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

Authors :
Goldberg, Dror
Milchtaich, Igal
Source :
Journal of Economic History; Dec2013, Vol. 73 Issue 4, p1105-1131, 27p
Publication Year :
2013

Abstract

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. [ABSTRACT FROM PUBLISHER]

Details

Language :
English
ISSN :
00220507
Volume :
73
Issue :
4
Database :
Complementary Index
Journal :
Journal of Economic History
Publication Type :
Academic Journal
Accession number :
92003521
Full Text :
https://doi.org/10.1017/S0022050713000892