5
Why refeudalization?
§
Lords dig in their heels.
§
Fixed rents allows peasants to
capture the gains from
increasing land rents.
§
Return to demesne avoids
renegotiation costs.
§
Proto-enclosure.
§
A move toward specialized
production?
Pieter Bruegel the Elder,
The Harvesters
(1565 )
Metropolitan Museum of Art, New York
Either way: the failure of institutional transformation.
