A Study Of British Land Institutional Transition From The 16th To The 19th Century

From the sixteenth century to the nineteenth century,Britain achieved a significant institutional transition in land.The success in land institutional transition not only enables Britain to obtain remarkable economic benefits but also establishes a firm base for British development in the long run.As a result,Britain is the first country entering the industrialism.Therefore,both the internal and foreign experts have been attaching importance to the study of British institution in land.It is well known that land is basic for human being's survival and development.The problem of institutional transition in land remains a focus for the economic development all the time.What's more,it is also concerned with our agricultural development.Thus,it is necessary to study on British land institutional transition occurred from the sixteenth century to the nineteenth century.The thesis involves comprehensive and systematic analysis and study based on new institutional economics,which uses existing historical reference materials and adopts the approaches of historical induction and analysis narratives.Meanwhile,the thesis demonstrates that the land institutional transition from incomplete to complete private property right is fundamental for the interests of landowners;furthermore,it is also a crucial factor concerning British long-term economic growth.At first,the thesis briefly introduces British land systems before sixteenth century and points out the open-field,knight's fee and copyhold systems are land institutions with incomplete private property right.Then the thesis makes use of supply and demand theory to analyze the causes of land institution transformation occurred from the sixteenth century to the nineteenth century.It is the incomplete private property right that leads to the shortage of institutional supply,which causes the net benefits of institutional arrangement less than optional institutional arrangement.In another words,when the supply and demand of institution fail to attain equilibrium,a new potential profit comes into being.So the potential exterior benefits appeals to the landowners and parliament, the landowners' spokesman.That is to say,in order to obtain complete property right,the institutional transition aiming at abolishing incomplete property right will occur when expected return outweighs expected cost. Secondly,the thesis elaborates the abolishment of open-field system and establishment of complete private property right.Open-field system is a kind of system with private property right as well as common property right in land.From the sixteenth century,the land price in Britain began to rise so that the potential profits in land became apparent.Unable to resist the temptation of the potential profits,the gentry and yeoman as the representatives of landowners urged to gain complete private property right.Thus, they voluntarily launched an induced institutional transformation through enclosure. However,this campaign caused the social instability,so the feudal rulers promulgated the law to prohibit the destructive enclosure.Besides,the transaction cost of enclosure was so high at that time that only a small portion of open-field was abolished through the induced institutional transformation.Since the seventeenth century,the parliament began to hold the power of the country,so the parliamentary in favor of landowner began a large-scale imposed institutional transformation.Finally,the open-filed system was abolished in the mid nineteenth century,so that private complete property right in land was basically formed.Thirdly,the thesis expounds the abolishment of knight's fee and copyhold system and establishment of complete private property right.In the early seventeenth century, the knight's fee and copyhold system still prevailed in Britain.In 1646,the English long parliament claimed that the knight's fee system was abolished,so major landowners' feudal obligation to the king had been released.Consequently,the incomplete land property right was transited to complete one.Nevertheless,in the course of transforming from copyhold to leasehold and freehold,the copyholders needed to pay a larger cost,so their expected return had been decreased.Due to the influence of the traditional practice, this institutional transformation suffered great resistance.Until the mid nineteenth century,under the fierce request from landowners,the nation strengthened the institutional transformation.Finally,at the end Of nineteenth century,the copyhold system had been basically abolished and the institutional transition of property right in land had been accomplished.At last but not the least,the thesis illustrates the economic benefits from British institutional transition of land property right.On one hand,the success of institutional transition leaded to the scale merit in land and improvement of agricultural productivity. On the other hand,the complete private property in land promoted the redistribution of income,which made private benefit rate close to social benefit rate,and therefore guaranteed the continuous increase of national income.As a result,Britain began to stride into the industrialized society and guide the world economic development.In a word,the establishment of land system with private property right is not only fundamental for the interests of landowners,but also crucial for British economic growth. With the property right transition from incomplete to complete,Britain accomplished a significant land institutional transition step by step from the sixteenth to nineteenth century.This transition transformed the world as well as Britain.