Get access

APPLYING NORTH'S LAWS OF MOTION TO THE EDGE OF THE WEST

Authors


Saad Azmat is a Teaching Fellow at the Faculty of Accounting & Finance, Suleman Dawood School of Business, Lahore University of Management Sciences (saad_azmat@hotmail.com).

Abstract

This paper uses Douglass North's theories of institutional economics to explain progress in Muslim Spain. It argues that it was efficient economic institutions in the guise of a free-market economy where the property rights of different strata of society were well protected, which ensured lasting prosperity. This paper postulates that while a population explosion could have been responsible for the initial growth in Spain, it was an efficient formal–informal institutional matrix that ensured a high level of long-term growth.

Ancillary