![]() In addition, it explores European market integration before and after 1503, the year when da Gama returned from his financially successful second voyage. It also draws on evidence from Iberia and northern Europe. This paper revisits Lane’s hypotheses by using instead relative spice prices, that is, accounting for inflation. Lane developed these influential hypotheses by relying heavily on nominal spice prices from Venice and the Levant. Third, 15th century Venetian spice markets were already well integrated with those in Iberia and northern Europe, implying that Portugal could not have had an intra-European market integrating influence in the 16th century. Second, Portuguese circumnavigation of Africa did not lower European spice prices across the 16th century, implying that the discovery of the Cape route had no permanent effect on Euro-Asian market integration. First, pepper and other spice prices did not rise in European markets in the century before the 1490s, and thus could not have ‘pulled in’ the oceanic explorations by their rising scarcity. In his seminal publications between the 1930s and 1960s, Frederick Lane offered three hypotheses regarding the impact of the Voyages of Discovery that have guided debate ever since.
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