Legal Competition in the Medieval World
نویسنده
چکیده
We develop a model of competition between legal systems with overlapping jurisdictions based on Hotelling competition that suggests that, absent institutional reform, courts with overlapping jurisdictions will be driven to adopt divergent legal doctrines in order to extract rents from agents with heterogeneous preferences over which doctrine is applied to their case. This has the effect of weakening the ability for relational contracting to be self-enforcing and lowers the volume of trade possible. This article provides an historical overview of the source and nature of some of these overlapping jurisdictions in the medieval era and the variety of legal regimes active across jurisdictions. Several institutional reforms, such as the system of merchant law that developed in continental Europe, are discussed as potential solutions to the problem of legal competition.
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