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The Economics of Chocolate
The Economics of
Chocolate
Edited by
Mara P. Squicciarini and Johan Swinnen
1
3
Great Clarendon Street, Oxford, OX2 6DP,
United Kingdom
Oxford University Press is a department of the University of Oxford.
It furthers the University’s objective of excellence in research, scholarship,
and education by publishing worldwide. Oxford is a registered trade mark of
Oxford University Press in the UK and in certain other countries
© the various contributors 2016
Chapter 3 © Routledge Publications, 2000
The moral rights of the authors have been asserted
First Edition published in 2016
Impression: 1
All rights reserved. No part of this publication may be reproduced, stored in
a retrieval system, or transmitted, in any form or by any means, without the
prior permission in writing of Oxford University Press, or as expressly permitted
by law, by licence or under terms agreed with the appropriate reprographics
rights organization. Enquiries concerning reproduction outside the scope of the
above should be sent to the Rights Department, Oxford University Press, at the
address above
You must not circulate this work in any other form
and you must impose this same condition on any acquirer
Published in the United States of America by Oxford University Press
198 Madison Avenue, New York, NY 10016, United States of America
British Library Cataloguing in Publication Data
Data available
Library of Congress Control Number: 2015944569
ISBN 978–0–19–872644–9
Printed in Great Britain by
Clays Ltd, St Ives plc
Links to third party websites are provided by Oxford in good faith and
for information only. Oxford disclaims any responsibility for the materials
contained in any third party website referenced in this work.
Acknowledgements
To some extent, working and living in Belgium means the idea of producing a
book on the economics of chocolate comes naturally. However, our work was also
inspired by the rapidly growing field of the economics of wine, another luxury
product, and the economics of beer, another Belgian specialty with sometimes
surprisingly similar economic characteristics as chocolate.
A precursor to the book was a conference on the economics of chocolate for
which economists and other social scientists from all over the world gathered in
Leuven and Brussels in September 2012. The combination of listening to chocolate
economics and tasting specialties was inspiring. The conference provided inputs
and raw material for this book. Several of the chapters in this book are based on
presentations at the conference. These chapters are complemented by contribu-
tions from experienced researchers in this field, drawing upon their earlier work on
the economics and history of chocolate, and new research which was inspired by
our project.
The chapters in this book demonstrate that ‘the economics of chocolate’ covers
a vast set of issues. The various contributions cover history and economic devel-
opment, demand and supply, trade and investment, geography and scale econ-
omies, psychology and politics, technology and innovation, health and nutrition,
quantity and quality, industrial organization and competition, taxation and regu-
lation, and so on. This not only makes the chocolate market an interesting sector
to study in itself but also yields important general economic insights.
Many people contributed to the process of what ultimately resulted in this book.
First and foremost, Di Mo—then in Leuven and now at Stanford (and always
somewhere in China doing experiments)—played a crucial role in developing
the idea of the conference and the book, and it was only her total dedication to
the field experiments with poor children in the rural areas of China (and Stanford
Rural Education Action Program’s (REAP’s) insistence on total commitment)
which prevented her from co-editing this volume. But she still managed to
co-author two excellent chapters.
The members of the local organization committee of the conference (Paola
Corsinovi, Giulia Meloni, Astrid Sneyers, and Anneleen Vandeplas) did a wonder-
ful job in helping to plan and organize the conference and the social events
surrounding it. Also, the members of the international scientific committee were
enthusiastic supporters of the conference and the follow-up work.
