Grossman-Hart (1986) Goes Global: Incomplete Contracts, Property Rights, and the International Organization of Production
NBER Working Paper No. 17470
I survey the influence of Grossman and Hart's (1986) seminal paper in the field of International Trade. I discuss the implementation of the theory in open-economy environments and its implications for the international organization of production and the structure of international trade flows. I also review empirical work suggestive of the empirical relevance of the property-rights theory. Along the way, I develop novel theoretical results and also outline some of the key limitations of existing contributions.
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Document Object Identifier (DOI): 10.3386/w17470
“Grossman-Hart (1986) Goes Global: Incomplete Contracts, Property Rights, and the International Organization of Production,” May 2012, forthcoming Journal of Law, Economics and Organization.
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