Table of Contents

Economic Welfare, International Business and Global Institutional Change

Economic Welfare, International Business and Global Institutional Change

The Locke Institute series

Edited by Ram Mudambi, Pietro Maria Navarra and Giuseppe Sobbrio

The distinguished authors in this volume address the fundamental causes for such heterogeneous international experiences, placing particular emphasis on the role of institutions. They demonstrate how the study of economic development is increasingly linked to the development of institutions, which allow for more complex exchanges to occur in markets and societies. Institutions can be understood as rules or constraints that channel individuals' actions in specific directions, and can be formal or informal depending on their genesis. The book highlights the connection between institutions and economic welfare by examining countries at different stages of development. Although the authors' study material effects, they also look at individual well-being which is more strongly influenced by the non-material products of institutions such as opportunity, freedom and relationships. They move on to highlight the role of institutions in global business, in terms of innovation, entrepreneurship and foreign direct investment. In the concluding chapters they focus on the actual process of transition from one institutional framework to another. Amongst other examples, they examine reforms to international financial institutions and constitutional adjustments in transition countries.

Chapter 11: The Glorious Revolution of 1688: Successful Constitutional and Institutional Adjustment in a Period of Rapid Change

Charles K. Rowley and Matthew Dobra

Subjects: business and management, international business, economics and finance, public choice theory, politics and public policy, public choice

Extract

Charles K. Rowley and Matthew Dobra 1. INTRODUCTION The English Glorious Revolution of 1688 was brief in duration and essentially bloodless in nature. On November 1, 1688, William, Prince of Orange, on the eve of his embarkation from Holland, gave his written reasons for invading England. The next day, James II of England imposed a ban on all public pronouncements made by the prince. On November 5 (Guy Fawkes Day) William’s fleet, composed of 54 ships and 2040 guns driven by a Protestant wind, blowing first from the east and then from the south, landed at Torbay in Devon without any resistance by the poorly led and perhaps disaffected English fleet composed of 52 ships of the line, 17 fireships and 1876 guns (Ogg, 1955, p. 214). Despite his signal failure to rouse English support in the western counties, William secured his military position in Exeter with a cosmopolitan army of between 12 000 and 14 000 men, less than half the size of the regular forces in the pay of James II. James marched to confront the invader, reaching Salisbury on November 19 at the head of a sullen though not necessarily malcontented army. Warned of treachery among the high command, James hesitated to make arrests but rather, on November 24, ordered a retreat to London. His leading generals, Churchill (later the Duke of Marlborough), Grafton and Kirke, breached their oaths of office and deserted in favor of William leaving a demoralized army behind them. Simultanously, James’s favorite daughter...

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