Why England Developed Healthy Markets-and Spain Didn't

Wednesday, April 30, 1997

Over several centuries, England developed free markets-and a large cast of supporting institutions, including private property and an independent judiciary. During the same period, Spain failed to develop any such institutions, enduring economic stagnation instead. Why? It all started with some kings and queens who were short of funds. Nobel Prize-winner and Hoover fellow Douglass C. North explains.

The content of this article is only available in the print edition.