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

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Listed:
  • 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.

Suggested Citation

  • Dan Bogart, 2009. "Did the Glorious Revolution Contribute to the Transport Revolution? Evidence from Investment in Roads and Rivers," Working Papers 080918, University of California-Irvine, Department of Economics.
  • Handle: RePEc:irv:wpaper:080918
    as

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    File URL: https://www.economics.uci.edu/files/docs/workingpapers/2008-09/bogart-18.pdf
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    References listed on IDEAS

    as
    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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    5. 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, February.
    6. 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.
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    10. David M. Newbery, 2002. "Privatization, Restructuring, and Regulation of Network Utilities," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262640481, January.
    11. 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.
    12. 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.
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    Full references (including those not matched with items on IDEAS)

    Citations

    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 06:01:00

    Citations

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    Cited by:

    1. Piet Cruyningen, 2015. "Dealing with drainage: state regulation of drainage projects in the Dutch Republic, France, and England during the sixteenth and seventeenth centuries," Economic History Review, Economic History Society, vol. 68(2), pages 420-440, May.
    2. Murrell, Peter, 2017. "Design and evolution in institutional development: The insignificance of the English Bill of Rights," Journal of Comparative Economics, Elsevier, vol. 45(1), pages 36-55.
    3. 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.
    4. Sumner La Croix, 2014. "Land Confiscations and land reform in Natural-Order States," Working Papers 201406, University of Hawaii at Manoa, Department of Economics.
    5. 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, vol. 68(4), pages 1277-1305, November.
    6. Brunt, Liam & Cannon, Edmund, 2013. "Integration in the English wheat market 1770-1820," CEPR Discussion Papers 9504, C.E.P.R. Discussion Papers.
    7. Cizakca, Murat, 2012. "Finance and economic development in Islam, historical perspective," MPRA Paper 42046, University Library of Munich, Germany.
    8. Ian Gazeley & Sara Horrell, 2013. "Nutrition in the English agricultural labourer's household over the course of the long nineteenth century," Economic History Review, Economic History Society, vol. 66(3), pages 757-784, August.
    9. Dan Bogart, 2013. "The Transportation Revolution in Industrializing Britain: A Survey," Working Papers 121306, University of California-Irvine, Department of Economics.

    More about this item

    Keywords

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

    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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