Political Regimes and Economic Growth

Przeworski, Adam; Limongi, Fernando

doi:10.1257/jep.7.3.51

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Political Regimes and Economic Growth

Author(s): Adam Przeworski , Fernando Limongi

Publication date Created: August 1993

Publication date (Print): August 1993

Journal: Journal of Economic Perspectives

Publisher: American Economic Association

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Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England

Douglass North, Barry Weingast (1989)

The article studies the evolution of the constitutional arrangements in seventeenth-century England following the Glorious Revolution of 1688. It focuses on the relationship between institutions and the behavior of the government and interprets the institutional changes on the basis of the goals of the winners—secure property rights, protection of their wealth, and the elimination of confiscatory government. We argue that the new institutions allowed the government to commit credibly to upholding property rights. Their success was remarkable, as the evidence from capital markets shows.