This paper examines the questions of whether and how feudal rulers were able to credibly commit to preserving monetary stability, and of which consequences their decisions had for the efficiency of financial markets. The study reveals that princes were usually only able to commit to issuing a...

Der Finanzmarktkapitalismus der Gegenwart lässt sich nur unzureichend als ideologische Ausgeburt des Neoliberalismus begreifen. Auch stellt die Ökonomie der schnellen Gewinne und hohen Verluste nicht einfach einen Verfall rationaler Erwerbsprinzipien dar. Derselbe gesellschaftliche Prozess,...

The paper provides a historical overview of the pre-modern allocation of work within the territory of the later Germany from the 18th until the middle of the 19th century. We explore how the social allocation of work during the feudal system took place and trace back the development of wage...