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→What is the author's topic and hypothesis?
=== What is the author's topic and hypothesis? ===
The author believes that England was able to develop its economy and dominate the world because it had a secure property rights of successfull evolution of instututional forms that permitted economic growth to take place in early modern England. These instutional changes did not arise naturally; in fact, they were forced often violently on the crown. The Glorious Revolution led to 5 significant instatutional changes: #It removed the undrlying source of expediencey and archaic fiscal system, and its associated fiscal crisis. This enabled investment #Limited the crown's ability to alter rules for its benifit after the fact without parlimentary concent.#Parlimentary interests reasserted their dominance of taxation issues#Parliment asserted a role in allocating funds and growthmonitoring their own expenditure#A System of checks and balences where the crown and parliment were on equal footing, as opposed to eliminating the crown as was previously done.
The key threat to the property rights system was the monarchy -- who was unable to credibly commit upholding property rights. In particular, wars would frequently starve the monarchy of revenue -- thus tempting the monarch to violate property rights and expropriate money from the population (mainly the nobility).