Oxford University Press responded enthusiastically to the proposal to publish
this book and it has been a pleasure working with them in this process. Elfriede
Acknowledgements
vi
Contents
List of Figures xi
List of Tables xv
Notes on Contributors xix
From Cocoa to Chocolate: Process, Products, and Agents xxv
Part I. History
2. A Brief Economic History of Chocolate 11
Eline Poelmans and Johan Swinnen
viii
Contents
Index 457
ix
List of Figures
xii
List of Figures
20.6 Imports and exports of chocolate in Russia, 2001 13 (in thousand tons) 408
20.7 Russian chocolate confectionary market index volume and value,
1999 2013 409
20.8 Chocolate consumption per capita in selected countries, 2011
(in kg per year) 411
21.1 Average daily international cocoa prices US$, deflated to 2009
(1977 2007) 421
21.2 Inward FDI stock in India (billion US$) (1980 2013) 423
21.3 Average growth (year on year) of chocolate consumption in selected
countries (2001 05, 2006 09, 2010 13) 425
21.4 Chocolate consumption in selected countries (2013) 426
21.5 Chocolate confectionary market index volume and value (2000 = 100)
(2000 13) 427
21.6 Contribution of distinct chocolate categories to total sales value
(2000, 2012) 428
21.7 Trade of chocolate in India (million US$) (2000 13) 429
21.8 Trade composition of raw materials in India (‘000 tonnes) (2000,
2005, 2010, 2012) 430
21.9 Cocoa production, yields, and area indices (2000 = 100) (2000 13) 430
21.10 Sales of chocolate confectionery by category (2008, 2013) 433
21.11 Sales of chocolate in urban and rural areas (2000, 2005, 2010, 2014) 434
21.12 Sales of chocolate confectionery by modern and traditional retailers
(2000, 2005, 2010, 2013) 435
22.1 Trends in cocoa production (1961 2013) 441
22.2 Share of chocolate confectioneries (of volume sales) by region
(2000 13) 443
22.3 Growth of GDP by region (2000–13) 447
22.4 Correlation of growth of chocolate consumption and growth of GDP
in Africa, China, and India (2000 11: 2000 = 100) 448
22.5 Per capita chocolate consumption (kg/person) and per capita GDP
(USD/person) in Africa, China, and India (2000 11) 448
22.6 Correlation of growth of chocolate consumption and growth of GDP
(2000 11: 2000 = 100) by country 449
22.7 Per capita chocolate consumption (kg/person) and per capita GDP
(USD/person) (2000 11) by country 450
xiii
List of Tables
10.1 Attributes and attribute levels in the CE with an FT label and the
CE with FT characteristics 185
11.1 World cocoa production (four-year average, 2010–13) 198
11.2 Estimated cocoa grindings of major countries (2012/13 data) 199
11.3 Apparent cocoa consumption (2012/13 data) 200
11.4 In-house sustainability programmes in the cocoa sector 206
12.1 Top five confectionary companies by net sales 2013 217
13.1 Policy reforms and governance in the cocoa sector in Cote d’Ivoire 230
13.2 Policy reforms and governance in the cocoa sector in Ghana 235
13.3 Policy reforms and governance in the cocoa sector in Ecuador 239
14.1 Business participation in the United Nations Global Compact (2015) 253
14.2 2013 CSR reports differentiated by sector and assurance level 255
14.3 Characterization of CSR communication 257
14.4 Number of chocolate bars sold in the market with and without
CSR labels 259
14.5 Unweighted average price (€) of chocolate bars sold in the market
with and without CSR labels 260
14.6 Chocolate bars with CSR labels in conventional retail stores 261
15.1 Legal cocoa and chocolate compositions and the inclusion of
vegetable fats 278
15.2 Composition of chocolate defined by law (%) (min.) 281
15.3 EEC/EU members’ position on the use of CBEs in chocolate 289
16.1 Descriptive statistics 312
16.2 Estimated price elasticities 313
16.3 Cocoa cycles, 1927–2013 318
16.A1 Cocoa prices, 1850–2013 328
16.A2 Production, consumption (grindings), and closing stocks 334
16.A3 Production in major cocoa-producing countries (000 tons) 336
17.1 Production of cocoa beans 342
17.2 Main cocoa purchasers in Côte d’Ivoire (%) 345
17.3 Grinding capacity in Côte d’Ivoire 346
17.4 Cocoa producer price in Côte d’Ivoire as a share of the world
bean price 347
17.5 Grinding of cocoa beans by country 2009–12 350
17.6 Correlation coefficients (1980–2010) 353
17.7 Top 10 global confectionery companies by net confectionery sales
value in 2013 354
17.A1 The cocoa–chocolate chain 362
18.1 Characteristics of Belgian firms exporting chocolate 366
18.2 Number of spells 370
xvi
List of Tables
xvii
Notes on Contributors
xx
Notes on Contributors
London School of Economics and Political Science (LSE). His previous university positions
were at the University of Trento (Italy), the Free University (Amsterdam), London (both
Queen Mary and Birkbeck), and Oxford and Bristol universities. He has consulted extensively
for international organizations on commodity futures markets, agricultural, energy and
metals markets, food security issues, and financial econometrics.
