Original scientific paper

OUTLINES OF INSTITUTIONALISM IN ANCIENT TIMES

Ante Zdilar orcid.org/0000-0001-9411-3409 ; University of Dubrovnik, Faculty of Economics and Business, Lapadska obala 7, 20 000 Dubrovnik *
Zdenka Obuljen Zoričić ; University of Dubrovnik, Faculty of Economics and Business, Lapadska obala 7, 20 000 Dubrovnik
Stjepan Garvan orcid.org/0009-0007-4768-1180 ; University of Dubrovnik, Faculty of Economics and Business, Lapadska obala 7, 20 000 Dubrovnik

* Corresponding author.

Abstract

The literature review identified a literature gap in terms of studying the contours of institutionalism in antiquity. Certain elements of property rights, transaction costs, and contracts were an integral part of economic development in antiquity. Based on a descriptive and theoretical analysis of the four most important codes, the study showed that the basic concepts of institutionalism were most strongly represented in the Code of Hammurabi. Taking into account the level of possible penalties the codes of Ur-Nammu and Eshnunna are considered the most moderate, the code of Hammurabi the moderate, and the Assyrian legal system the strictest code of antiquity. Ultimately, the codes analysed can be seen as precursors of today's institutional frameworks, as their individual elements are a faithful copy of today's modern codes.

Keywords

Institutionalism; property rights; transaction costs; contracts; code

Hrčak ID:

336720

URI

https://hrcak.srce.hr/336720

Publication date:

1.10.2025.

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