What Really Happened During the Glorious Revolution?
NBER Working Paper No. 17206
The English Glorious Revolution of 1688-89 is one of the most famous instances of 'institutional' change in world history which has fascinated scholars because of the role it may have played in creating an environment conducive to making England the first industrial nation. This claim was most forcefully advanced by North and Weingast yet the existing literature in history and economic history dismisses their arguments. In this paper we argue that North and Weingast were entirely correct in arguing that the Glorious Revolution represented a critical change in institutions. In addition, and contrary to the claims of many historians, most of the things they claimed happened, for example parliamentary sovereignty, did happen. However, we argue that they happened for reasons different from those put forward by North and Weingast. We show that rather than being an instance of a de jure 're-writing the rules', as North and Weingast argued, the Glorious Revolution was actually an interlinked series of de facto institutional changes which came from a change in the balance of power and authority and was part of a broader reorientation in the political equilibrium of England. Moreover, it was significant for the economy not because it solved a problem of credible commitment, but for two other reasons. First, because the institutional changes it led to meant that party political ministries, rather than the king's private advisors, now initiated policy. Second, because these ministries were dominated by Whigs with a specific program of economic modernization.
Document Object Identifier (DOI): 10.3386/w17206
Published: “What Really Happened D uring the Glorious Revolution?” (2014 ) (joint with Steven Pincus, Yale University) in Sebastián Galiani and Itai Sened ed s . Institutions, Property Rights and Growth: The Legacy of Douglass North , New York: Cambridge U niversity Press.
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