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SUMMARY:Large scale institutional changes: land demarcation within the Bri
 tish Empire - Gary Liebcap\, University of Cambridge
DTSTART:20110201T170000Z
DTEND:20110201T183000Z
UID:TALK29307@talks.cam.ac.uk
CONTACT:Dr Natalia Mora-Sitja
DESCRIPTION:This paper examines the economics of large scale institutional
  change by studying the adoption of the land demarcation practices within 
 the British Empire during the 17th through 19th Centuries.   The advantage
 s of systematic\, coordinated demarcation\, such as with the rectangular s
 urvey\, relative to individualized\, haphazard demarcation\, such as with 
 metes and bounds\, for reducing transaction costs were understood by this 
 time and incorporated into British colonial policy.  Still\, there was con
 siderable variation in the institutions adopted even though the regions ha
 d similar legal structures and immigrant populations. We study the determi
 nants of institutional change by developing an analytical framework\, deri
 ving testable implications\, and then analyzing a data set that includes U
 .S.\, Canadian\, Australian\, and New Zealand temperate colonies using GIS
  data. We find that a simple framework that outlines the costs and benefit
 s of implementing the demarcation systems can explain the different instit
 utions that are observed. Once in place\, these institutions persist\, ind
 icating a strong institutional path dependence that can influence transact
 ion costs\, the extent of land markets\, and the nature of resource use. T
 he agricultural land institutions that we examine remain in force today\, 
 in some cases over 300 years later.  In this regard\, institutions of land
  are durable\, much as are other institutions\, such as language and law.
LOCATION:Meade Room\, Faculty of Economics
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