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Risk Management

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Lecture 4: The Rise of the Manorial System

Western Europe after the Fall of Rome

A. By the 4th Century, the crushing tax burdens had forced small farmers to cede their land to local tax-exempt lords and seek their protection, setting up the foundations of feudalism.

1. Review of conditions at end of Roman Empire. a. Taxes were imposed on the peasantry, but landed elite were tax exempt. b. When state revenues declined, the state went out and forcibly collected more taxes from the peasants. c. Peasants responded by fleeing land and seeking protection of tax-exempt lords (early manors). d. As peasants fled land, led to localized labor shortages and reduction in tax base. Population in towns and cities declined due to lack of provisions. 2.
Futile Economic Reform Efforts

a. Diocletian (284-305) * Established regular contributions to the state rather than uncertain obligations. * fixed wages and prices.

b. Constantine (306-337) * Bound peasants to land. * Made offices (occupations) hereditary.

c. Theodosian Code (Theodosius I, 379-395) sought to lock men into their places and organize population into hereditary classes.

Reforms offered only temporary stability could not stop process of decline. Led to very different economic/social structure than that of classical world: Great estates (latifundia) became self-sufficient, self-contained economies.

B. The constant invasions of roaming barbarians resulted in abandonment of the cities of the former Roman Empire.

C. Western Europe was fairly decentralized and sparsely populated. Breakdown in long-distance trade and disappearance of a money economy.

Reasons for the Rise of the Manorial System

A. Great need for protection. 1. In 711 Muslim invaders captured Spain and continued into central France by 732, before being repelled by the Franks. The Muslims ultimately gained control of the Mediterranean. 2. In the latter 8th and 9th centuries, Viking invaders conquered the British Isles, Normandy, even Paris. 3. Magyar tribesman raided Central and Southern Europe.

B. System of agriculture in Northwestern Europe. 4. More capital intensive than in Mediterranean. * Heavy (yet very fertile soil) required heavy wheeled plow. * Required draft animals to pull the plow.

Divide land holding into three
(notes photo?)

5. 3-course rotation

* Feasible in heavier soil * Increased crop yield * Could support more people and animals.

6. Many agricultural inventions in the Dark Ages. * Hoes, pitchforks, axes * Sickles and the scythe * Improvements in the harrows and plows. * Better fertilization.

III. Feudalism and Manorialism as Contractual Relationships.

A. Distinction between feudalism and manorialism

1. Manorialism was the social and economic system. Lord and serf.

2. Feudalism: a system of military and political relationships. King and knights(lords). Small kingdoms needed military force to protect against external threats. No way to fund through taxes.

e. Warriors paid in land, no taxes and commerce. Given large estates and the peasants that lived there. Also solve the problem of local government. Lords administered justice on the estates.

f. Self-sufficient, protected manors.

B. The physical attributes 1. The lord’s demesne could account for 25 to 30 percent of the total arable land of the manor and contained the manor house and associated structures. 2. Peasant holdings lay in large open fields which were divided into strips. Each peasant held several strips that were distributed throughout the fields of the manor. 3. The common land usually consisted of waste, meadows, pasture, and woodland. Peasants used these areas to graze livestock, gather firewood, etc. but lord supervised use. C. Social structure and organization of production 1. Peasants were bound to the soil (serfdom). a. required to contribute labor services to production on the lord’s demesne. Work on the lord’s demesne took precedence over work on their own plots. b. Peasants also were required to make other contributions and dues to the lord. (Some estimates indicate that over 50% of the peasants’ output was extracted by the lords.)
2. In exchange, the lord provided protection for the peasants and served as the judge and administrator of the estate.

IV. The Economics of Manorialism

A. “Open fields” Why were peasants’ landholdings scattered across estate?

1. Enforce cooperation-most efficient agriculture practices-heavy wheeled plows w/ oxen, later fraft horses- required cooperation among peasants, Capital costs too great for one family. Configured to insure ensured or facilitated cooperation.

2. Risk Diversification. Hail locusts, mold, etc. Spread out holdings to minimize risk of total crop loss. But manor’s area generally pretty small. However, there may be something to differences in land quality.

C.Why manorialism?

1. Domar’s theory: Incompatibility of free land, free labor and non-working, landholding class.
Free (abundant) Land
Free (unbound) Labor
Landed gentry –Central authority to enforce

2. North and Thomas distinction. a. Feudalism closer to sharecropping than slavery. b. High costs to enforcing property rights, competition for labor.

3. Why a share contract? Why not fixed wages or fixed rent?
a. The model

Agricultural output is a function of F (L, E, K, Θ)
L is days labor
E is effort
K is land (in acres)
Θ is random element.

Output increases in L,E,K. Effort is difficult to observe, and cannot be totally inferred from output b/c of the random element, “acts of God”, weather, pests…

b. Fixed rent contract: farmer pays lord a fixed rent, r, and gets to keep the output of the land (usually referred to as tenancy).

Landlord: r-CL
Farmer: E(L, E, K, Θ)-CF

Farmer has high incentive to exert effort, keeps all additional output. Farmer bears all the risk. Transaction costs for both are costs of negotiating a contract. North and Thomas argue this is high in a non-monetary economy. Argue over consumption bundles.

c. Fixed wage contract: landlord pays farmer a fixed wage rate, and landlord gets to keep the output of the land.

Landlord: F (L, E, K, Θ)-w*L-CL Farmer: w*L-CF
Farmer has no incentive to work, just hard enough to not get caught shirking. Landlord bears risk of a bad crop (also benefits from a bumper crop). Transaction costs for the landlord include negotiation as well as monitoring of effort. North and Thomas would argue this arrangement is prohibitively high in a non-money economy.

d. Output sharing (sharecropping): farmer pays landlord share of output and keeps the rest.
Landlord: a*F (L, E, K,Θ)-CL
Farmer: (1-a) F(L, E, K, Θ)- CF Incentive is intermediate, more than fixed wage, less than fixed rent, and depends on the split of output. Sharing or risks/rewards. Transactions cost costs of negotiation PLUS monitoring of efforts and output.

e. Input sharing—the Manorial System.

Landlord: F (K-KF, LL, EL,Θ)-CL
Farmer: F (KF, LF, EF,Θ)-CF

KF: Land allocated to Farmer
LL: Days labor on Lord’s land holdings
EL: Effort while working the Lord’s
LF: Days labor on Farmer’s land holdings
EF: Effort of farmer while working his own land

Incentives high on only own plots, low while working on lord’s. Risks shared (dependent on how much land, how much labor due). Transaction costs: Monitoring the farmer while working on the lord’s land, maybe higher than fixed wage b/c there’s opportunity cost to working their own plot, but comparison of output on peasant holding vs. desmense can indicate shirking.

D. Why shared inputs, not outputs?

1. land rents low; wages high (Domar 1970) Labor dues most profitable for the warrior class. They imposed it b/c they could. Land abundant; labor scarce. Monopoly in weaponry could impose the best system for the lords.

2. Transactions costs and the lack of markets and payments in money (North and Thomas 1971)
Transaction costs prohibitively high. Would have had to negotiatve for set of goods, 5 bushels of wheat, 2 bushels of cabbage, 1 pig, etc either for wages or rents. Output sharing also requires agreement on what to grow. So they argue input sharing allowed farmer and lords to grow what they each desired for their families, minimizing transaction costs.

3. Authority and superior production technology (Fenoaltea 1975):

Transaction costs not all that high, especially over a lifetime or even several generations. He argues that more important was the new capital intensive farming of the time required coordination and that this system led to the lord acting in capacity of central planner to insure maximum output.

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