*Economics, University of Glasgow. Adam Smith Building, Glasgow G12 8RT, United Kingdom. Email: email@example.com. Tel: +44 141 330 8517. I thank seminar participants at University Carlos III (Madrid) for helpful comments. All remaining errors are mine. Financial support from the Carnegie Trust for the Universities of Scotland is gratefully acknowledged.
Institutions, Property Rights, and Economic Development in Historical Perspective
Version of Record online: 13 APR 2011
© 2011 Blackwell Publishing Ltd.
Volume 64, Issue 2, pages 157–177, May 2011
How to Cite
Angeles, L. (2011), Institutions, Property Rights, and Economic Development in Historical Perspective. Kyklos, 64: 157–177. doi: 10.1111/j.1467-6435.2011.00500.x
- Issue online: 13 APR 2011
- Version of Record online: 13 APR 2011
Institutions, and more specifically private property rights, have come to be seen as a major determinant of long-run economic development. We evaluate the case for property rights as an explanatory factor of the Industrial Revolution and derive some lessons for the analysis of developing countries today. We pay particular attention to the role of property rights in the accumulation of physical capital and the production of new ideas. The evidence that we review from the economic history literature does not support the institutional thesis.