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Douglass C. North developed his institutional economics in critical contrast to Polanyi’s reciprocity/exchange scheme. More precise analysis, however, allows North’s institutions to decode reciprocity, so that North’s theory appears not as a counterpoint to Polanyi, but as a further development – albeit with partially opposite consequences. This contrast is illustrated through the reconstruction of the ancient economy.

Polanyi und North: Über eine Quelle moderner Institutionenökonomie aus der Auseinandersetzung über antike Reziprozität, Exchange und Institutionen