The Italian trading stations in Tana were important in the system of long-distance trade of the Italian maritime republics Venice and Genoa. The deeds of two Venetian notaries (Nicolo de Varsis and Benedetto de Smeritis) who worked there during the 1430s are an important source for tracing the transformation of the issues and directions of the Italian trade in the Black Sea region, the trade, which was recovering from crisis of the fourteenth century. Notwithstanding the Venetian-Genoese struggle and previous crisis events, this recovery made the economic conditions favorable.
Although some scholars see a regionalization of trade in fifteenth century, the source evidence challenges this interpretation. Westerners began to import Italian, Flemish, and English textiles to the Eastern markets, and the local goods (fish, caviar) were widely exported to Europe (even to the markets of Flanders). Finally, the slave trade was intensive. My main argument here is that though there were considerable transformations in the Italian trade, there was no real regionalization of trade, which retained its long-distance character.
Hyperinflations are a modern phenomenon often associated with periods of transition. By accelerating the dynamics that govern the financial, political and private spheres of life, hyperinflations necessitate a quickened decision-making process in which alternative choices are eliminated. Using the example of Austria following the First World War, this article shows that hyperinflations are likely to have a path-determining effect on multiple levels. While periods of transitions offer the rare opportunity for countries to break with historical path dependence, hyperinflations carry the risk of creating new path dependence prematurely. By speeding up dynamics during transformative processes, hyperinflations eliminate possible alternatives that might otherwise have been chosen. Hyperinflations are thus best understood as neither the cause nor the consequence of transitions, but as their accelerating catalyst.