- Enseignant-e: Pilar Nogues-Marco
This course explores the relationship between power and trust in shaping global financial capitalism across a broad historical span, from the expansion of international commercial finance in the medieval period to the present day. We will examine different historical epochs to understand how this relationship evolved over the long term.
We begin with the institutions that emerged at the origins of capitalism to establish trust in long-distance commercial finance during the Mediterranean commercial revolution (11th–15th centuries). Next, we will study the interplay between sovereign debt, credibility, and default during the height of Spain's imperial power under Philip II (1556–1598), focusing particularly on the challenges of sovereign debt and default in the absence of a third-party enforcement mechanism. Our attention will then shift to England after the Glorious Revolution (1688) to examine whether secure property rights contributed to the development of efficient capital markets. Following this, we will address the slave trade and capital accumulation during the Atlantic trade of the 17th and 18th centuries, investigating whether the slave trade contributed to European growth at the expense of Africa’s underdevelopment. We will also explore the relationship between colonialism and the “drain of wealth,” focusing on the case of British India under the rule of the East India Company (1757–1858), to delve into the debates regarding the impact of this drain on both the English Industrial Revolution and India’s impoverishment. Finally, we will examine the origins of “modern” foreign sovereign debt through the case of Latin America, in order to understand the mechanisms that supported the expansion of the global sovereign debt market in the 19th century.
By covering these diverse topics, structured chronologically and with a focus on different geographical regions—Europe, Africa, Asia, and Latin America—the course aims to provide a comprehensive understanding of the complex interplay between power, trust, and global financial capitalism over time.