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APPLYING NORTH'S LAWS OF MOTION TO THE EDGE OF THE WEST.
- Source :
- Economic Affairs; Jun2009, Vol. 29 Issue 2, p4-9, 6p
- Publication Year :
- 2009
-
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]
- Subjects :
- INSTITUTIONAL economics
FREE enterprise
ECONOMIC development
SPANISH Muslims
Subjects
Details
- Language :
- English
- ISSN :
- 02650665
- Volume :
- 29
- Issue :
- 2
- Database :
- Complementary Index
- Journal :
- Economic Affairs
- Publication Type :
- Academic Journal
- Accession number :
- 40641934
- Full Text :
- https://doi.org/10.1111/j.1468-0270.2009.01886.x