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Institutional strengthening of the free market in the new economic history

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  • Teodor Sedlarski

Abstract

The article highlights the current theories in the New Economic History, explaining the market social order rules imposed in the Western World in the post Renaissance period. The social order structure, based on impersonal exchange and rational prudence, differing from any other order in the history of human societies, is derived from a specific set of political and military conditions and world view. The institutional decisions taken as a result thereof enable the contemporary levels of production, trade and economic growth. The applied explanatory approach integrates on the ground of their common features the alternative concepts of this process elaborated by À. Greif, À. Acemoglu and J. Robinson, D. North, J. Wallis and B. Weingast.

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Bibliographic Info

Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

Volume (Year): (2012)
Issue (Month): 5 ()
Pages: 83-109

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Handle: RePEc:bas:econth:y:2012:i:5:p:83-109

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  1. Greif, Avner, 1989. "Reputation and Coalitions in Medieval Trade: Evidence on the Maghribi Traders," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 49(04), pages 857-882, December.
  2. Greif, Avner, 1994. "Cultural Beliefs and the Organization of Society: A Historical and Theoretical Reflection on Collectivist and Individualist Societies," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 102(5), pages 912-50, October.
  3. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, American Economic Association, vol. 91(5), pages 1369-1401, December.
  4. Paul R. Milgrom & Douglass C. North & Barry R. Weingast, 1990. "The Role Of Institutions In The Revival Of Trade: The Law Merchant, Private Judges, And The Champagne Fairs," Economics and Politics, Wiley Blackwell, Wiley Blackwell, vol. 2(1), pages 1-23, 03.
  5. Masahiko Aoki, 2001. "Toward a Comparative Institutional Analysis," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262011875, December.
  6. Kali, Raja, 1999. "Endogenous Business Networks," Journal of Law, Economics and Organization, Oxford University Press, Oxford University Press, vol. 15(3), pages 615-36, October.
  7. Greif, Avner & Milgrom, Paul & Weingast, Barry R, 1994. "Coordination, Commitment, and Enforcement: The Case of the Merchant Guild," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 102(4), pages 745-76, August.
  8. Henrik Egbert, 2007. "The Culture of a Market: A Case Study of Open-Air Horse Markets," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, Mohr Siebeck, Tübingen, vol. 163(3), pages 493-502, September.
  9. Greif, Avner, 1993. "Contract Enforceability and Economic Institutions in Early Trade: the Maghribi Traders' Coalition," American Economic Review, American Economic Association, American Economic Association, vol. 83(3), pages 525-48, June.
  10. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change
    [Understanding the Process of Economic Change]
    ," Introductory Chapters, Princeton University Press, Princeton University Press.
  11. Daron Acemoglu & Simon Johnson & James A. Robinson, 2002. "Reversal Of Fortune: Geography And Institutions In The Making Of The Modern World Income Distribution," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 117(4), pages 1231-1294, November.
  12. Ani Guerdjikova, 2007. "The New Institutional Economics of Markets. Comment," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, Mohr Siebeck, Tübingen, vol. 163(3), pages 517-525, September.
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