ECO 120 Lecture Notes - Lecture 1: Absolute Monarchy, Public Choice, Economic History
Document Summary
Constitutions and commitment; the evolution of institutions governing public choice in seventeenth- Check and balance between the crown and the parliament. Improve in economic growth, government decision was more predictable. People feel more secure about taking out loans and making investment. The change of institution in england improve its economic growth in the country that it is more secure for the people to take out loans and make investments. Before the change of political institution (glorious revolution), england was rule under absolute monarch. The king could take away people"s property and lands easily and the parliament could not stop the king because he is head of the state. Legislative, executive and the judicial) the king controls parliament"s existence. Judicial branch was unable to do something about this injustice because the king appointed and paid the judges. The judiciary served at the pleasure of the king.
