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The Medieval Law Merchant: Economic Growth Challenged by the Public Choice State

The Medieval Law Merchant: Economic Growth Challenged by the Public Choice State Leonard P. Liggio0 1. Introduction "Globalization, in other words, may not b e quite as fresh as it s o m e t i m e s s e e m s . S i n c e at least the 13th century, w h e n F l o r e n t i n e merchants lent money to the English to pay for King Edward I's wars, international capital has roamed the world in search of high returns. (The start was inauspicious: England defaulted, causing the collapse of two Florentine banks.)" ... "Still, there is no question that freer capital flows have brought tremendous benefits to the global economy, as well as perils. Some places, like H o n g K o n g , have o p e n e d t h e m s e l v e s to capital flows w i t h o u t restriction and are examples of the prosperity that free movements of capital can reap...." "What are these capital flows? They are not some sinister force, but simply the result of ordinary people's cash roaming in search of a good return. When an American http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal des Économistes et des Études Humaines de Gruyter

The Medieval Law Merchant: Economic Growth Challenged by the Public Choice State

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Publisher
de Gruyter
Copyright
Copyright © 1999 by the
ISSN
2194-5799
eISSN
2153-1552
DOI
10.1515/jeeh-1999-0103
Publisher site
See Article on Publisher Site

Abstract

Leonard P. Liggio0 1. Introduction "Globalization, in other words, may not b e quite as fresh as it s o m e t i m e s s e e m s . S i n c e at least the 13th century, w h e n F l o r e n t i n e merchants lent money to the English to pay for King Edward I's wars, international capital has roamed the world in search of high returns. (The start was inauspicious: England defaulted, causing the collapse of two Florentine banks.)" ... "Still, there is no question that freer capital flows have brought tremendous benefits to the global economy, as well as perils. Some places, like H o n g K o n g , have o p e n e d t h e m s e l v e s to capital flows w i t h o u t restriction and are examples of the prosperity that free movements of capital can reap...." "What are these capital flows? They are not some sinister force, but simply the result of ordinary people's cash roaming in search of a good return. When an American

Journal

Journal des Économistes et des Études Humainesde Gruyter

Published: Mar 1, 1999

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