Credible commitment and cartel: the case of the Hansa merchant in the guild of late medieval Tallin
This paper contributes to the ongoing debate of institutional research in economics and the methodological debate over the plausibility of using analytic narratives, in social sciences in particular. Using a single historical case we argue that in Tallinn by and large the merchant guild solved a commitment problem in the Hanseatic League and the organisation-institution of the guild was meant for efficient enforcement of inter-city trade. We show that this argument holds in the late medieval period by using an extensive form of punishment and sanctions game. We also argue that after the breakup of the Hanseatic League, guilds turned into protectionist and rent-seeking cartels.
Volume (Year): 10 (2010)
Issue (Month): 1 (June)
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- Gregory Clark, 2007. "A Review of Avner Greif's Institutions and the Path to the Modern Economy: Lessons from Medieval Trade," Journal of Economic Literature, American Economic Association, vol. 45(3), pages 725-741, September.
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"What do Notaries do?. Overcoming Asymmetric Information in Financial Markets: The Case of Paris, 1751,"
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