The Archives

Everything written by Nicholas Almendares on law, economics, and more

‘The Law Merchant,’ by Milgrom, North, & Weingast

In “The Role of Institutions in the Revival of Trade: The Law Merchant, Private Judges and the Champagne Fairs,” Paul Milgrom, Douglass C. North, and Barry R. Weingast take as their starting point a circumstance unusual for legal work: circumstances where effective enforcement does not exist.  Their motivating example is the “law merchant” or lex ... ‘The Law Merchant,’ by Milgrom, North, & Weingast