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Institutional Adaptability and Economic Development: The Property Rights Revolution in Britain, 1700 to 1830

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Gary Richardson
Dan Bogart

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Abstract

Adaptable property-rights institutions, we argue, foster economic development. The British example illustrates this point. Around 1700, Parliament established a forum where rights to land and resources could be reorganized. This venue enabled landholders and communities to take advantage of economic opportunities that could not be accommodated by the inflexible rights regime inherited from the past. In this essay, historical evidence, archival data, and statistical analysis demonstrate that Parliament increased the number of acts reorganizing property rights in response to increases in the public's demand for such acts. This evidence corroborates a cornerstone of our hypothesis.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 13757.

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Date of creation: Jan 2008
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Handle: RePEc:nbr:nberwo:13757

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Find related papers by JEL classification:
H1 - Public Economics - - Structure and Scope of Government
K0 - Law and Economics - - General
K1 - Law and Economics - - Basic Areas of Law
N0 - Economic History - - General
N43 - Economic History - - Government, War, Law, and Regulation - - - Europe: Pre-1913
P1 - Economic Systems - - Capitalist Systems
P10 - Economic Systems - - Capitalist Systems - - - General
P14 - Economic Systems - - Capitalist Systems - - - Property Rights
P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy
P48 - Economic Systems - - Other Economic Systems - - - Other Economic Systems: Political Economy; Legal Institutions; Property Rights

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Joel Mokyr, 2005. "The Great Synergy: The European Enlightenment as a Factor in Modern Economic Growth," 2005 Meeting Papers 179, Society for Economic Dynamics.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Lee J. Alston & Andrés A. Gallo, 2009. "Electoral Fraud, the Rise of Peron and Demise of Checks and Balances in Argentina," NBER Working Papers 15209, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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