Did the Glorious Revolution Contribute to the Transport Revolution? Evidence from Investment in Roads and Rivers
AbstractTransport 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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Bibliographic InfoPaper provided by University of California-Irvine, Department of Economics in its series Working Papers with number 080918.
Length: 56 pages
Date of creation: Feb 2009
Date of revision:
Property rights; Investment under uncertainty; Glorious Revolution; Transport Revolution;
Other versions of this item:
- Dan Bogart, 2011. "Did the Glorious Revolution contribute to the transport revolution? Evidence from investment in roads and rivers," Economic History Review, Economic History Society, vol. 64(4), pages 1073-1112, November.
- N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913
- N73 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Europe: Pre-1913
- K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
- H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-02-28 (All new papers)
- NEP-HIS-2009-02-28 (Business, Economic & Financial History)
- NEP-URE-2009-02-28 (Urban & Real Estate Economics)
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by Ben in Economic History Blog on 2009-08-11 01:01:00
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