luther even as he received the consolation of evangelical pastoral care from the Reformer. Aspects of the relationship between these two men often only alluded to in standard Luther biographies are developed with precision by Wellman. In this book we learn much about Frederick but a lot about Luther as well. —John T. Pless, MDiv Assistant Professor of Pastoral Ministry and Missions Concordia Theological Seminary Fort Wayne, IN In a biography with the character development, twists and turns, and absorbing storyline of a novel, Sam Wellman recreates the life and times of the powerful and resourceful ruler who made the Reformation possible.
    [Show full text]
  • Gtg180.Book(Gtg016 Scales.Fm)
    PAST & PRESENT NUMBER 180 AUGUST 2003 CONTENTS page CHRISTOPHER HILL: by Paul Slack ........................................ 3 PEER POLITY INTERACTION IN THE HELLENISTIC AGE: by John Ma ..................................................................... 9 GERMEN MILITIAE: WAR AND GERMAN IDENTITY IN THE LATER MIDDLE AGES: by Len E. Scales ..................................... 41 UNDERSTANDING THE POPULATION HISTORY OF ENGLAND 1450–1750: by John Hatcher ........................................ 83 GENDER’S TWO BODIES: WOMEN WARRIORS, FEMALE HUSBANDS AND PLEBEIAN LIFE: by Fraser Easton ........................... 131 THE BRITISH ARMY, FRENCH FARMERS AND THE WAR ON THE WESTERN FRONT 1914–1918: by Craig Gibson ............... 175 WITCHCRAFT AND COLONIAL LAW IN KENYA: by Richard D. Waller ......................................................................... 241 REVIEW ARTICLE: THE DANGERS OF RITUAL: by Alexandra Walsham .................................................................... 277 Published by Oxford University Press for the Past and Present Society GERMEN MILITIAE: WAR AND GERMAN IDENTITY IN THE LATER MIDDLE AGES* You know, there are things that people of your generation and mine ought never to forget. We’ve been through the war and we know perfectly well what the Germans are like . and how national character basically doesn’t change.1 Students of the history of political ideas are wont to regard national stereotypes with some disdain. Medievalists, despite — indeed, no doubt partly on account of — their current infatuation
    [Show full text]
  • A Summary of Catholic History
    A SUMMARY OF CATHOLIC HISTORY By Newman C. Eberhardt, G.M. VOLUME II MODERN HISTORY B. HERDER BOOK CO. 15 & 17 South Broadway, St. Louis 2, Mo. AND 2/3 Doughty Mews, London, W.C.1 IMPRIMI POTEST JAMES W. STAKELUM, C.M., PROVINCIAL IMPRIMATUR: ►j4 JOSEPH CARDINAL RITTER ARCHBISHOP OF ST. LOUIS-OCT. 16, 1961 © 1962 BY B. HERDER BOOK CO. ALL RIGHTS RESERVED LIBRARY OF CONGRESS CATALOG CARD NUMBER: 61-8059 PRINTED IN THE UNITED STATES OF AMERICA BY VAIL-BALLOU PRESS, INC., BINGHAMTON, N.Y. Contents PART I: THE CHURCH IN THE HUMANIST WORLD Section I: Secular Humanism (1453-1776) I. THE RENAISSANCE (1447-1517) . 4 1. The Secular Renaissance .. • 4 2. The Ecclesiastical Renaissance .. • 11 3. The Renaissance Papacy (1447-84) . 17 4. The Evil Stewards (1484-1503) . 23 5. The Militant and Humanist Papacy (1503-21) . 30 6. Germanic Renaissance (1378-1519) . 36 7. Slavic Renaissance (1308-1526) . 42 8. French Renaissance (1380-1515) . 47 9. British Renaissance (1377-1509) . 53 10. Iberian Unification (1284-1516) 59 11. Scandinavian Unity (1319-1513) . 65 II. EXPLORATION AND EVANGELIZATION (1492-1776) 71 12. The Turkish Menace (1481-1683) .. 71 13. Levantine Missions 74 14. Return to the Old World ..... 80 15. Discovery of a New World (1000-1550) • 87 16. Latin America (1550-4800) ... 93 17. French America (1603-1774) ... • 104 18. Anglo-Saxon America (1607-1776) . 114 Section II: Theological Humanism (1517-1648) III. THE PROTESTANT REVOLUTION (1517-59) . 124 19. Causes of Protestantism 124 20. Emperor Charles of Europe (1519-58) . 132 21. Luther and Lutheranism ..
