Property Rights Under Administrator-Dictators: The Rise and Fall of America's First Bank

• 成果类型: Article
• 署名作者: Bar Ilan University
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050713000892
• 发表日期: 2013
• 页码: 1105-1131
• 关键词: foundations

摘要

The dictatorial Dominion of New England (1686-1689) saw the rise and fall of the first operational bank scheme in America. Both events resulted from the appointed rulers' attempts to personally profit from real estate, subject to an absolutist constitution imposed by England. The first, local ruler led a nominally private land bank. The subsequent, foreign ruler invalidated all land titles and thus killed the bank. This unusual case study exemplifies an extension of Mancur Olson's model of stationary and roving bandits, and demonstrates how economic development can be affected in different ways by different types of dictators.