New Institutions for New Nations

The impact of institutions and their influence on property rights have been a central interest in Ronald Coase’s long career, and his work has had a major impact on the study of economics and economic history. This paper will examine the importance of the set of appropriate institutions required for economic and political development by analyzing the effects of several New World revolutions between 1775 and 1826. The resulting changes in political control gave rise to quite different patterns of institutions and thus of economic growth and political stability.