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Figures and Tables=vi

Preface=viii

Preface to the German Edition=ix

Introduction England and the Process of Commercialization=1

Chapter 1. Medieval Foundations of Market Exchange=21

Institutions and Law=22

Social Structure, Mobility and Social Relations=28

Chapter 2. Growth and Consolidation of Market Exchange in the Early Modern Period=41

Impulses towards Commercialization : Population Growth, Agrarian Revolution and Urbanization=42

Reciprocal Effects between Commerce and Industry=46

Centralized Production=47

Urban Trades=50

Rural Proto-industry=55

Concentration of Powers : The Financial Revolution of the Eighteenth Century=59

Chapter 3. The Embeddedness of Market Exchange=72

Generating Trust=76

Facts, News and Periodicity=81

Games, Speculation and the Culture of Commerce=88

Conclusion Commercialization as an Historical Process=106

English Market Society in 1800 : Regulatory Mechanisms and Directions of Development=106

Driving Forces, Path Dependencies and Development Potential : Perspectives for a Long-term European Comparison=115

Works Cited=133

Index=162

Tables

Table 2.1. The Nonagricultural Population in England, 1520-1800 (as a Percentage of the General Population)=46

Table 3.1. Publishing Frequency of London Newspapers, 1746-1790=87

Table 4.1. Estimated Growth of the Commercial Classes Compared with General Population Growth, 1688-1750=111

Table 4.2. Occupational Structure of Several Northwest European Countries around 1800=112

Table 4.3. Weighted Sectoral Output Growth Rates of the GDP in Great Britain, 1700-1860=113

Figures

Figure 0.1. Map of England, circa 1250. The map, which served as an itinerary from Dover to Newcastle, still lacked geographic precision in the modern sense. Scotland is conceived of as an island, connected to England via a bridge at Stirling. ⓒ The British Library Board=14

Figure 1.1. Coin of William the Conqueror, 1068 ; from : R. Blake (ed.). 1982. The English World. History, Character and People, London : Thames and Hudson, 35=23

Figure 1.2. Country towns as regional centres in England around 1300 ; from : J. Masschaele. 1997. Peasants, Merchants, and Markets. Inland Trade in Medieval England, 1150-1350. New York : St. Martin's Press, 81. Reproduced with permission of Palgrave Macmillan=31

Figure 2.1. Shops and stalls along the wall of the Church of St. Ethelburga, Bishopsgate, London, 1737 ; from : K. A. Morrison. 2003. English Shops and Shopping. An Architectural History, New Haven : Yale University Press, 42=44

Figure 2.2. 'The Cries of London', circa 1740. The cards were part of a children's game. Engravings by M. Lauron from late sixteenth-century drawings ; ⓒ The Bodleian Library, University of Oxford, Douce Portfolio 139=47

Figure 2.3. The English turnpike road network, 1770 ; from : E. Pawson. 1977. Transport and Economy : The Turnpike Roads of Eighteenth Century Britain, London : Palgrave, 151=51

Figure 2.4. A London cloth merchant inspecting goods delivered, 1690. Oil painting by Egbert van Heemskerck the Elder. The office was likely located in Blackwell Hall or in a room at the Royal Exchange. ⓒ Museum of London=58

Figure 3.1. Interior courtyard of the Royal Exchange, 1644. Copperplate engraving by Wenceslas Hollar ; from : K. A. Morrison. 2003. English Shops and Shopping. An Architectural History, New Haven : Yale University Press, 32=74

Figure 3.2. Floor mosaic in the rebuilt Royal Exchange. Drawing by John Seller, 1669. ⓒ The Pepys Library, Magdalene College, Cambridge=75

Figure 3.3. Insurance office of Lloyd's of London, circa 1800. Drawing by Angus Charles Pugin and Thomas Rowlandson, 1809. ⓒ National Maritime Museum, Greenwich, London=85

Figure 3.4. Frontispiece of Charles Cotton's The Compleat Gamester, London 1674. In this book, games of chance are described. Illustrations are provided of billiards, backgammon, dice-throwing, cock fights and card games. ⓒ The Pepys Library, Magdalene College, Cambridge=91

Figure 4.1. Street traffic in front of the Royal Exchange, 1751. ⓒ Ullstein-Bild=108

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Focusing on England, this study reconstructs the centuries-long process of commercialization that gave birth to the modern market society. It shows how certain types of markets (e.g. those for real estate, labor, capital, and culture) came into being, and how the social relations mediated by markets were formed. The book deals with the creation of institutions like the Bank of England, the Stock Exchange, and Lloyd's of London, as well as the way the English dealt with the uncertainty and the risks involved in market transactions. Christiane Eisenberg shows that the creation of a market society and modern capitalism in England occurred under circumstances that were utterly different from those on the European continent. In addition, she demonstrates that as a process, the commercialization of business, society, and culture in England did not lead directly to an industrial society, as has previously been suggested, but rather to a service economy.

Christiane Eisenberg is Professor of British History at the Centre for British Studies at the Humboldt University, Berlin. Her interests lie in the comparative social and cultural histories of Germany and Britain in the 19th and 20th centuries. Internationally she is known for her work on the diffusion of modern sport.