Robert brenner important 1993 book merchants and

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: good predictor of who was on the side of Parliament and who on the side of the King. Robert Brenner’ important 1993 book Merchants and Revolution is s an attempt to re-assert the empirical signi…cance of the Marxist view. The seminal work however is 1688: The First Modern Revolution (2009) by Steven Pincus. James A. Robinson (Harvard) The Emergence of Modern Economic Growth: A Comparative and Historical Analysis: L September 30, 2009 14 / 29 Shares, Coalition Formation and Political Development Recent econometric work by Saumitra Jha (2008) is also a very interesting addition to this debate. Jha built a dataset on the assets and endowments of the members of the Long Parliament and he shows that shareholding in a hitherto unpro…table joint-stock company was a major determinant of a member of parliament opposing Charles I. No e¤ects from domestic property owning. No impact of religion or region. These results suggest that concern about property rights was important in driving the Civil War but what primarily was at stake were property rights in international trading companies, not the property rights of domestic assets. The value of these rights were threatened by the propensity of Charles I to create monopolies etc. (not constrained by the Statute of Monopolies because international) - it was these policies which made the companies unpro…table for the private investors. James A. Robinson (Harvard) The Emergence of Modern Economic Growth: A Comparative and Historical Analysis: L September 30, 2009 15 / 29 Identi…cation Obviously, it is not exogenous who invests in joint-stock companies. So investment patterns and opposition to the King may be driven by unobservables. In response to this Jha proposes a very clever identi…cation strategy. He exploits ‘ di¤erential exposure to the enthusiasm for overseas ventures that swept England in the wake of Francis Drake’ voyage s around the world, 1577-1580’(p. 2) He shows that parliamentarians that came of age (reached 21) at the time of Drake’ voya...
View Full Document

Ask a homework question - tutors are online