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The Glorious Revolution of 1688: Successful Constitutional and Institutional Adjustment in a Period of Rapid Change

In: Economic Welfare, International Business and Global Institutional Change

Author

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  • Charles K. Rowley
  • Matthew Dobra

Abstract

The distinguished authors in this volume address the fundamental causes for such heterogeneous international experiences, placing particular emphasis on the role of institutions. They demonstrate how the study of economic development is increasingly linked to the development of institutions, which allow for more complex exchanges to occur in markets and societies. Institutions can be understood as rules or constraints that channel individuals' actions in specific directions, and can be formal or informal depending on their genesis. The book highlights the connection between institutions and economic welfare by examining countries at different stages of development. Although the authors' study material effects, they also look at individual well-being which is more strongly influenced by the non-material products of institutions such as opportunity, freedom and relationships. They move on to highlight the role of institutions in global business, in terms of innovation, entrepreneurship and foreign direct investment. In the concluding chapters they focus on the actual process of transition from one institutional framework to another. Amongst other examples, they examine reforms to international financial institutions and constitutional adjustments in transition countries.

Suggested Citation

  • Charles K. Rowley & Matthew Dobra, 2003. "The Glorious Revolution of 1688: Successful Constitutional and Institutional Adjustment in a Period of Rapid Change," Chapters, in: Ram Mudambi & Pietro Maria Navarra & Giuseppe Sobbrio (ed.), Economic Welfare, International Business and Global Institutional Change, chapter 11, Edward Elgar Publishing.
  • Handle: RePEc:elg:eechap:2915_11
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    Citations

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    Cited by:

    1. Justesen, Mogens K. & Kurrild-Klitgaard, Peter, 2007. "The constitution of economic growth: Testing the prosperity effects of a Madisonian model on a panel of countries 1980‐2000," MPRA Paper 36063, University Library of Munich, Germany.
    2. Charles Rowley & Nathanael Smith, 2009. "Islam’s democracy paradox: Muslims claim to like democracy, so why do they have so little?," Public Choice, Springer, vol. 139(3), pages 273-299, June.

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