Affordable Access

Two Roads to the Transportation Revolution: Early Corporations in the United Kingdom and the United States

Authors
Disciplines
  • Ecology
  • Economics
  • Education
  • Geography
  • Political Science

Abstract

Understanding Long-Run Economic Growth: Geography, Institutions, and the Knowledge Economy This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Understanding Long-Run Economic Growth: Geography, Institutions, and the Knowledge Economy Volume Author/Editor: Dora L. Costa and Naomi R. Lamoreaux Volume Publisher: University of Chicago Press Volume ISBN: 0-226-11634-4 Volume URL: http://www.nber.org/books/cost10-1 Conference Date: November 7-8, 2008 Publication Date: August 2011 Chapter Title: Two Roads to the Transportation Revolution: Early Corporations in the United Kingdom and the United States Chapter Author: Dan Bogart, John Majewski Chapter URL: http://www.nber.org/chapters/c11999 Chapter pages in book: (p. 177 - 204) 177 6.1 Introduction The complex relationship between geography and institutions was a key theme of Ken Sokloff’s work. In analyzing the development of the Ameri- cas, Sokoloff and Engerman famously argued that factor endowments like geography and population density profoundly infl uenced the evolution of important economic institutions. The cultivation of highly profi table staple crops—and a readily available pool of exploitable labor—created high levels of inequality in Latin America and the Caribbean. Powerful groups of infl u- ential insiders had little to gain (and often much to lose) from open incorpora- tion, public schooling, expanded suffrage, and other institutions associated with long- term development. In North America (especially in the U.S. North and Canada), environmental conditions prevented the cultivation of staple crops, which encouraged entrepreneurs to focus on raising long- term land values via settlement. Landowners created relatively open political institu- tions, which led to the development of open, competitive economies with higher levels of public goods.1 While Sokloff saw an intimate connection between geography and institutions, he also realiz

There are no comments yet on this publication. Be the first to share your thoughts.