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What Really Happened During the Glorious Revolution?

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  • Steven C.A. Pincus
  • James A. Robinson

Abstract

The English Glorious Revolution of 1688-89 is one of the most famous instances of ‘institutional’ change in world history which has fascinated scholars because of the role it may have played in creating an environment conducive to making England the first industrial nation. This claim was most forcefully advanced by North and Weingast yet the existing literature in history and economic history dismisses their arguments. In this paper we argue that North and Weingast were entirely correct in arguing that the Glorious Revolution represented a critical change in institutions. In addition, and contrary to the claims of many historians, most of the things they claimed happened, for example parliamentary sovereignty, did happen. However, we argue that they happened for reasons different from those put forward by North and Weingast. We show that rather than being an instance of a de jure ‘re-writing the rules’, as North and Weingast argued, the Glorious Revolution was actually an interlinked series of de facto institutional changes which came from a change in the balance of power and authority and was part of a broader reorientation in the political equilibrium of England. Moreover, it was significant for the economy not because it solved a problem of credible commitment, but for two other reasons. First, because the institutional changes it led to meant that party political ministries, rather than the king’s private advisors, now initiated policy. Second, because these ministries were dominated by Whigs with a specific program of economic modernization.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17206.

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Date of creation: Jul 2011
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Publication status: published as “What Really Happened D uring the Glorious Revolution?” (2014 ) (joint with Steven Pincus, Yale University) in Sebastián Galiani and Itai Sened ed s . Institutions, Property Rights and Growth: The Legacy of Douglass North , New York: Cambridge U niversity Press.
Handle: RePEc:nbr:nberwo:17206

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Cited by:
  1. Christian Fahrholz & Andreas Freytag, 2012. "A Way to Solve the Euro pean Balance of Payments Crisis? Take a Chance on Market Solutions!," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, Ifo Institute for Economic Research at the University of Munich, vol. 13(SPECIALIS), pages 77-82, 02.
  2. Francesco Giovannoni & Leandro de Magalhaes, 2012. "War Financing and the Transition from Absolutism to Rule by Parliament," 2012 Meeting Papers, Society for Economic Dynamics 917, Society for Economic Dynamics.
  3. Johnson, Noel D. & Koyama, Mark, 2014. "Tax farming and the origins of state capacity in England and France," Explorations in Economic History, Elsevier, Elsevier, vol. 51(C), pages 1-20.
  4. Christian Fahrholz & Andreas Freytag, 2011. "Ein Lösungsweg für die europäische Zahlungsbilanzkrise? Mehr Markt wagen!," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 64(16), pages 73-78, 09.

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