Monika Hartmann is Professor in Agricultural and Food Market Research at the Institute
for Food and Resource Economics, University of Bonn, Germany. Prior to this, she was
professor at the University of Halle, Germany, and at the Leibniz Institute of Agricultural
Development in Central and Eastern Europe (IAMO) (Halle, Germany). From 2008 to 2011
Monika was president of the European Association of Agricultural Economics (EAAE).
Currently she is chairman of the International Advisory Board at the Wageningen School
of Social Sciences, vice-chair of the International Center for Food Chain and Network
Research (FoodNetCenter) at the University of Bonn, as well as a co-editor of Agribusiness:
An International Journal.
Emma Janssen is a PhD researcher at LICOS. Before joining LICOS, she worked as an intern
for The Young Foundation in London and as a research assistant for both the Overseas
Development Institute (ODI) and for the Association of ASIA Scholars. Emma holds an MSc
in Development Studies from SOAS and an MSc in Economics from University of Leuven. As
part of her PhD, she is studying the value chains in the dairy sector of Punjab, India. Her
research interests include agricultural economics as well as environmental and food security
issues.
Nina Langen is Assistant Professor at the Department of Agricultural and Food Market
Research at the Institute for Food and Resource Economics (ILR), University of Bonn, Germany.
She has a PhD from the University of Bonn. Her expertise is analysing determinants of
consumer (ethical and food waste) behaviour and purchase decision-making. Dr Langen is
founding member of the German Speaking Network for the Prevention of Food Waste and
member of the FoodNetCenter at the University of Bonn.
Anna Laven is a senior advisor at the Royal Tropical Institute (KIT), the Netherlands. She
works in the field of sustainable economic development and gender, and on gender main-
streaming of the World Cocoa Foundation’s Cocoa Livelihood Programme. Anna obtained
her PhD in Social Sciences at the University of Amsterdam (UvA). Her research focuses on
governance processes and opportunities for small-scale cocoa farmers in the Ghana value
chain.
Fan Li is a PhD student studying Economics at LICOS, University of Leuven. His main
research interests focus on promoting the development of rural education in China, in
cooperation with Rural Education Action Program (co-founded by Stanford and the Chinese
Academy of Sciences), the Centre for China Agricultural Policy (CCAP), and the Centre for
Experimental Economics in Education (CEEE) in China.
Giulia Meloni is a PhD candidate at LICOS, University of Leuven. She holds a Master’s degree
in Advanced Economics from the University of Leuven and a Bachelor’s degree in Economics
from Libera Università Internazionale degli Studi Sociali ‘Guido Carli’ (LUISS University),
Rome. She was previously a consultant at the European Commission and the United Nations.
She has published on political economy, European agriculture, institutional reform, and
wine history.
Di Mo is a postdoctoral fellow at Stanford University and University of Leuven. She is also a
researcher at REAP in the Freeman Spogli Institute (FSI) at Stanford University. She received
her BA from Zhejiang University, and MA and PhD from University of Leuven. Her research
xxi
Notes on Contributors
focuses on rural education and health in China, and on the food market in China, including
chocolate products.
Stefania Moramarco is a PhD researcher in Nursing Science and Public Health at University
of Rome Tor Vergata. She holds a Bachelor’s degree in Dietetic from Università Cattolica del
Sacro Cuore and a Master’s in Human Nutrition Sciences from Tor Vergata University. She
worked as a nutritional counsellor for the Italian Cancer League (LILT), focusing on the
prevention on health diseases with a nutritional approach, and as a nutritionist in
community-based therapeutic programmes in Zambia.
Sander Muilerman is a social scientist based in Ghana, employed by the International
Institute of Tropical Agriculture (IITA), performing qualitative and mixed method research
within cocoa-based farming systems in Cameroon, Côte d’Ivoire, Ghana, and Nigeria. Sander
has an MA degree in Cultural Anthropology and Development Sociology from Leiden Univer-
sity and received an additional Bachelor’s degree in Marketing and Management. He is
currently pursuing a PhD at Wageningen University and the African Studies Centre in Leiden.
Jeff Neilson is a Senior Lecturer in Economic Geography at the University of Sydney, with
research interests in rural development across Southeast Asia. He is particularly interested in
how processes of rural change are being affected by new modes of engagement with GVCs.
Jeff has undertaken field research on the Indonesian cocoa industry since 2004, and he
collaborates with the Indonesian Coffee and Cocoa Research Institute, the Indonesian
Cocoa Sustainability Partnership, and Hasanuddin University.
