Institutes and the path to modern economics. Medieval trade lessons

It is generally accepted that the existing differences in the economy, politics and society reflect the influence of various institutions. But among economists, political scientists and sociologists, there is no consensus about what institutions are, what forces affect their preservation and change and how we can affect institutional development. This interdisciplinary book offers the concept of institutions, which unites the outwardly opposite areas of institutional analysis in the social sciences. It uses a single approach to the study of the origin and preservation of institutions, their changes and the influence of previous institutions on subsequent ones. The advantages of this approach are demonstrated using comparative studies of institutions in the medieval European and Muslim world. This comparative analysis of the institutional foundations of markets and states and their dynamics also contributes to the understanding of the functioning of modern economies. It shows the originality of European institutions and explains how and why they led to the emergence of a modern economy, supporting anonymous exchange, effective states and the use of knowledge.
2nd edition