Price Trends in Eighteenth-Century Mexico
S INCE the publication of Enriquie Florescano's stuidy of Mexico City maize prices more than a decade ago, scholars have wrestled with the quiestion of rising prices and their impact on economic growth and social stability.' Through careful analysis of the records of Mexico City's alh6ndiga, Florescano docuiments a rise in maize prices by as muich as iloo percent between the beginning of the eighteenth century and the end of the colonial period. He does not believe that this rise was the result of a long trend toward higher maize prices, but rather of inflationary pressuires on maize prices from the 1780S into the i8oos. Before the 178os, he points out, maize prices flLuctuiated frequently and widely, but the average price from cycle to cycle remained relatively constant. Under these conditions the price curve wouild be flat rather than sloped in one direction or another. Althouigh he discounts the importance of long-term trends, he concedes that the eighteenth-ceintury maize curve can be divided into three periods in which trends can be recognized. From 1721 to 1754 maize prices appeared to rise graduially. This was followed by a "tendency" toward lower prices from 1755 until 1778. Finally, from 1779 to 1814, "rising prices dominated once again." Of greater significance to Florescano, however, is that until the last quarter of the eighteenth century prices were held in check mostly because sharp increases were counterbalanced by sharp decreases. In the last quiarter,