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Contract Enforcement in the English East India Company

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  • HEJEEBU, SANTHI

Abstract

Long-distance trade depends crucially on the enforcement of long-distance contracts, those in which principals are significantly removed from agents. The problem of contract enforcement in the English East India Company reflected a multi-task principal-agent problem in which servants traded publicly for the company and at the same time conducted their own private trade. Private trade, sustained by the private use of company resources, and dismissals were the mechanisms that made East India contracts work. Mechanisms that served little purpose were salaries and pre-employment bonds.

Suggested Citation

  • Hejeebu, Santhi, 2005. "Contract Enforcement in the English East India Company," The Journal of Economic History, Cambridge University Press, vol. 65(2), pages 496-523, June.
    • Handle: RePEc:cup:jechis:v:65:y:2005:i:02:p:496-523_00
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    Cited by:

    1. Hutková, Karolina, 2017. "Transfer of European technologies and their adaptations: the case of the Bengal silk industry in the late-eighteenth century," LSE Research Online Documents on Economics 69819, London School of Economics and Political Science, LSE Library.
    2. Sahle, Esther, 2010. "Re-evaluating the role of voluntary organisations: merchant networks, the Baltic and the expansion of European long-distance trade," Economic History Working Papers 27852, London School of Economics and Political Science, Department of Economic History.
    3. Rei, Claudia, 2011. "Incentives in Merchant Empires: Portuguese and Dutch Labor Compensation," MPRA Paper 28712, University Library of Munich, Germany.
    4. Claudia Rei, 2013. "Incentives in merchant empires: Portuguese and Dutch compensation schemes," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 7(1), pages 1-13, January.
    5. Yang, Der-Yuan, 2008. "On the elements and practices of monitoring," Journal of Economic Behavior & Organization, Elsevier, vol. 65(3-4), pages 654-666, March.
    6. Stewart, James I., 2009. "Cooperation when N is large: Evidence from the mining camps of the American West," Journal of Economic Behavior & Organization, Elsevier, vol. 69(3), pages 213-225, March.
    7. Emily Erikson & Sampsa Samila, 2012. "Decentralization, Social Networks, and Organizational Learning," DRUID Working Papers 12-01, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.

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