How did Markets Evolve: Difference between revisions
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* Article: Coercion and Exchange: How did Markets Evolve? Avner Greif. Stanford University, 2008 | |||
* Coercion and Exchange: How did Markets Evolve? Avner Greif. Stanford University, 2008 | |||
=Abstract= | =Abstract= | ||
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internal organization of the state and legal development, and why impersonal exchange and | internal organization of the state and legal development, and why impersonal exchange and | ||
political representation historically co-emerged." | political representation historically co-emerged." | ||
(http://www.stanford.edu/~avner/Greif_Papers/2008%20Coercion%20and%20Exchange.%20How%20did%20Markets%20Evolve.pdf) | |||
[[Category:P2P Market Approaches]] | [[Category:P2P Market Approaches]] | ||
Latest revision as of 09:07, 16 October 2011
- Article: Coercion and Exchange: How did Markets Evolve? Avner Greif. Stanford University, 2008
Abstract
"What causes distinct trajectories of market development? Why did the modern market economy, characterized by impersonal exchange, first emerge in the West? This paper presents a theory of market development and evaluates it based on the histories of England, China, and Japan. The analysis focuses on how distinct coercion-constraining institutions that secure property rights differentially interact with contract enforcement institutions. Although different combinations of coercion-constraining and contract-enforcement institutions can support markets, only some coercion-constraining institutions and institutions enforcing impersonal exchange can be an equilibrium. Among the analysis’ insights are the relations between the internal organization of the state and legal development, and why impersonal exchange and political representation historically co-emerged." (http://www.stanford.edu/~avner/Greif_Papers/2008%20Coercion%20and%20Exchange.%20How%20did%20Markets%20Evolve.pdf)