Usury enforcement as an alternative to capital taxation in pre-modern states
Joshua Hendrickson
Abstract:All governments have an obligation to protect their territory and the wealth within that territory from external predation. In fact, since war has historically resulted in the plunder and destruction of wealth, it seems straightforward to suggest that the cost of providing adequate defense of one’s territory is a function of the accumulated wealth within the territory. Suppose that all wealth in society is capital. The accumulation of capital conveys a private benefit to its owner, but imposes an external cost… Show more
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