Blockchain's Struggle to Deliver Impersonal Exchange
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چکیده
منابع مشابه
Coercion and Exchange: How did Markets Evolve?
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 development and evaluates it based on the histories of England, China, and Japan. The analysis focuses on how distinct coercion-constraining institutions that secure property rights differentially inter...
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Numerous economic historians have suggested that institutions which supported contract enforcement were necessary for impersonal exchange to emerge in medieval Europe. Yet this literature cannot account for the bill of exchange, an important financial instrument that was legally enforced in both the medieval Islamic and Christian worlds but remained relegated to personal networks in only the fo...
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A vast economic history literature suggests that medieval institutions supporting contract enforcement were necessary for impersonal exchange to emerge. Yet this literature cannot account for the bill of exchange, an important financial instrument that had positive legal standing in both the medieval Islamic and Christian worlds but remained relegated to personal networks only in the former. Th...
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