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Legal Positionsand Institutional Complementarities
Ugo Pagano [pdf] [html]

[Key words: legal positions, institutional complementarities, contracts, property law, industrial organization, capitalist systems; JEL: J41, J50, K11, K12, K22, K31, L20, P10]

Legal positions (such as rights, duties, liberties, powers, liabilities and immunities) are linked together by strong institutional complementarities that differ from the usual institutional complementarities that have been recently considered in economic literature. Legal positions not only satisfy the usual conditions of institutional complementarity stemming from the fact that legal positions that “fit" together are marginally better than those that do not. They also define legal equilibria characterized by the social scarcity constraint that is typical of positional goods.

Probabilism: Ethics and Economics
Alberto Castrillón [pdf] [html]

[Key words: probabilism, scholastic, ethics and economics, Keynes; JEL: A11, A12, B10, B11,]

This essay makes reference to the Scholastic doctrine of moral probabilism and explores the possible links between this theological perspective and the modern concept of probability. It shows that these concepts are more related than is suggested by common etymological approaches. Moral probabilism helped confessors to solve cases of conscience, without reducing the problem of human liberty to the extremes of randomness or determinism. Also, it suggests an analogy between the probabilistic approach and Keynes’s Treatise on Probability: for both Scholastic authors and Keynes economic analysis emerges from moral analysis.

Between Modernity and Repression: An Approach to the English Society before World War I
Mario García Molina [pdf] [html]

[Key words: modernity, repression, English society, English imperialism, Keynes; JEL: B10, B19, Z19]

Based on literary sources and following Marshall Berman and Benedict Anderson’s theory, this article outlines some key tendencies of English society prior to World War I. Economic modernization and political imperialism emerged while the cultural avant garde (i.e. modernism) was pushed into the background. Religious, sexual and political repression completed the picture and supported the fear of inner ruptures and discontinuities related to the experience of modernity; in contrast, conventions and other mechanisms were used to create the illusion of continuity in their place.

Historical Previous of Colombian Foreign Debt. The Pax Britannica
Mauricio Avella [pdf] [html]

[Palabras clave: foreign debt, capital flows, foreign investment, Pax Britannica; JEL: E22, F21, F34, N20]

Latin American access to international markets since the beginning of the 19th century has depended on the cyclical behaviour of foreign indebtedness. This document studies Great Britain’s cycles of boom and recession in international credit and Latin American participation on the international capital movements. It emphasizes on Colombia’s role as the main debtor in Latin America during the period known as Pax Britannica, which is taken to begin in the third decade of the 19th century.

Colombian Agricultural Transformation during 1990-2002
Álvaro Balcázar [pdf] [html]

[Key words: Colombian agriculture, structure of production, agrarian policy, rentability, redistribution; JEL: D29, Q11, Q15, Q16, Q18]

The Colombian agrarian sector suffered a significant transformation of its structure of production during the nineties. A whole range of crops and productive activities that were supported in previous decades by commercial protection policies and different types of subsidies collapsed, while some permanent and other labor intensive crops (fruits and vegetables) and live stock breeding were able to grow. These changes in the structure of production have important redistributive implications not only between classes of producers but also between producers and consumers.

Costs of Business Formalization: Measuring Transaction Costs in Brazil
Decio Zylbersztajn and Carolina T. Graça [pdf] [html]

[Key words: entry costs, transaction costs measurement, firm behavior; JEL: D23, L11, L20, L69]

In the presence of positive transaction costs, institutions and the architecture of organizations take on fundamental importance. This paper measures costs of opening firms in the Brazilian garment industry. The measure of costs to start up a new business in the garment industry in Brazil shows a large variation between regions in the same city and between different areas of the country. Nine different procedures were found along with a time span of 64 days and an average cost of 11,3% of the GDP per capita. Also 39% of the firms declared that they operated informally for some time.


Revista de Economía Institucional
Universidad Externado de Colombia
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Bogotá, Colombia
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