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Commitment, Coercion, and Markets: The Nature and Dynamics of Institutions Supporting Exchange

In: Handbook of New Institutional Economics

Author

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  • Avner Greif

    (Stanford University)

Abstract

The development of market-based exchange relies on the support of two institutional pillars that are, in turn, shaped by the development of markets: (1) “Contract-enforcement institutions” determine the range of transactions in which individuals can commit to keep their contractual obligations. (2) “Coercion-constraining” institutions constrain those with coercive power from abusing others’ property rights and influence whether individuals will bring their goods to the market in the first place. Markets and political institutions co-evolve, reflecting the dynamic interplay between coercion-constraining and contract-enforcement institutions. This chapter reviews the literature on contract-enforcement institutions and defines and elaborates on coercion-constraining institutions. It provides a tentative theory of the dynamics of market-supporting and political institutions and draws on history to illustrate the merits of this conjecture.

Suggested Citation

  • Avner Greif, 2025. "Commitment, Coercion, and Markets: The Nature and Dynamics of Institutions Supporting Exchange," Springer Books, in: Claude Ménard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, edition 0, chapter 32, pages 811-868, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-50810-3_32
    DOI: 10.1007/978-3-031-50810-3_32
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