    [Show full text]
  • University of Glasgow the Baltic Provinces and the Russian Empire
    UNIVERSITY OF GLASGOW THE BALTIC PROVINCES AND THE RUSSIAN EMPIRE: PROVINCIAL PRIVILEGE AND IMPERIAL PREROGATIVE IN THE PROCESS OF AGRARIAN REFORM IN LIVLAND, ESTLAND AND KURLAND 1765-1849 A DISSERTATION SUBMITTED TO THE FACULTY OF ARTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY DEPARTMENT OF MODERN HISTORY BY MAUREEN MAGUIRE BRUNS MARCH 1994 ProQuest Number: 13818754 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a com plete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. uest ProQuest 13818754 Published by ProQuest LLC(2018). Copyright of the Dissertation is held by the Author. All rights reserved. This work is protected against unauthorized copying under Title 17, United States C ode Microform Edition © ProQuest LLC. ProQuest LLC. 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106- 1346 GLASGOW UNIVERSITY l ib r a r y ABSTRACT The dissertation examines the process of agrarian reform in Livland, Estland and Kurland in the period 1765 to 1849 from a provincial/imperial perspective. The interaction of provincial privilege and imperial prerogative is seen as a major catalyst in the reform process. The perspective not only sheds light on the development of agrarian reform in the Baltic provinces but illuminates the nature of the Baltic/Russian relationship in the period under study. The research is interpretative and analytical within a chronological framework with thematic emphases in each chapter.
    [Show full text]
  • Ulrich Von Hutten, His Life and Times
    22101137435 Digitized by the Internet Archive in 2015 https://archive.org/details/b21777706 ULRICH VON HUTTEN 23 SZ ULRICH VON HUTTEN i^is Htfc anti Stints By DAVID FRIEDRICH STRAUSS TRANSLATED, WITH THE AUTHOR'S PERMISSION, FROM THE SECOND GERMAN EDITION By Mrs. G. STURGE LONDON DALDY, ISBISTER, & CO. 56, LUDGATE HILL 1874 LONDON : CO., INTK11 BY VIRTUE AND CITY ROAD. PREFACE. E recall the memory of departed friends both in good In the one case we long for their advice and aid, in the other to make them sharers in our joy. And as with individuals, so with nations : in times of affliction and of prosperity they call up the spirits of their illustrious dead. These are mostly combatants, who have fought for light against darkness, for culture against bar- barism, for freedom against despotism, to save their country from foreign aggression ; and whether their efforts were crowned with victory, or whether they perished in the struggle, they are equally honoured and beloved by posterity. The nobleness of a nation depends upon its being compassed about by a cloud of witnesses of this sort, and if any nation can boast of it, it is the German. I once called forth a form out of this cloud in an evil time. It was the time when Germany was lying prostrate after exhausting throes; when oppressors, great and small, had again mastered her, when overbearing neighbours insulted her, and birds of prey were already hovering over her. It was the time of the Concordat ; of that servile contract with Rome, with which, after Austria had taken the lead, the other states of Germany were threatened.
    [Show full text]
  • Volume 0006 Number
    JOHNS HOPKINS UNIVERSITY CIRCULARS PublisAed witk tAe approbation oft/~e Board of Trustees YoL. YJ.—No. 5g.] BALTIMORE, AUGUST, 1887. [PRICE, 10 CENTS. SCIENTIFIC NOTES. Including Communications to the University Societies, etc. On the Etymology of Nekasim. By PAUL HAUPT. (2) K after a preceding vowel must have been spiraled as in Hebrew and Syriac, the k in ArtakAatsu certainly being pronounced like the Hebrew 3, [Abstract ofa paper* read before the UniversityPhilological Association, January7,1887]. thus answering the Persian kh. For 3= ~ cf. Syriac ri~’% ~n Barhebr. As a rule the Hebrew word o’~ “wealth” (Aram. PP?~) is regarded as a Chron. pag. 215 = Arabic Ijdkirn ijalife. (3) tsu in ArtakAatsu stands for tAu, ArtakAatAu, A becoming a in Assyro- metathesis of ~ from ~ “to gather” or “amass.” This explanation, however, is untenable. The word is evidently connected with Assyrian Babylonian after a dental, as in Aapatsu “his lips” instead of AapatAu. In nikdsu or rather nikd.su “offering” which is found ASKT. 108, 4 preceded the Old Testament form of the name, ArtakhAaat (written either ‘~5 or by qi~tu “gift,” taklimu “present” and nindab~2 (Hebr. ~‘~9) “free-will offer- we have the Hebrew rendering of the Babylonian form of the name with the peculiar Hebrew transposition of the consonantal group Isto at ing.” The primitive meaning of nikasu is “Schlachtopfer,” the primitive as in ~ “to be burdened” for ‘PTh~. Or ~ for ~ only may meaning of ~ (from a singular D?]*) “Schlachtvieh.” Both come from the be based on the Babylonian form Arta&Aat.su, the other spelling Nnr’~vniv~x for common Assyr.
    [Show full text]