The Fountain of Privilege: Political Foundations of Markets in Old Regime France and England (California Series on Social Choice and Political Economy)

The Fountain of Privilege: Political Foundations of Markets in Old Regime France and England (California Series on Social Choice and Political Economy)
Hilton L. Root | 1994-11-16 00:00:00 | University of California Press | 280 | Economics
Hilton Root's new book applies contemporary economic and political theory to answer long-standing historical questions about modernization. It contrasts political stability in Georgian England with the collapse of the Old Regime in France. Why did a century of economic expansion rupture France's political foundations while leaving those of Britain intact? Comparing the political and financial institutions of the two states, Root argues that the French monarchy's tight control of markets created unresolvable social conflicts whereas England's broader power base permitted the wider distribution of economic favors, resulting in more flexible and efficient markets.
Reviews
In a comparative study about government policies and the possibilities of 'rent-seeking' in France and England, Hilton Root makes a compelling case of how different political institutions in these two countries determined the workings of markets. While using the insights from economic and political theory, and applying these to the field of social history, Root has written a well articulated and enlightening book about how political institutions constrain the evolution of markets. This book should be of interest not only to students of early modern Europe, but also to political scientists and economists, who might find it interseting to see how social science theory can be applied to historical data.

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