Loreto Nemi is a dietitian and nutritionist working for a private medical centre promoting
nutrition rehabilitation. He organizes courses on nutrition education for schools and private
associations. He holds a Bachelor’s degree in Dietetic from Università Cattolica del Sacro
Cuore and a Master’s in Human Nutrition Sciences from University of Rome Tor Vergata. He
currently runs a blog about diet and wellness, relating nutritional sciences to practical
solutions for healthy living.
Hannah Pieters is a PhD researcher at LICOS. She holds an MSc in Research in Economics
from the University of Leuven. As part of her PhD, she is involved in an international
research project on food and nutrition security (FoodSecure). Her research focuses on agri-
cultural value chain analysis, the political economy of food price volatility, and food security
and poverty issues.
Eline Poelmans is Assistant Professor in International Economics at the Faculty of Econom-
ics and Business (Campus Brussels) of the University of Leuven. She obtained Master’s
degrees in Economics, in History, and in International Relations, and she holds a PhD, all
from the University of Leuven. She specializes in economic history, the economics of food,
and international economics.
Olivia Riera is a senior researcher and lecturer at LICOS. Previously she worked on micro-
finance projects in New Delhi (India) and Cape Verde, on extensive data collection in India
(Karnataka) and Ethiopia, and as research analyst at the World Bank (Brussels office). She has
a PhD from the University of Leuven and an MSc in Advanced Economics from the Univer-
sity of Louvain-la-Neuve. Her research interests include microfinance and labour market
outcomes, biofuels, food security and poverty, and agricultural market performance.
Scott Rozelle holds the Helen Farnsworth Senior Professorship at Stanford University and is
Senior Fellow and Professor in the Food Security and Environment Program at the Shoren-
stein Asia-Pacific Center, FSI for International Studies. He holds a PhD from Cornell Univer-
sity. Dr Rozelle’s research focuses on agricultural policy, rural resources, and poverty,
education, and health in China. Dr Rozelle is the co-director of REAP.
xxii
Notes on Contributors
xxiii
Notes on Contributors
Editors
Mara P. Squicciarini is a Senior Economist at the LICOS-Centre for Institutions and Eco-
nomic Performance at the University of Leuven and a Visiting Scholar at the Department of
Economics at Northwestern University. She holds a PhD from the University of Leuven and
has also been visiting researcher at Stanford University and at the Anderson School of Business
at UCLA. Her research has appeared in journals such as Science, Nature, and The Quarterly Journal
of Economics and has been profiled in media outlets such as The Economist, The Globe and Mail,
and Freakonomics.
Johan Swinnen is Professor of Economics and Director of the LICOS- Centre for Institutions
and Economic Performance at the University of Leuven; a Visiting Scholar at the Centre for
Food Security and the Environment at Stanford University; and President of the International
Association of Agricultural Economists and of The Beeronomics Society. He has published
widely on global food security, political economy, institutional reform, trade, global value
chains, and product standards. His books include Quality Standards, Value Chains and Inter-
national Development (Cambridge University Press, 2015), Political Power and Economic Policy
(Cambridge University Press, 2011), The Economics of Beer (Oxford University Press, 2011), and
From Marx and Mao to the Market (Oxford Univ Press, 2006).
xxiv
From Cocoa to Chocolate: Process,
Products, and Agents
Harvesting During the harvest seasons, Cocoa pods: the leathery oval Farmers
cocoa pods are collected and pod (fruit) of the cocoa tree.
opened up to expose the A typical pod contains
beans. between 20 and 50 beans.
Cleaning, Once the beans have been Cocoa beans: seed of the
fermenting removed from the pods, they cocoa tree, contained in the
and drying are cleaned (to remove all cocoa pods.
extraneous material) and
fermented for 3–7 days. Then,
the beans are dried (usually in
the sun) packed into sacks and
sold to intermediaries or
delivered to the grinder’s
plant.
Roasting and The beans are roasted. Nibs: Inside of the cocoa bean. Cocoa
alkalization Depending on the preferences, A winnowing machine is used processors
this can happen with the shell to remove the shells from the
intact, or without the shell beans to leave just the cocoa
(roasting only the nib). nibs. This can happen before
Nibs are alkalized usually with or after the roasting process.
potassium or sodium
carbonate to develop the
flavor and colour.
Grinding The nibs are ground into a Cocoa liquor (or cocoa
paste, called cocoa liquor. The mass): the fluid mass
temperature and degree of produced by grinding the
grinding varies according to cocoa nibs.
the type of nib used and the
product required.
