INA BAGHDIANTZ MCCABE, The Shah's Silk for Europe's Silver: The Eurasian Trade of the Julfa Armenians in Safavid Iran and India (1530–1750), Armenian Texts and Studies 15 (Philadelphia: University of Pennsylvania 1999). Pp. 436.

It has long been recognized that Iranian silk constituted the principal source of foreign exchange of the Safavid state in the reign of Shah [ayn]Abbas I (1589–1629), and widely appreciated that Armenian merchants of New Julfa, Isfahan, played a critical role in marketing Iranian silk both within the country and abroad. It is all the more remarkable therefore to consider that Ina Baghdiantz McCabe has produced the first major study of the Iranian Armenian community's business organization, their relationship with the Safavid state, and the nature of their involvement in the production and marketing of Iranian silk. Based on Armenian, English, French, and Persian sources, this well-illustrated publication in the University of Pennsylvania's Armenian Texts and Studies series represents an ambitious work of political economy. In it, Baghdiantz McCabe argues forcefully that the Armenians' position reflected the implementation of systematic economic goals by Iranian monarchs; that Armenians during the reign of Shah [ayn]Abbas I became part of the political elite; that Armenian trade, far from being the work of itinerant peddlers, was directed by a highly organized, extremely wealthy commercial elite; and that Armenian merchants operating within the Safavid system were successful in excluding European companies from gaining significant influence in the Iranian silk trade.