The Economics of the Counter-Reformation: Incumbent-Firm Reaction to Market Entry
AbstractThe Catholic Church reacted to the Protestant Reformation by taking on the defensive posture of an incumbent-firm monopoly fighting to survive in the face of new competition. Contemporary firms typically respond to rival entry by rewriting their corporate charter. So did the medieval Catholic Church. But the Council of Trent failed as a reorganization plan because to keep economic rents flowing as before, it left intact the distribution of powers and property rights among the governing body of pope and cardinals--thus demonstrating that entrenched economic interests are powerful inducements to behavior, even in spiritual institutions. (JEL N00, D2, D4, D72, P16) Copyright 2004, Oxford University Press.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 42 (2004)
Issue (Month): 4 (October)
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Find related papers by JEL classification:
- N00 - Economic History - - General - - - General
- D2 - Microeconomics - - Production and Organizations
- D4 - Microeconomics - - Market Structure and Pricing
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
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- Robert Ekelund & Robert Hébert, 2010. "Interest groups, public choice and the economics of religion," Public Choice, Springer, vol. 142(3), pages 429-436, March.
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