The role of institutions in the revival of trade¶
Milgrom, P. R., North, & Weingast, B. R. (1990). The role of institutions in the revival of trade: The law merchant, private judges, and the Champagne fairs. Economics & Politics, 2(1), 1-23.
Cited by¶
1 citation across 1 artifact.
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Primes¶
- Reputation
- Milgrom, North, and Weingast (1990) showed how exactly this kind of institutionalized reputation tracking — the medieval law-merchant courts that recorded and transmitted traders' conduct — let merchants who would never meet again trade honestly across the fairs of Europe, substituting a reputation channel for the impossible task of bilateral enforcement among thousands of strangers.
This sourceShows how institutionalized reputation tracking (law-merchant courts) let medieval merchants who would never meet again trade honestly among strangers.
- Milgrom, North, and Weingast (1990) showed how exactly this kind of institutionalized reputation tracking — the medieval law-merchant courts that recorded and transmitted traders' conduct — let merchants who would never meet again trade honestly across the fairs of Europe, substituting a reputation channel for the impossible task of bilateral enforcement among thousands of strangers.
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