Contract enforcement, institutions, and social capital: the Maghribi traders reappraised
AbstractEconomists draw important lessons for modern development from the medieval Maghribi traders who, according to Greif, enforced contracts multilaterally through a closed, private-order âcoalitionâ. We show that this view is untenable. The Maghribis used formal legal mechanisms and entered business associations with non-Maghribis. Not a single empirical example adduced by Greif shows that any âcoalitionâ actually existed. The Maghribis cannot be used to argue that the social capital of exclusive networks will facilitate exchange in developing economies. Nor do they provide any support for the cultural theories of economic development and institutional change for which they have been mobilised.
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Bibliographic InfoArticle provided by Economic History Society in its journal The Economic History Review.
Volume (Year): 65 (2012)
Issue (Month): 2 (05)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0013-0117
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Other versions of this item:
- Edwards, J. & Ogilvie, S., 2009. "Contract Enforcement, Institutions and Social Capital: the Maghribi Traders Reappraised," Cambridge Working Papers in Economics 0928, Faculty of Economics, University of Cambridge.
- Jeremy Edwards & Sheilagh Ogilvie, 2008. "Contract Enforcement, Institutions and Social Capital: the Maghribi Traders Reappraised," CESifo Working Paper Series 2254, CESifo Group Munich.
- O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
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