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Lecture 8. Institutions and the Development of European Markets, Democracies, and Legal Traditions |
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Internet Research Materials:
Questions for Seminar Discussions:
• What is a contract enforcing institution (CEI)? What is a coercion constraining institution (CCI)? How are the two related? Could you give examples in the modern Russian context?
• When are CCIs most effective in ensuring the existence of contract enforcing institutions? Least effective? Why?
• What were the factors in late medieval Europe that allowed the political and economic development of the continent?
Key terms:
Coercion Constraining Institutions
Commitment
Coercive vs. Economic Power
Market Expansion
Transaction Costs
Contract Enforcement Institutions
Organic vs. Pragmatic/Designed Institutions
Stagnation
Political Representation
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