Yang Xie, Assistant Professor of Economics, UC Riverside

A large literature in economics has emphasized the importance of rule of law and property rights for economic development. Yet, a comparative analysis of the historical trajectories of medieval Europe and imperial China raises puzzles that cannot be readily solved by the existing framework. Why was Europe, with stronger rule of law and property rights, mired in conflict during most of its history, while China experienced relatively higher political stability? We offer one answer by focusing on power structure: how power was shared among three estates: the Ruler, the Elites (lords or bureaucrats), and the People.