Feudal Political Economy

Originally published in GMU Working Paper in Economics

How is order achieved in a realm in which every elite commands both economic and military resources, and no stable institutions of power exist? We depict coalition formation in the feudal world as a series of non-binding agreements between elites who can move in and out of the coalition, through peaceful and violent means. We derive conditions under which the realm unites under one rule --- the grand coalition, or remains fragmented. We motivate our analysis with key historical episodes in medieval Europe

Additional Details

Find the full article here.