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Did the Glorious Revolution Contribute to the Transport Revolution? Evidence from Investment in Roads and Rivers

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  • Dan Bogart

    ()
    (Department of Economics, University of California-Irvine)

Abstract

Transport infrastructure investment increased substantially in Britain between the seventeenth and eighteenth century. This paper argues that the Glorious Revolution of 1688-89 contributed to transportation investment by reducing uncertainty about the security of improvement rights. It shows that road and river investment was low in the 1600s when several undertakers had their rights violated by major political changes or decrees from the King. It also shows that investment permanently increased after the Glorious Revolution when there was a lower likelihood that undertakers had their rights voided by acts. Together the evidence suggests that the political and institutional changes following Glorious Revolution made rights to improve infrastructure more secure and that promoters and investors responded to greater security by proposing and financing more projects.

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File URL: http://www.economics.uci.edu/files/economics/docs/workingpapers/2008-09/bogart-18.pdf
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Bibliographic Info

Paper provided by University of California-Irvine, Department of Economics in its series Working Papers with number 080918.

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Length: 56 pages
Date of creation: Feb 2009
Date of revision:
Handle: RePEc:irv:wpaper:080918

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Keywords: Property rights; Investment under uncertainty; Glorious Revolution; Transport Revolution;

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  1. repec:cup:jechis:v:61:y:2002:i:03:p:593-615_03 is not listed on IDEAS
  2. Joel Mokyr & John V. C. Nye, 2007. "Distribution Coalitions, the Industrial Revolution, and the Origins of Economics Growth in Britain," Southern Economic Journal, Southern Economic Association, vol. 74(1), pages 50-70, July.
  3. North, Douglass C. & Weingast, Barry R., 1989. "Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England," The Journal of Economic History, Cambridge University Press, vol. 49(04), pages 803-832, December.
  4. Levy, Brian & Spiller, Pablo T, 1994. "The Institutional Foundations of Regulatory Commitment: A Comparative Analysis of Telecommunications Regulation," Journal of Law, Economics and Organization, Oxford University Press, vol. 10(2), pages 201-46, October.
  5. Tim Leunig, 2005. "Time is money: a re-assessment of the passenger social savings from Victorian British railways," Economic History Working Papers 22551, London School of Economics and Political Science, Department of Economic History.
  6. Dan Bogart, 2009. "Turnpike trusts and property income: new evidence on the effects of transport improvements and legislation in eighteenth-century England -super-1," Economic History Review, Economic History Society, vol. 62(1), pages 128-152, 02.
  7. Quinn, Stephen, 2001. "The Glorious Revolution'S Effect On English Private Finance: A Microhistory, 1680 1705," The Journal of Economic History, Cambridge University Press, vol. 61(03), pages 593-615, September.
  8. Pindyck, Robert, 1989. "Irreversibility, uncertainty, and investment," Policy Research Working Paper Series 294, The World Bank.
  9. Wells, John & Wills, Douglas, 2000. "Revolution, Restoration, and Debt Repudiation: The Jacobite Threat to England's Institutions and Economic Growth," The Journal of Economic History, Cambridge University Press, vol. 60(02), pages 418-441, June.
  10. David M. Newbery, 2002. "Privatization, Restructuring, and Regulation of Network Utilities," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262640481, December.
  11. Clark, Gregory, 2002. "Land rental values and the agrarian economy: England and Wales, 1500 1914," European Review of Economic History, Cambridge University Press, vol. 6(03), pages 281-308, December.
  12. Bogart, Dan, 2005. "Did Turnpike Trusts Increase Transportation Investment in Eighteenth-Century England?," The Journal of Economic History, Cambridge University Press, vol. 65(02), pages 439-468, June.
  13. Sussman, Nathan & Yafeh, Yishay, 2006. "Institutional Reforms, Financial Development and Sovereign Debt: Britain 1690 1790," The Journal of Economic History, Cambridge University Press, vol. 66(04), pages 906-935, December.
  14. Wells, John & Wills, Dougals, 2000. "Revolution, Restoration, and Debt Repudiation: The Jacobite Threat to England's Institutions and Economic Growth," The Journal of Economic History, Cambridge University Press, vol. 60(02), pages 418-441, June.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Bogart D. (2009) The glorious Transport Revolution
    by Ben in Economic History Blog on 2009-08-11 01:01:00
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Cited by:
  1. Brunt, Liam & Cannon, Edmund, 2013. "Integration in the English wheat market 1770-1820," Discussion Paper Series in Economics 12/2013, Department of Economics, Norwegian School of Economics.
  2. Dan Bogart, 2013. "The Transportation Revolution in Industrializing Britain: A Survey," Working Papers 121306, University of California-Irvine, Department of Economics.
  3. Sumner La Croix, 2014. "Land Confiscations and land reform in Natural-Order States," Working Papers 201406, University of Hawaii at Manoa, Department of Economics.
  4. Cox, Gary W., 2012. "Was the Glorious Revolution a Constitutional Watershed?," The Journal of Economic History, Cambridge University Press, vol. 72(03), pages 567-600, September.
  5. Cizakca, Murat, 2012. "Finance and economic development in Islam, historical perspective," MPRA Paper 42046, University Library of Munich, Germany.

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