Douglass North’s Theory of Institutions: Lessons for Law and Development

  title={Douglass North’s Theory of Institutions: Lessons for Law and Development},
  author={Julio Faundez},
  journal={Hague Journal on the Rule of Law},
  • Julio Faundez
  • Published 25 July 2016
  • Economics
  • Hague Journal on the Rule of Law
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… 
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