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The Role of Land Tenure, Taxation, and Monetary Systems in Achieving and Enjoying Free Trade

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  • Edward J. Dodson

Abstract

Civilizations rise and fall based on the effectiveness of their socio‐political arrangements and institutions. The institutions that matter most are the laws and customs that govern 1) production and exchange of goods (trade), 2) land tenure and the distribution of the surplus associated with it, 3) the levying of taxes to provide public goods and services, and 4) the monetary systems adopted to facilitate such activities. If those institutions distribute the benefits of civilization equitably to all members of society, the result is likely to be peace and prosperity. However, if the rules of a society are designed to protect the interests of an elite, conflict is likely to ensue. Unrestricted trade across national borders (“free trade”) has the potential to produce socially beneficial outcomes, but it is not sufficient to overcome systemic injustices associated with flawed systems of land tenure, taxation, and monetary management. This article makes use of historical examples to examine trade in relation to the other institutions to show why just social arrangements must be considered an essential part of trade policy.

Suggested Citation

  • Edward J. Dodson, 2020. "The Role of Land Tenure, Taxation, and Monetary Systems in Achieving and Enjoying Free Trade," American Journal of Economics and Sociology, Wiley Blackwell, vol. 79(1), pages 87-113, January.
    • Handle: RePEc:bla:ajecsc:v:79:y:2020:i:1:p:87-113
    DOI: 10.1111/ajes.12306
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    References listed on IDEAS

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    1. William Roberds & Stephen Quinn, 2007. "The Bank of Amsterdam and the Leap to Central Bank Money," American Economic Review, American Economic Association, vol. 97(2), pages 262-265, May.
    2. Earl J. Hamilton, 1929. "Imports of American Gold and Silver into Spain, 1503–1660," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 43(3), pages 436-472.
    3. Geoffrey Gilbert, 1997. "Adam Smith on the Nature and Causes of Poverty," Review of Social Economy, Taylor & Francis Journals, vol. 55(3), pages 273-291.
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