Rich economies are characterized by the coincidence of, on the one hand, high state capacity and, on the other, well-functioning markets and the rule of law. They have states that are powerful and centralized and yet also limited. Furthermore, relatively low rates of shadow economic activity and...

The standard political economy narrative of representative assemblies in Western Europe is one of political bargaining and credible commitments. Monarchs sought to bargain with the leading men of the realms, exchanging their commitments on various policies for revenues and other resources. This...

In pre-industrial Europe, many of the functions performed today by large corporations and governments were performed by merchant associations of various types - merchant guilds, regulated companies, merchant-controlled cities, and merchant colonies. Merchant association provided their members...

Why can some governments credibly commit to the rule of law and protection of property rights while others cannot? A potential answer involves deep historical traditions of institutions that constrain rulers. We explore whether experiences with representative assemblies in medieval/early modern...

During the Middle Ages European cities were to various degrees independent from their territorial rulers. This paper investigates the overlord’s decision making with regard to the independence of cities. I argue that in return for tax payments territorial rulers delegated the supervision of...

A rough balance of political power between monarchs and a militarized landed aristocracy characterized medieval Western Europe. Scholars have argued that this balance of power contributed to a tradition of limited government and constitutional bargaining. I argue that fifth and sixth century...

The establishment of Christianity in the late- and post-Roman world caused an economic as well as a religious revolution, but, while a great deal of attention has been paid to the religious developments of the period, the impact of the establishment of the Church on the economy has attracted...