Government and the Cost of Exchange in History

Douglass North

The Journal of Economic History, 1984, vol. 44, issue 2, 255-264

Abstract: A general transaction cost framework is developed to analyze the costs of exchange and the role of government in the costs of exchange. Three general types of exchange are specified: personal exchange, exchange without third-party enforcement, and exchange with third-party enforcement. The framework is then employed to analyze government and the costs of exchange in history.

Date: 1984
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