Contract enforcement, institutions, and social capital: the Maghribi traders reappraised
Economists draw important lessons for modern development from the medieval Maghribi traders who, it has been argued, enforced contracts collectively through a closed, private-order coalition. We show that this view is untenable. Not a single empirical example adduced as evidence of the putative coalition shows that any coalition actually existed. Furthermore, the Maghribis entered business associations with non-Maghribis and used formal enforcement mechanisms. The Maghribi traders cannot be used to argue that the social capital of exclusive, private-order networks will facilitate exchange in developing economies. Nor do they provide any support for the cultural theories of economic development and institutional change for which they have been mobilised.
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Volume (Year): 65 (2012)
Issue (Month): 2 (05)
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- Gerald P. O'Driscoll Jr. & Lee Hoskins, 2006. "The Case for Market-Based Regulation," Cato Journal, Cato Journal, Cato Institute, vol. 26(3), pages 469-487, Fall.
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- Clay, Karen, 1997. "Trade without Law: Private-Order Institutions in Mexican California," Journal of Law, Economics and Organization, Oxford University Press, vol. 13(1), pages 202-31, April.
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