Revolution, Restoration, and Debt Repudiation: The Jacobite Threat to England's Institutions and Economic Growth
AbstractThis study provides an empirical test of North and Weingast s theory of British capital-market development after the Glorious Revolution. The evidence is consistent with the hypotheses that institutional innovation in the 1690s led to the dramatic growth in London capital markets, and that threats to these institutions caused financial turmoil. We also find the economic motivation for these innovations to be consistent with the work of Ekelund and Tollison.The first visible eruption, or even immediate dange, of public disorders must alarm all the stockholders, whose property is the most precarious of any whether menaced by Jacobitish violence or democratical frenzy.David Hume, 1752
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Bibliographic InfoArticle provided by Cambridge University Press in its journal The Journal of Economic History.
Volume (Year): 60 (2000)
Issue (Month): 02 (June)
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