Medieval Universities, Legal Institutions, and the Commercial Revolution

Davide Cantoni and Noam Yuchtman

No 17979, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We present new data documenting medieval Europe's "Commercial Revolution'' using information on the establishment of markets in Germany. We use these data to test whether medieval universities played a causal role in expanding economic activity, examining the foundation of Germany's first universities after 1386 following the Papal Schism. We find that the trend rate of market establishment breaks upward in 1386 and that this break is greatest where the distance to a university shrank most. There is no differential pre-1386 trend associated with the reduction in distance to a university, and there is no break in trend in 1386 where university proximity did not change. These results are not affected by excluding cities close to universities or cities belonging to territories that included universities. Universities provided training in newly-rediscovered Roman and Canon law; students with legal training served in positions that reduced the uncertainty of trade in medieval Europe. We argue that training in the law, and the consequent development of legal and administrative institutions, was an important channel linking universities and greater economic activity.

JEL-codes: I25 N13 N33 O10 (search for similar items in EconPapers)
Date: 2012-04
New Economics Papers: this item is included in nep-his
Note: DAE ED LE LS POL
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Citations: View citations in EconPapers (16)

Published as “Medieval Universities, Legal Institutions, and the Commercial Revolution,” Quarterly Journal of Economics, 129(2), 823–887. (joint with Davide Cantoni)

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Related works:
Journal Article: Medieval Universities, Legal Institutions, and the Commercial Revolution (2014)
Working Paper: Medieval universities, legal institutions, and the commercial revolution (2014)
Working Paper: Medieval Universities, Legal Institutions, and the Commercial Revolution (2014)
Working Paper: Medieval Universities, Legal Institutions, and the Commercial Revolution (2013)
Working Paper: Medieval Universities, Legal Institutions, and the Commercial Revolution (2013)
Working Paper: Medieval Universities, Legal Institutions, and the Commercial Revolution (2012)
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