Institutions and Impersonal Exchange: From Communal to Individual Responsibility
AbstractThis paper utilizes historical evidence and game theory to examine institutions that fostered intercommunity impersonal exchange during the late medieval period. It presents the community responsibility system that functioned throughout Europe and supported impersonal exchange despite the lack of impartial legal enforcement provided by a third party. At its center was the use of intracommunity contract enforcement institutions to provide the enforcement required for inter-community impersonal exchange. Atransition toward individual legal responsibility during the late thirteenth century reflects the system's contributions to its own decline. The processes that it fostered reduced its economic efficiency and (intra-community) political viability.
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Bibliographic InfoArticle provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.
Volume (Year): 158 (2002)
Issue (Month): 1 (March)
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Web page: http://www.mohr.de/jite
Postal: Mohr Siebeck GmbH & Co. KG, P.O.Box 2040, 72010 Tübingen, Germany
Find related papers by JEL classification:
- N0 - Economic History - - General
- N2 - Economic History - - Financial Markets and Institutions
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
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