Pressing The cocoa liquor is pressed to Cocoa butter: fat extracted by
divide the liquor into cocoa pressing the cocoa liquor
butter and cocoa cakes. The Cocoa cakes (or cocoa
cocoa cake can be sold as such solids): solid mass (no-fat
or pulverized into cocoa cocoa material) extracted by
powder. pressing the cocoa liquor
Cocoa powder: powder
obtained by pulverizing the
cocoa cakes
Mixing Cocoa liquor is mixed with Couverture: Intermediate Chocolate
cocoa butter, sugar and (for chocolate product, produced
(continued )
From Cocoa to Chocolate: Process, Products, and Agents
Continued
xxvi
1
The title of this book is The Economics of Chocolate, but we should start by pointing
out that this book is about more than economics in the narrow sense of the word.
The book addresses many issues that are of interest to economists and most
chapters use economic concepts and frameworks to analyse developments in the
production, trade, and consumption of chocolate. However, many of the contri-
butions in this volume cover fields such as geography, history, political science,
psychology, nutrition, and so on. In fact, several of the contributors would not
identify themselves as economists.
That said, the economic aspects of the cocoa–chocolate value chain is the major
theme running through the book (and the publishers at Oxford University Press
thought the chosen title was by far the best among the alternatives that we
suggested). We hope that the book makes a contribution in a rapidly changing
field. While there is quite a lot of literature on economic aspects of cocoa produc-
tion, markets, and trade, there is less on chocolate markets and consumption, and
how they are related. In addition, much is changing in this field, as new consumer
standards are being imposed with major implications for cocoa farmers. The value
chains have undergone tremendous changes in recent years. We hope that this
book can contribute by addressing some of the emerging issues as well as by
presenting them within a global and historical perspective.
The book is organized in five parts, and we briefly summarize here key insights
from the various sections and chapters.
History
Cocoa and chocolate have a long history in (what is now) Central America but a
relatively short history in the rest of the world. For thousands of years, tribes and
Introduction
empires in Central America produced cocoa and consumed drinks based on it. It
was only when the Spanish arrived in those regions in the fifteenth and sixteenth
centuries that the rest of the world learned about it. Initially, cocoa production
remained in the original production regions. With the local population decimated
by war and imported diseases, slave labour was brought in from Africa. As the
popularity of chocolate grew in Europe and North America, production spread to
other parts of Latin America, and to Asia and Africa, to satisfy increasing demand.
Interestingly, cocoa only arrived in West Africa in the late nineteenth century. But
by the 1960s West Africa dominated global cocoa production. These changes are
documented by Eline Poelmans and Johan Swinnen in Chapter 2.
At the same time as cocoa production spread to Asia and Africa, consumption
increased rapidly in Europe and North America. The Industrial Revolution raised
incomes of the poor, while its scientific innovations turned chocolate from a drink
for the wealthy to a food of energy for the masses. In addition, the temperance
movement supported chocolate as a substitute for alcoholic beverages. As a result
of these forces, demand grew rapidly at the end of the nineteenth and in the early
twentieth century: The ‘Great Chocolate Boom’ as Clarence-Smith (Chapter 3)
refers to it.
While chocolate is now a popular food in Western countries—and its consump-
tion is sharply increasing in several emerging markets—over the centuries different
countries specialized in the production of different types of chocolate. European
countries, for instance, established a tradition of high-quality chocolate produc-
tion. Among them, Switzerland and Belgium represent two interesting examples.
Switzerland can boast an old and prestigious tradition of chocolate manufactur-
ing. In Chapter 4 Ingrid Fromm analyses the history and developments of the
Swiss chocolate industry, starting from a tradition of small craftsmen. The industry
survived periods of crises and consolidated in the late nineteenth and early twen-
tieth century. The chapter discusses how small-scale businesses are now facing
strong competition from large multinationals but are able to remain well estab-
lished in their market niche, with consumers appreciating artisanal production
and willing to pay higher prices for it. The chapter ends by explaining how the
Swiss chocolate industry has responded to concerns for ‘socially responsible con-
sumption’, and analyses the different transparency and corporate social responsi-
bility (CSR) activities that the main Swiss companies are implementing.
