Title: Revisiting the Glorious Revolution: property rights, economic institutions and the developing world

Authors: Aqdas Afzal

Addresses: School of Social Sciences and Humanities, National University of Sciences and Technology (NUST), H-12, Islamabad, 44000, Pakistan

Abstract: This paper evaluates the merits of new institutional economics (NIE, hereafter) versus the critical institutionalist method. The paper sketches how the Glorious Revolution, a seminal event in British economic and political history, has been analysed by NIE. This paper argues that the NIE analysis, in general, and that of the Glorious Revolution, in particular, shows a considerable amount of theoretical weakness. This paper utilises the critical institutionalist (critical-realism and original institutional economics) method to present a comprehensive institutional analysis of the Glorious Revolution. The paper underscores the changing nature of resource distribution and culture in Britain as key variables. The paper also highlights the role of the Whigs as key agents in bringing about the events associated with the Glorious Revolution.

Keywords: economic growth; evolutionary economics; institutions; property rights; new institutional economics; NIE; developing world; critical institutionalist method.

DOI: 10.1504/IJPEE.2017.089330

International Journal of Pluralism and Economics Education, 2017 Vol.8 No.4, pp.378 - 388

Received: 13 Jan 2017
Accepted: 28 Jul 2017
Published online: 17 Jan 2018 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article