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Introduction: Factor markets in global economic history

Markets for labour, land and capital play important roles in the longterm evolution of economies. In the course of recent centuries, the exchange of land, labour and capital by way of the market – whereby prices are mainly determined by supply and demand – has become ever more important. These exchanges increasingly replaced other systems of exchange and allocation, such as those by way of tribute, voluntary redistribution or systems applying some type of coercion, as in the manorial system. This rise of what are termed ‘factor markets ’, occurring most conspicuously in Western Europe, has had profound effects on economic development. Most economic historians – whether from neo-classical, neo-institutionalist or neo-Marxist schools – would agree that mobility of factors of production, specialization and technological change are often linked with, or promoted by, the rise of wage labour, land leases and large-scale loans and investments, and the concomitant market competition. The growth of factor markets is a not a unilinear process, however, but one fraught with stagnation, crises and even the reversal of trends. Moreover, the process displays striking regional differences. While, for example, the commercial heartland of Europe witnessed the rise of large, flexible factor markets as early as the late medieval and early modern