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Economists draw important lessons for modern development from the medieval Maghribi traders who, according to Greif, enforced contracts multilaterally through a closed, private-order 'coalition'. We show that this view is untenable. The Maghribis used formal legal mechanisms and entered business...
Persistent link: https://www.econbiz.de/10013316556
This paper analyzes an early modern German economy to test alternative theories about guilds. It finds little evidence to support recent hypotheses arguing that guilds corrected market failures relating to product quality, training, and innovation. But it finds that guilds were social networks...
Persistent link: https://www.econbiz.de/10011514060
This paper analyzes an early modern German economy to test alternative theories about guilds. It finds little evidence to support recent hypotheses arguing that guilds corrected market failures relating to product quality, training, and innovation. But it finds that guilds were social networks...
Persistent link: https://www.econbiz.de/10001739569
Economists draw important lessons for modern development from the medieval Maghribi traders who, according to Greif, enforced contracts multilaterally through a closed, private-order coalition'. We show that this view is untenable. The Maghribis used formal legal mechanisms and entered business...
Persistent link: https://www.econbiz.de/10010273774
Persistent link: https://www.econbiz.de/10002040694
Merchant guilds have been portrayed as "social networks" that generated beneficial "social capital" by sustaining shared norms, effectively transmitting information, and successfully undertaking collective action. This social capital, it is claimed, benefited society as a whole by enabling...
Persistent link: https://www.econbiz.de/10013319752
This paper analyzes an early modern German economy to test alternative theories about guilds. It finds little evidence to support recent hypotheses arguing that guilds corrected market failures relating to product quality, training, and innovation. But it finds that guilds were social networks...
Persistent link: https://www.econbiz.de/10013320156