‘Belgian chocolates’ are now world famous. Pralines and truffles and other
chocolate delicacies originate from Belgium, but this small country also hosts
one of the largest multinationals in cocoa processing and production of intermedi-
ate chocolate products. As Maria Garrone and her colleagues explain in Chapter 5,
these are relatively recent developments. It was only after 1960 that Belgium
became a major chocolate exporter. Since then, its ‘Belgian chocolates’ have
conquered the world. However, at the same time the world has taken over many
Belgian chocolate companies. Most are now owned by international holdings—
and a sizeable amount of ‘Belgian chocolate’ is produced elsewhere. This, and
growing counterfeiting with increasing demand, has induced attempts to protect
and regulate the ‘Belgian chocolate’ label.
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Hic magis abiectus et cruciatus erat:
Qui fuerat doctor legum, sine lege peribat,
1090 Cesus et atteritur pastor ab ore gregis.
Ante diem moritur sine culpis et sine causa,
Quo tam natura quam Deus ambo dolent:
Sit licet ex falsa seruorum lege subactus,
Liber perpetuas ambulat ipse vias.
Fortitudo quidem virtus, licet exteriora
Perdidit, affirmat interiora deo;
Temperiesque sibi, quicquid furor egerit extra,
Interius patitur simplicitate sua.
Tollitur a mundo quamuis sapiencia, virtus
1100 Prouidet in celo cum sapiente locum:
Obruta iusticia quamuis videatur, ad astra
Se leuat et summum permanet ante deum.
Viuere fecerunt quem mortificare putarunt,
Quem tollunt mundo, non potuere deo.
O probra transacto quis tempore talia nouit,239
Que necis in speculo presulis acta patent?
Multa per ante bona communia fecerat vltro,240
Sponteque pro meritis vulgus abhorret eum.
Tale patrasse malum non norunt Nestoris anni,
1110 Fitque magis mira res, quia raro cadit.
Non michi tam grauia sunt que prius acta fuerunt,
Set magis ad presens cogniciora grauant;
Nam quod adesse meo iam vidi tempore
dampnum
Horrida maioris facta doloris habet.
O quid agit vicium de longo continuatum,
Hoc docet in vulgo res patefacta modo.
Hii sunt credo Chaÿm peiores, hic nisi tantum241
Occidit fratrem, set pater iste fuit.
Nescio quis laudem facinus per tale meretur,
1120 Hoc scio quod crimen diruta Troia sinit:
Iste iuuat quod et ille facit, consentit et alter,
Vt malus et peior pessimus inde forent:
Iura volunt quod homo facinus qui mittit, et alter
Qui consentit ei, sint in agone pares.
O tibi commissos vrbs que lapidare prophetas
Audes, quo doleas est tibi causa satis.
Agrestes tamen hoc facinus specialius omni
Plebe dabant furie, dum mala prima mouent.
O maledicta manus caput abscisum ferientis!
1130 Culpa fit horribilis, pena perhennis erit.
O qui tale deo crimen prohibente parasti,
Perfide, qua pena, qua nece dignus eris?
O furor insane, gens rustica, plebs violenta,
Quam tua fraus sceleris est super omne scelus!
Dic qua fronte potes discrimina tanta patrare;
Equiperat fraudem, perfida, nemo tuam.242
Huc properate senes, huc florida confluat etas,
Cernite que sceleris rusticus arma tulit.
Tundite pectus, fundite fletus, plangite funus,
1140 Cuius inaudita mors perhibetur ita:
Vtque salire solet mutulati cauda colubri,243
Palpitat et moritur qui solet esse caput.
Mors etenim sacris fuit, heu! furiosior aris,
Et minor a pecude presulis extat honor.
Venturi memores estote, que temporis huius
Casus inauditus instruat omne solum:
Exemplo caueant qui spiritualia seruant,
Ne simul officium det sibi terra suum.
Que Cassandra solet predicere more prophete,
1150 Eueniunt vrbi pondere valde graui.
Hec manus alma dei mala permittendo sinebat,
Que tamen inde fuit causa scit ipse deus.
Insolita cuncti tali de morte stupebant,
Saltem quos racio stringit amore dei.
Non Heleno potuit Priamus succurrere, Regis
Imperii set eo tempore iura silent;
Rex tamen vt sciuit quod sic fuit ordine rerum,
Plangit et hinc doluit cordis amore sui:
Rex doluit factum, nec habet quo frangere
fatum,244
1160 Iura nec ecclesie debita ferre sacre.245
Ante sacras vidi proiecta cadauera postes,
Nec locus est in quo desinit esse nephas.