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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

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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  • 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.
  • Handle: RePEc:bla:ehsrev:v:64:y:2011:i:4:p:1073-1112 DOI: j.1468-0289.2010.00580.x
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    1. 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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    Cited by:

    1. Vincent Bignon & Rui Esteves & Alfonso Herranz-Loncán, 2015. "Big push or big grab? Railways, government activism, and export growth in Latin America, 1865–1913," Economic History Review, Economic History Society, pages 1277-1305.
    2. Brunt, Liam & Cannon, Edmund, 2013. "Integration in the English wheat market 1770-1820," CEPR Discussion Papers 9504, C.E.P.R. Discussion Papers.
    3. Cizakca, Murat, 2012. "Finance and economic development in Islam, historical perspective," MPRA Paper 42046, University Library of Munich, Germany.
    4. Murrell, Peter, 2017. "Design and evolution in institutional development: The insignificance of the English Bill of Rights," Journal of Comparative Economics, Elsevier, pages 36-55.
    5. 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.
    6. Ming Liu & Sumner LaCroix, 2011. "The Impact of Stronger Property Rights in Pharmaceuticals on Innovation in Developed and Developing Countries," Working Papers 201116, University of Hawaii at Manoa, Department of Economics.
    7. Dan Bogart, 2013. "The Transportation Revolution in Industrializing Britain: A Survey," Working Papers 121306, University of California-Irvine, Department of Economics.
    8. Murrell, Peter, 2017. "Design and evolution in institutional development: The insignificance of the English Bill of Rights," Journal of Comparative Economics, Elsevier, pages 36-55.

    More about this item

    JEL classification:

    • 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

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