1. Ghent University / University of Antwerp
The wealth and poverty of households A micro perspective on investment diversification in secondary towns in the early modern Low Countries
Heidi Deneweth
Utrecht University
Wouter Ryckbosch
Ghent University / University of Antwerp

2. Introduction
Commercialization & monetization Financial markets Consumerism Polarization? Asset management Real estate Cash & hoarding Financial assets
Household perspective

3. Maassluis
Oirschot
Aalst

14. Conclusions (1) Conditions for investment diversification
Labour specialisation / commercialisation
Monetisation
Income > basic needs => surplus savings
Sufficient investment opportunities
Personal preferences
Complementarity of markets
Portfolio diversification

15. Conclusions (2) General trends 17th-18th century investments
Deepening monetisation // decline of credit economy (negative for lower social groups)
Hoarding replaced by investments in capital market
Capital markets
Declining interest rates – cheaper credit
Trend towards more globalised markets (positive for elite investors)
Effect: acceleration of social polarisation?