The Implications of England’s Economic Development for Today’s International Community
The Implications of England’s Economic Development for Today’s International Community
England, like many other countries during the medieval era, had an autocratic, self-interested government. In many cases, England’s economic policies were inefficient and anticompetitive, which delayed economic growth. However, by the early 1700s, England became the leader in economic development. Many scholars questioned why England was the first to develop as greatly as it did during the 1700s as opposed to other powerful countries like France and Spain. In The Rise of the Western World: A New Economic History, Douglass C. North and Robert Paul Thomas shed light on how England developed an efficient economic system. Eventually, the authors accredited England’s Parliament as the main driver for the dramatic economic change to an efficient market in England. Thus, the authors imply that monarchies’ power needs to be checked or curbed in order for efficiency and growth to occur in the economy. If the authors are correct, what should be the international community’s economic policy for developing countries around the world seeking financial aid? Based on the case study, the international community should determine if the developing country has the appropriate governmental infrastructure, a form of checks and balances, and efficient property rights before it aids the country. By doing so, it can ensure a safe and healthy possibility of economic growth within its borders.
How did early monarchies in England violate property rights and delay economic growth? The authors argue that it is universally true that property rights within a country must first be protected and well-defined in order to encourage innovation and a healthy, efficient economy. According to the authors, exclusive privileges and monopolies granted by the monarchy failed to protect property rights. Although these policies protected certain individuals, they negatively impacted the overall economy (North &
England, like many other countries during the medieval era, had an autocratic, self-interested government. In many cases, England’s economic policies were inefficient and anticompetitive, which delayed economic growth. However, by the early 1700s, England became the leader in economic development. Many scholars questioned why England was the first to develop as greatly as it did during the 1700s as opposed to other powerful countries like France and Spain. In The Rise of the Western World: A New Economic History, Douglass C. North and Robert Paul Thomas shed light on how England developed an efficient economic system. Eventually, the authors accredited England’s Parliament as the main driver for the dramatic economic change to an efficient market in England. Thus, the authors imply that monarchies’ power needs to be checked or curbed in order for efficiency and growth to occur in the economy. If the authors are correct, what should be the international community’s economic policy for developing countries around the world seeking financial aid? Based on the case study, the international community should determine if the developing country has the appropriate governmental infrastructure, a form of checks and balances, and efficient property rights before it aids the country. By doing so, it can ensure a safe and healthy possibility of economic growth within its borders.
How did early monarchies in England violate property rights and delay economic growth? The authors argue that it is universally true that property rights within a country must first be protected and well-defined in order to encourage innovation and a healthy, efficient economy. According to the authors, exclusive privileges and monopolies granted by the monarchy failed to protect property rights. Although these policies protected certain individuals, they negatively impacted the overall economy (North &
Cited: North, Douglass C., and Robert P. Thomas. "The Rise of the Western World: A New Economic History." Cambridge. 1973.