How did banking in early nineteenth-century Massachusetts evolve? Lu provides a compelling narrative about the connection between inclusive political systems and open access economies, hypothesizing that entry into banking was firstly made upon partisan grounds before later becoming open...

Abstract Urbanization is a process in which separated and dispersed property rights become concentrated in a specific location. This process involves a large volume of contracts to redefine and rearrange various property rights, producing various and high transaction costs. Efficient...