1. APPLYING NORTH'S LAWS OF MOTION TO THE EDGE OF THE WEST.
- Author
-
Azmat, Saad
- Subjects
INSTITUTIONAL economics ,FREE enterprise ,ECONOMIC development ,SPANISH Muslims - 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. [ABSTRACT FROM AUTHOR]
- Published
- 2009
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