Constraining Elites: The Self-Enforcing Constitution of the Patricians of Venice

Historians often attribute the prosperity of medieval and Renaissance Venice – situated in a brackish lagoon with a lack of most basic resources – to the virtuous and wise leadership of the Venetian patriciate. Rather, this paper argues that the origins of Venetian prosperity are institutional. In particular, unique formal and informal constitutional constraints, including the dispersion of power through overlapping committees, complex – and anonymous – election procedures, strict term limits, and ducal oaths of office, operated to check the ambition of the patriciate qua patriciate. We detail these constraints and provide examples of their effectiveness in the provision of the rule of law and a sound currency.