Question

Historians have long debated the origins of the sixteenth-century European 'Price Revolution.' Traditional monetarists, exemplified by Earl Hamilton, argued that the unprecedented influx of silver from the Americas directly precipitated the sustained inflationary trend. However, this bullion-centric model was later challenged by demographic historians like M.M. Postan, who posited that a surging population invariably outstripped stagnant agricultural productivity, thereby driving up commodity prices irrespective of precious metal supplies. Alternatively, Marxist historians viewed the inflation as a deliberate mechanism of early capitalists to depress real wages and expropriate surplus value from the peasantry. More recently, institutionalists such as Jack Goldstone have shifted the focus toward sovereign fiscal policy, contending that relentless state borrowing for martial endeavors, coupled with the systematic debasement of currency, were the true catalysts of price instability. While each framework offers explanatory value, they overlook the financial infrastructure of the era. The actual engine of the Price Revolution was the rapid proliferation of credit networks and urban banking, which dramatically accelerated the velocity of money and transformed otherwise manageable structural pressures into an acute economic crisis.

Based on the passage above, match each historical school of thought or individual to the specific causal argument they endorse.