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Commitment, Coercion, and Markets: The Nature and Dynamics of Institutions Supporting Exchange
Institutions Supporting Markets
2015/7/20
This chapter’s discussion of market-supporting institutions is geared toward
the issues we know the least about. First, the dynamics of market-supporting
institutions and the implied dynamics of mar...
What causes distinct trajectories of market development? Why did the modern market
economy, characterized by impersonal exchange, first emerge in the West? This paper presents a
theory of market dev...