Applying North's Laws of Motion to the Edge of the West

6 Pages Posted: 2 Jun 2009

See all articles by Saad Azmat

Saad Azmat

Lahore University of Management Sciences (LUMS)

Abstract

This paper uses Douglass North's theories of institutional economics to explain progress in Muslim Spain. It argues that it was efficient economic institutions in the guise of a free-market economy where the property rights of different strata of society were well protected, which ensured lasting prosperity. This paper postulates that while a population explosion could have been responsible for the initial growth in Spain, it was an efficient formal–informal institutional matrix that ensured a high level of long-term growth.

Suggested Citation

Azmat, Saad, Applying North's Laws of Motion to the Edge of the West. Economic Affairs, Vol. 29, Issue 2, pp. 4-9, June 2009. Available at SSRN: https://ssrn.com/abstract=1412901 or http://dx.doi.org/10.1111/j.1468-0270.2009.01886.x

Saad Azmat (Contact Author)

Lahore University of Management Sciences (LUMS) ( email )

D.H.A, Lahore Cantt
Lahore, Punjab 54792
Pakistan

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