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The Economic Institutions of Construction in London after the Great Fire

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  • STEPHENSON, JUDY Z.

Abstract

This article contributes to literature on the role of “firms†in the early modern English economy by exploring contracts for works between the Crown, the City of London, and large construction firms that built the Greenwich Hospital, City churches, and St. Paul’s Cathedral from 1670 to 1712. Primary sources show varying arrangements to pricing, mitigating risk, and securing finance occurred without the costs of intermediaries. Clients pushed financial and operating risks onto contractors through complex contracting systems that enabled and supported a number of coordination mechanisms in the market. The article argues that contracts rather than firms should be the unit of analysis for those wishing to examine productivity and changes in early modern business.

Suggested Citation

  • Stephenson, Judy Z., 2019. "The Economic Institutions of Construction in London after the Great Fire," Enterprise & Society, Cambridge University Press, vol. 20(1), pages 229-252, March.
    • Handle: RePEc:cup:entsoc:v:20:y:2019:i:01:p:229-252_00
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    Cited by:

    1. D'Maris Coffman & Judy Z. Stephenson & Nathan Sussman, 2022. "Financing the rebuilding of the City of London after the Great Fire of 1666," Economic History Review, Economic History Society, vol. 75(4), pages 1120-1150, November.

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