How Smashing The NIMBYs Created Modern Capitalism
This article explores how the 17th-century Glorious Revolution in England reformed property rights to enable the Industrial Revolution. It suggests that modern Western economies face similar stagnation due to fragmented property rights and 'vetocracy,' proposing that institutional reform could spark renewed growth.
Why it matters
Understanding the historical link between property rights and economic growth provides a framework for addressing modern infrastructure and housing development challenges.
Industrial modernity was invented in the English midlands around the end of the eighteenth century, kicking off an unprecedented global rise in living standards that continues to this day. But what made this revolution possible was a lesser-known political revolution that took place in the previous century: a period known in English history as the Glorious Revolution.
The article uses historical analysis to discuss economic theory without taking a partisan stance on current political parties.
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