IDEAS home Printed from https://ideas.repec.org/p/wpa/wuwpeh/9411005.html
   My bibliography  Save this paper

The Evolution Of Efficient Markets In History

Author

Listed:
  • Douglass C. North

    (Washington University)

Abstract

I take my text from Max Hartwell: "...but no historian has detailed the steps by which for example, the market economy was achieved in terms of government action or changing law; no historian has linked mercantilist with laissez-faire law to trace the chronology of legal and economic change. In this neglect, surely a major element for understanding of the industrial revolution has been overlooked." And Max might have added that in consequence of our failure to analyze how a market economy was achieved in history we have not been able to provide guidance for policy makers in the present world who are attempting to restructure failed centrally planned economies. A first step in meeting Max's challenge is to delineate the institutional characteristics of market economies in order that we may then explore their historical evolution.

Suggested Citation

  • Douglass C. North, 1994. "The Evolution Of Efficient Markets In History," Economic History 9411005, EconWPA.
  • Handle: RePEc:wpa:wuwpeh:9411005 Note: ascii text, PostScript available, 3551 words
    as

    Download full text from publisher

    File URL: http://econwpa.repec.org/eps/eh/papers/9411/9411005.pdf
    Download Restriction: no

    File URL: http://econwpa.repec.org/eps/eh/papers/9411/9411005.ps.gz
    Download Restriction: no

    References listed on IDEAS

    as
    1. Paul R. Milgrom & Douglass C. North & Barry R. Weingast, 1990. "The Role Of Institutions In The Revival Of Trade: The Law Merchant, Private Judges, And The Champagne Fairs," Economics and Politics, Wiley Blackwell, vol. 2(1), pages 1-23, March.
    2. Watts, Ross L & Zimmerman, Jerold L, 1983. "Agency Problems, Auditing, and the Theory of the Firm: Some Evidence," Journal of Law and Economics, University of Chicago Press, vol. 26(3), pages 613-633, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Stefan Mann & Henry W├╝stemann, 2010. "Efficiency and utility: an evolutionary perspective," International Journal of Social Economics, Emerald Group Publishing, vol. 37(9), pages 676-685, August.
    2. Helge Peukert, 2001. "Bridging Old and New Institutional Economics: Gustav Schmoller and Douglass C. North, Seen with Oldinstitutionalists' Eyes," European Journal of Law and Economics, Springer, vol. 11(2), pages 91-130, March.

    More about this item

    JEL classification:

    • N - Economic History

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpeh:9411005. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA). General contact details of provider: http://econwpa.repec.org .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.