Did the Glorious Revolution Contribute to the Transport Revolution? Evidence from Investment in Roads and Rivers
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.
|Date of creation:||Feb 2009|
|Date of revision:|
|Contact details of provider:|| Postal: Irvine, CA 92697-3125|
Phone: (949) 824-5788
Web page: http://www.economics.uci.edu/
More information through EDIRC
References listed on IDEAS
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.:
- 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.
- Pindyck, Robert S., 1990.
"Irreversibility, uncertainty, and investment,"
3137-90., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- 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, 02.
- Leunig, Timothy, 2006.
"Time is Money: A Re-Assessment of the Passenger Social Savings from Victorian British Railways,"
The Journal of Economic History,
Cambridge University Press, vol. 66(03), pages 635-673, September.
- Tim Leunig, 2005. "Time is money: a re-assessment of the passenger social savings from Victorian British railways," Economic History Working Papers 22551, London School of Economics and Political Science, Department of Economic History.
- 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.
- David M. Newbery, 2002. "Privatization, Restructuring, and Regulation of Network Utilities," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262640481, March.
- repec:cup:jechis:v:61:y:2002:i:03:p:593-615_03 is not listed on IDEAS
- Clark, Gregory, 2002. "Land rental values and the agrarian economy: England and Wales, 1500 1914," European Review of Economic History, Cambridge University Press, vol. 6(03), pages 281-308, December.
- 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.
- Quinn, Stephen, 2001. "The Glorious Revolution'S Effect On English Private Finance: A Microhistory, 1680 1705," The Journal of Economic History, Cambridge University Press, vol. 61(03), pages 593-615, September.
- 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.
- North, Douglass C. & Weingast, Barry R., 1989. "Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England," The Journal of Economic History, Cambridge University Press, vol. 49(04), pages 803-832, December.
- Levy, Brian & Spiller, Pablo T, 1994. "The Institutional Foundations of Regulatory Commitment: A Comparative Analysis of Telecommunications Regulation," Journal of Law, Economics and Organization, Oxford University Press, vol. 10(2), pages 201-46, October.
When requesting a correction, please mention this item's handle: RePEc:irv:wpaper:080918. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jennifer dos Santos)
If references are entirely missing, you can add them using this form.