The institutions of Roman markets

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• dc.contributor.author Arruñada, Benito
• dc.date.accessioned 2024-02-05T08:53:02Z
• dc.date.available 2024-02-05T08:53:02Z
• dc.date.issued 2020
• dc.description.abstract The chapter analyzes the basis of the market economy in classical Rome, from the perspective of personal vs impersonal exchange and focusing on the role of the state in providing market-enabling institutions. It starts by reviewing the central conflict in all exchanges between those holding and those acquiring property rights, and how solving it requires reducing information asymmetry without endangering the security of property. Relying on a model of the social choice of institutions, the chapter identifies the demand and supply factors driving the institutional choices made by the Romans, and examines the economic circumstances that influenced these factors in the classical period of Roman law. Comparing the predictions of the model with the main solutions used by Roman law in the areas of property, business exchange, and the enforcement of personal obligations allows the chapter to propose alternative interpretations for some salient institutions that have been subject to controversy in the literature, and to conclude with an overall positive assessment of the market-enabling role of the Roman state.
• dc.description.sponsorship Pompeu Fabra University and Barcelona GSE. E-mail: benito.arrunada@upf.edu. This work has benefitted from advice and comments received from Maria Brosius, Yun-chien Chang, Giuseppe Dari-Matiacci, Damián Fernández, Stephen Hansen, François Lerouxel, Joe Manning, Fernando P. Méndez González, Thomas McGinn, Pedro Pernas, Paul du Plessis, Dominic Rathbone, José Remesal Rodríguez, Jane Rowlandson, Carlos Sánchez-Moreno Ellart, Peter Temin, Rick Verhagen, an anonymous reviewer, and participants at the Economic History Seminar of Carlos III University, the Bozen workshop on “The Institutions of Property Rights,” the Italian Society of Law and Economics, the Spanish Association of Law and Economics, and the 18th annual conference of the International Society for New Institutional Economics (Duke University). Usual disclaimers apply. It received support from the Spanish Ministry of the Economy and Competitiveness through grants ECO2014-57131-R and ECO2017-85763-R, and the Severo Ochoa Program for Centers of Excellence in R&D (SEV-2015-0563). This work is a considerably expanded and revised version of Arruñada (2016).
• dc.format.mimetype application/pdf
• dc.identifier.citation Arruñada B. "The institutions of Roman markets". In: Dari-Mattiacci G, Kehoe DP, editors. Roman law and economics. 1st ed. Vol 2, Exchange, ownership, and disputes. Oxford: Oxford University Press; c2020. p. 247-98. DOI: 10.1093/oso/9780198787211.003.0019
• dc.identifier.doi http://dx.doi.org/10.1093/oso/9780198787211.003.0019
• dc.identifier.isbn 978-0-198-78721-1
• dc.identifier.uri http://hdl.handle.net/10230/58944
• dc.language.iso eng
• dc.publisher Oxford University Press
• dc.relation.ispartof Dari-Mattiacci G, Kehoe DP, editors. Roman law and economics. 1st ed. Vol 2, Exchange, ownership, and disputes. Oxford: Oxford University Press; c2020. p. 247-98
• dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/ECO2014-57131-R
• dc.relation.projectID info:eu-repo/grantAgreement/ES/2PE/ECO2017-85763-R
• dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/SEV2015-0563
• dc.rights © Oxford University Press. This is a pre-copyedited, author-produced version of an article accepted for publication in Roman law and economics following peer review. The version of record Arruñada B. The institutions of Roman markets. In: Dari-Mattiacci G, Kehoe DP, editors. Roman law and economics. 1st ed. Vol 2, Exchange, ownership, and disputes. Oxford: Oxford University Press; c2020. p. 247-98. ISBN: 9780198787211 is available online at: https://global.oup.com/academic/product/roman-law-and-economics-9780198787211?cc=es&lang=en& and https://doi.org/10.1093/oso/9780198787211.003.0019.
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.subject.keyword Economics of ancient law
• dc.subject.keyword Economics of ancient societies
• dc.subject.keyword Economic analysis of Roman law
• dc.subject.keyword Law and economics
• dc.subject.keyword Roman history
• dc.subject.keyword Property rights
• dc.subject.keyword Transaction costs
• dc.subject.keyword Registries
• dc.subject.keyword Impersonal exchange
• dc.subject.keyword New institutional economics
• dc.title The institutions of Roman markets
• dc.type info:eu-repo/semantics/bookPart
• dc.type.version info:eu-repo/semantics/acceptedVersion