ECON 314 Economic Institutions in Historical Perspective

This course examines the historical development and the role of institutions underlying market economies. It discusses the many forms which institutions (i.e. social norms, laws, and regulations) affect economic behavior and performance. Based on examples from United States and European economic history, topics will include: contract enforcement; trading institutions; political institutions; financial institutions; property rights in land and environmental resources; regulation of labor and capital markets; and the origin and development of one of the most important economic institutions, the firm. We will pay particular attention to institutions that emerged in response to market failures and to the changing nature of economic institutions over time.