Organized Markets in Pre-Industrial Europe
81 Pages Posted: 4 Aug 2003
Date Written: July 2003
Abstract
Pre-industrial Europe was served by a network of market centers - market towns, fairs, and commercial cities. Within these centers, there were organized markets that lowered the cost of trading. An organized market provided traders with information, facilities for trading, a system of settlement, and a process of dispute resolution (the law merchant). This paper examines how these markets worked, how they were regulated, and how they evolved to meet the changing needs of the economy.
JEL Classification: N13, D20, D23, K40, L14, L22
Suggested Citation: Suggested Citation
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