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Lecture 1: Notes
2015-2016
Introduction
A birds eye view of globalization:
Globalization: a large share of the population can access goods
made available by long distance trade.
The Roman peasants living in the Po river plane ate off tableware
from Naples
The Fall of the Roman Empire: the end of trade? East, West and
Islam
The Age of discoveries:
Production is contract-intensive.
But contracts are notoriously difficult to write and to enforce:
a) State contingency: not of this world!
b) Choice of law (the court may reject)
c) Are local courts fair to foreigners?
d) The enforcement of remedies
Tentative solutions:
United Nations Convention on Contracts for the International
Sale of Goods: not all countries have signed it.
International Arbitration: competent but not cheap!
Heterogeneity: how long does it take to clear a bounced
check? 39 days in Netherlands; 645 days in Italy.
Reputation?
See: Greif, A. (1993). Contract enforceability and
economic institutions in early trade: The
maghribi traders' coalition. American Economic
Review, 83: 525-548.
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Harvard
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