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Networks, Institutions, and Uncertainty: Information Exchange in Early-Modern Markets

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  • Erikson, Emily
  • Samila, Sampsa

Abstract

We analyze patterns of informal information exchange by the English East India Company’s captains to assess the role of relational and institutional governance systems and uncertainty in encouraging information exchange. Using archival data from the emerging early-modern global trade network, we show that uncertainty drove information exchange. Relational-based contract enforcement mechanisms such as small group exchange were largely absent, and increasing institutional strength was associated with decreasing rates of information exchange. The results suggest that opportunity and demand were more important determinants of information exchange than the emergence of formal and informal governance systems.

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  • Erikson, Emily & Samila, Sampsa, 2018. "Networks, Institutions, and Uncertainty: Information Exchange in Early-Modern Markets," The Journal of Economic History, Cambridge University Press, vol. 78(4), pages 1034-1067, December.
    • Handle: RePEc:cup:jechis:v:78:y:2018:i:04:p:1034-1067_00
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    Cited by:

    1. Esteves, Rui & Geisler Mesevage, Gabriel, 2019. "Social Networks in Economic History: Opportunities and Challenges," Explorations in Economic History, Elsevier, vol. 74(C).

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