What was the role of merchant guilds in the medieval and early modern economy? Does their wide prevalence and long survival mean they were efficient institutions that benefited the whole economy? Or did merchant guilds simply offer an effective way for the rich and powerful to increase their wealth, at the expense of outsiders, customers and society as a whole? These privileged associations of businessmen were key institutions in the European economy from 1000 to 1800. Historians debate merchant guilds' role in the Commercial Revolution, economists use them to support theories about institutions and development, and policymakers view them as prime examples of social capital, with important lessons for modern economies. Sheilagh Ogilvie's magisterial new history of commercial institutions shows how scrutinizing merchant guilds can help us understand which types of institution made trade grow, why institutions exist, and how corporate privileges affect economic efficiency and human well-being.

Commerce meets conquest in this swashbuckling story of the six merchant-adventurers who built the modern world, as told by Steven Bown, .Canada's Simon Winchester. (Globe and Mail).
Through the Age of Heroic Commerce, from the 17th to the 19th centuries, a rogue's gallery of larger-than-life merchant kings ruled vast tracts of the globe and expanded their far-flung monopolies to generate revenue for their shareholders, feather their own nests and satisfy their vanity and curiosity. Their exploits changed the world during an age of unfettered globalization, mirroring a world we know today.
Merchant Kings looks at each ruling monopoly through its greatest merchant king and considers their stories together for the first time. (

In 1616, an English adventurer, Nathaniel Courthope, stepped ashore on a remote island in the East Indies on a secret mission - to persuade the islanders of Run to grant a monopoly to England over their nutmeg, a fabulously valuable spice in Europe. This infuriated the Dutch, who were determined to control the world's nutmeg supply. For five years Courthope and his band of thirty men were besieged by a force one hundred times greater - and his heroism set in motion the events that led to the founding of Manhattan, the greatest city on earth. A beautifully told adventure story and a fascinating depiction of exploration in the seventeenth century, NATHANIEL'S NUTMEG sheds a remarkable light on history.

Beginning his epic history in the early 1600s, Eric Jay Dolin traces the dramatic rise and fall of the American fur industry, from the first Dutch encounters with the Indians to the rise of the conservation movement in the late nineteenth century. Dolin shows how the fur trade sparked controversy, fostered economic competition and fuelled wars among the European powers.

International trade has shaped the modern world, yet until now no single book has been available for both economists and general readers that traces the history of the international economy from its earliest beginnings to the present day. Power and Plenty fills this gap, providing the first full account of world trade and development over the course of the last millennium. Ronald Findlay and Kevin O'Rourke examine the successive waves of globalization and "deglobalization" that have occurred during the past thousand years, looking closely at the technological and political causes behind these long-term trends. They show how the expansion and contraction of the world economy has been directly tied to the two-way interplay of trade and geopolitics, and how war and peace have been critical determinants of international trade over the very long run.The story they tell is sweeping in scope, one that links the emergence of the Western economies with economic and political developments throughout Eurasia centuries ago. Drawing extensively upon empirical evidence and informing their systematic analysis with insights from contemporary economic theory, Findlay and O'Rourke demonstrate the close interrelationships of trade and warfare, the mutual interdependence of the world's different regions, and the crucial role these factors have played in explaining modern economic growth. "Power and Plenty" is a must-read for anyone seeking to understand the origins of today's international economy, the forces that continue to shape it, and the economic and political challenges confronting policymakers in the twenty-first century.