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An economic analysis of Magna Carta

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  • Leeson, Peter T.
  • Suarez, Paola A.

Abstract

This paper uses the economic approach to self-enforcing constitutions to analyze Magna Carta and uses Magna Carta to evaluate the economic approach to self-enforcing constitutions. We find that Magna Carta in its reissued, but not original, incarnation satisfied each of the conditions necessary for constitutional self-enforcement according to that approach and thus effectively constrained government. Our analysis illuminates Magna Carta's initial failure to constrain government, helps explain its ultimate success in doing so, and furnishes supportive evidence for the economic approach to self-enforcing constitutions.

Suggested Citation

  • Leeson, Peter T. & Suarez, Paola A., 2016. "An economic analysis of Magna Carta," International Review of Law and Economics, Elsevier, vol. 47(S), pages 40-46.
    • Handle: RePEc:eee:irlaec:v:47:y:2016:i:s:p:40-46
    DOI: 10.1016/j.irle.2016.05.001
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    References listed on IDEAS

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    4. Williams, Stephen F., 2016. "Words, words, words: The remarkable perseverance of Magna Carta," International Review of Law and Economics, Elsevier, vol. 47(S), pages 67-71.
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    7. Peter J. Boettke & Rosolino A. Candela, 2020. "Productive specialization, peaceful cooperation and the problem of the predatory state: lessons from comparative historical political economy," Public Choice, Springer, vol. 182(3), pages 331-352, March.
    8. Ilia Murtazashvili & Ennio E. Piano, 2019. "Governance of shale gas development: Insights from the Bloomington school of institutional analysis," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(2), pages 159-179, June.
    9. Harris,Colin & Cai,Meina & Murtazashvili,Ilia & Murtazashvili,Jennifer Brick, 2020. "The Origins and Consequences of Property Rights," Cambridge Books, Cambridge University Press, number 9781108969055.
    10. Candela, Rosolino A., 2020. "The political economy of insecure property rights: insights from the Kingdom of Sicily," Journal of Institutional Economics, Cambridge University Press, vol. 16(2), pages 233-249, April.

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