Show simple item record

dc.contributor.authorHodgson, Geoffrey
dc.date.accessioned2016-12-07T16:52:39Z
dc.date.available2016-12-07T16:52:39Z
dc.date.issued2016-10-10
dc.identifier.citationHodgson , G 2016 , ' 1688 and All That: Property Rights, the Glorious Revolution and the Rise of British Captialism ' , Journal of Institutional Economics , vol. 13 , no. 1 , pp. 79-107 . https://doi.org/10.1017/S1744137416000266
dc.identifier.issn1744-1374
dc.identifier.otherPURE: 10529176
dc.identifier.otherPURE UUID: 9cd27426-60d4-492f-b5c1-07c4685bee06
dc.identifier.otherScopus: 84990929308
dc.identifier.urihttp://hdl.handle.net/2299/17400
dc.descriptionCOPYRIGHT: © Millennium Economics Ltd 2016 This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted re-use, distribution, and reproduction in any medium, provided the original work is properly cited.
dc.description.abstractIn a seminal 1989 article, Douglass North and Barry Weingast argued that by making the monarch more answerable to Parliament, the Glorious Revolution of 1688 helped to secure property rights in England and stimulate the rise of capitalism. Similarly, Daron Acemoglu, Simon Johnson, and James Robinson later wrote that in the English Middle Ages there was a ‘lack of property rights for landowners, merchants and proto-industrialists’ and the ‘strengthening’ of property rights in the late 17th century ‘spurred a process of financial and commercial expansion’. There are several problems with these arguments. Property rights in England were relatively secure from the 13th century. A major developmental problem was not the security of rights but their feudal nature, including widespread ‘entails’ and ‘strict settlements’. 1688 had no obvious direct effect on property rights. Given these criticisms, what changes promoted the rise of capitalism? A more plausible answer is found by addressing the post-1688 Financial and Administrative Revolutions, which were pressured by the enhanced needs of war and Britain's expanding global role. Guided by a more powerful Parliament, this new financial system stimulated reforms to landed property rights, the growth of collateralizable property and saleable debt, and thus enabled the Industrial Revolution.en
dc.format.extent27
dc.language.isoeng
dc.relation.ispartofJournal of Institutional Economics
dc.rightsOpen
dc.subjectglorious revolution
dc.subjectDouglas North
dc.subjectinsitutions
dc.subjectcapitalism
dc.subjectproperty rights
dc.title1688 and All That: Property Rights, the Glorious Revolution and the Rise of British Captialismen
dc.contributor.institutionHertfordshire Business School
dc.contributor.institutionCentre for Research on Management, Economy and Society
dc.contributor.institutionOrganisation, Markets and Policy Research Group
dc.description.statusPeer reviewed
dc.relation.schoolHertfordshire Business School
dc.description.versiontypeFinal Published version
dcterms.dateAccepted2016-10-10
rioxxterms.versionVoR
rioxxterms.versionofrecordhttps://doi.org/10.1017/S1744137416000266
rioxxterms.licenseref.urihttp://creativecommons.org/licenses/by/4.0/
rioxxterms.typeJournal Article/Review
herts.preservation.rarelyaccessedtrue
herts.rights.accesstypeOpen


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record