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

Saad Azmat

Economic Affairs, 2009, vol. 29, issue 2, 4-9

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.

Date: 2009
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https://doi.org/10.1111/j.1468-0270.2009.01886.x

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Persistent link: https://EconPapers.repec.org/RePEc:bla:ecaffa:v:29:y:2009:i:2:p:4-9

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