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Douglass North’s Theory of Institutions : lessons for law and development
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Faundez, Julio (2016) Douglass North’s Theory of Institutions : lessons for law and development. Hague Journal on the Rule of Law, 8 (2). pp. 373-419. doi:10.1007/s40803-016-0028-8
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Official URL: http://dx.doi.org/10.1007/s40803-016-0028-8
Abstract
This paper offers a critical overview and assessment of North’s work on institutions and economic change, focusing on aspects of his work that are of interest to law and development scholars. It examines North’s approach to institutions through his historical work focusing on his concept of credible commitment and his interpretation of the effect of the Glorious Revolution on property rights, focusing especially on the role he assigns to property rights in bringing about the Industrial Revolution. The paper also examines North's theory of institutions focusing on three main issues: the pervasive influence of the principles of neoclassical economics; the focus on an end-point model based on successful Western economies; and the failure adequately to account for the role of organizations in the process of change. Finally, the paper discusses the role of law in North’s theory. The objective of this section of the paper is to clarify whether law, according to North is a protagonist in the process of institutional change or is merely a by-product of changes taking place elsewhere in society.
| Item Type: | Journal Article | ||||||
|---|---|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HB Economic Theory | ||||||
| Divisions: | Faculty of Social Sciences > School of Law | ||||||
| Library of Congress Subject Headings (LCSH): | North, Douglass C. (Douglass Cecil) -- Influence, Institutional economics, Economic development , Right of property -- economic aspects, Transaction costs | ||||||
| Journal or Publication Title: | Hague Journal on the Rule of Law | ||||||
| Publisher: | Cambridge University Press | ||||||
| ISSN: | 1876-4045 | ||||||
| Official Date: | October 2016 | ||||||
| Dates: |
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| Volume: | 8 | ||||||
| Number: | 2 | ||||||
| Page Range: | pp. 373-419 | ||||||
| DOI: | 10.1007/s40803-016-0028-8 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Open Access |
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