Institutions and Economic Growth in Historical Perspective
Sheilagh Ogilvie and A.W. Carus, Faculty of Economics, University of Cambridge, United Kingdom
Abstract
This chapter surveys the historical evidence on the role of institutions in economic growth and points out weaknesses in a number of stylized facts widely accepted in the growth literature. It shows that private-order institutions have not historically substituted for public-order ones in enabling markets to function; that parliaments representing wealth holders have not invariably been favorable for growth; and that the Glorious Revolution of 1688 in England did not mark the sudden emergence of either secure property rights or economic growth. Economic history has been ...
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