I develop an evolutionary framework to study when firms formalize and voluntarily establish internal “order and discipline” in their conduct, in a traditional relational economy, to conduct impersonal market-based exchange. Impersonal exchange can emerge if benefit from doing business at...

In the sixteenth century some northwest European cities underwent institutional change. These cities removed privileges that members of certain merchant guilds enjoyed, and began to develop contractual infrastructure necessary for the functioning of modern impersonal markets. I find that these...

This series of lectures is organized into three themes. In the first chapter we will discuss how businesses have evolved. In the second chapter we will discuss how modern impersonal markets have emerged. Finally, in the third chapter we will delve into how institutions, technology and culture...