The Fundamental Coase of Development: Property Rights Foundations of the Effective State
27 Pages Posted: 20 Jun 2019
Date Written: June 13, 2019
This paper identifies political property rights and jurisdictional rivalry as the fundamental dimensions to understand comparative economic and political development. After developing a general framework for the study of relative performance in the ‘market for governance’, we argue that Medieval western Europe was characterized by initial conditions conducive to the development of the effective state. Then, we extend the framework to the case of the development of public finance thought and practices in early modern Germany.
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