This open access book explores the history of risk management in medieval and early modern European maritime business, focusing particularly on 'General Average' a mechanism by which extraordinary expenses regarding ship or cargo, incurred during a voyage to save the venture, are shared between all participants to protect equity. This volume traces the history of this risk management tool from its origins in the pre-Roman Mediterranean through to its use in the shipping sector today. Contributions range from the Islamic Mediterranean to the Low Countries, and taken together, provide a wide-ranging analysis of social, cultural, and political aspects of pre-modern maritime commerce in Europe.
Part 1: Why and How Risk is Shared.- 1. Introduction: Sharing Risks, on Averages and Why they Matter; Maria Fusaro.- 2. General Average and All the Rest: The Law and Economics of Early Modern Maritime Risk Mitigation; Ron Harris.- 3. Risky Narratives: Framing General Average into Risk-Management Strategies (13th-16th Centuries); Giovanni Ceccarelli.- Part 2: Origins and Variants of Mutual Protection.- 4. General Average in Byzantium; Daphne Penna.- 5. Rules and Practices of General Average in the Islamic Mediterranean on the Eve of the Emergence of the Italian Communes; Hassan Khalilieh.- 6. Principles and Developments of General Average: Statutory and Contractual Loss Allowances from the Lex Rhodia to the Early Modern Mediterranean; Andrea Addobbati.- Part 3: The Iberian Experience.- 7. The Mutualisation of Maritime Risk in the Crown of Castile, 1300-1550; Ana Mar?a Rivera Medina.- 8. General Average, Compulsory Contributions and Castilian Normative Practice in the Southern Low Countries (Sixteenth Century); Gijs Dreijer.- 9. The Nautical Republic of the Carrera de Indias: Commerce, Navigation, Casos Fortuitos and Aver?a Gruesa in tlCƒ
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