Each week is discussed in detail covering topics as diverse as the persistence of merchant guilds in medieval Europe, the historical emergence of the modern impersonal markets, and their promised benefits in comparison to traditional systems of business and the influence of pre-colonial institutions on development in Africa and Asia.

The course also deals with how businesses could overcome frictions of information asymmetry and moral hazards. We first explore the role of networks and hierarchy in shaping traditional and modern business, and then discuss the historical evolution of the firm, from individual merchants and guilds to large multinational corporations. We discuss the importance and limits of formal institutions, the role of trust and cosmopolitan culture, and the impact of communication, transport and mass-media technologies.