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Trading with the Dead

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  • Leeson Peter T.

    (Department of Economics, George Mason University, MS 3G4, Fairfax, VA 22030, USA)

Abstract

Late medieval Englishmen provided for their wellbeing in the hereafter by purchasing intercession for their souls. They traded valuable landed endowments for the promise of posthumous Masses and prayers whose daily observance contractual counterparties agreed to underwrite for decades, centuries, even eternally. Intercessory foundations so contracted were called chantries. Chantry contracts constituted trades with the dead in the sense that the promisees were deceased when the promisors were supposed to perform. I study the special problems that chantry contract promisees faced in enforcing their rights from the grave and analyze the devices they used for that purpose. Chantry founders wary of their fates in the afterlife showed equal concern for the challenges their contracts would encounter in this life long after they were gone. Founders met those challenges by leveraging the economics of incentives to develop a strategy of chantry contract self-enforcement: profit the living, present and future, for monitoring the contractual performance of promisors and promisors’ agents, and for punishing them should they breach. Chantry founders’ strategy was successful, enabling trade with the dead.

Suggested Citation

  • Leeson Peter T., 2021. "Trading with the Dead," Review of Law & Economics, De Gruyter, vol. 17(3), pages 615-646, November.
    • Handle: RePEc:bpj:rlecon:v:17:y:2021:i:3:p:615-646:n:1
    DOI: 10.1515/rle-2021-0036
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    References listed on IDEAS

    as
    1. Peter T. Leeson, 2007. "Trading with Bandits," Journal of Law and Economics, University of Chicago Press, vol. 50(2), pages 303-321.
    2. Peter T. Leeson, 2014. ""God Damn": The Law and Economics of Monastic Malediction," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 30(1), pages 193-216.
    3. Alberto Cassone & Carla Marchese, 1999. "The Economics of Religious Indulgences," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 155(3), pages 429-429, September.
    4. Greif, Avner, 1989. "Reputation and Coalitions in Medieval Trade: Evidence on the Maghribi Traders," The Journal of Economic History, Cambridge University Press, vol. 49(4), pages 857-882, December.
    5. Peter T. Leeson & Jacob W. Russ, 2018. "Witch Trials," Economic Journal, Royal Economic Society, vol. 128(613), pages 2066-2105, August.
    6. Ekelund Jr., Robert B. & Tollison, Robert D., 2011. "Economic Origins of Roman Christianity," University of Chicago Press Economics Books, University of Chicago Press, number 9780226200026, December.
    7. Peter T. Leeson, 2012. "Ordeals," Journal of Law and Economics, University of Chicago Press, vol. 55(3), pages 691-714.
    8. Peter T. Leeson, 2013. "Vermin Trials," Journal of Law and Economics, University of Chicago Press, vol. 56(3), pages 811-836.
    9. Frey, Bruno S & Buhofer, Heinz, 1988. "Prisoners and Property Rights," Journal of Law and Economics, University of Chicago Press, vol. 31(1), pages 19-46, April.
    10. Leeson, Peter T. & Nowrasteh, Alex, 2011. "Was privateering plunder efficient?," Journal of Economic Behavior & Organization, Elsevier, vol. 79(3), pages 303-317, August.
    11. Peter T. Leeson, 2007. "An-arrgh-chy: The Law and Economics of Pirate Organization," Journal of Political Economy, University of Chicago Press, vol. 115(6), pages 1049-1094, December.
    12. Ekelund, Robert Jr. & Hebert, Robert F. & Tollison, Robert D., 1992. "The economics of sin and redemption : Purgatory as a market-pull innovation?," Journal of Economic Behavior & Organization, Elsevier, vol. 19(1), pages 1-15, September.
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    More about this item

    Keywords

    chantries; contract enforcement; intercession; purgatory; self-enforcement;
    All these keywords.

    JEL classification:

    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913

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