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The role of implicit contracts: Building public works in the 1840s in Portugal
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Autores
Orientador(es)
Resumo(s)
This article studies financial schemes for building public works in the 1840s. The study
of the Portuguese case clearly illustrates the importance of implicit contracts with
governments in peripheral Europe, shedding light on solutions for financing the
provision of public goods. Building roads and railways seems to have been the fruit of
an implicit contract behind the tobacco monopoly in a country involved in social
turmoil and civil wars. Reputation effects are called to explain the relevant range of
the partners’ negotiations, to reject the traditional historiography based on wrong
management and speculation in a period of savage capitalism.
Descrição
Business History, Vol 50 No 2, p147-162
Palavras-chave
financing public goods feasibility of self-enforcement contracts implicit contracts bargaining business in nineteenth-century peripheral Europe
Contexto Educativo
Citação
Editora
Taylor & Francis