The Reasons of Differences in Dynamics of Economic Grown in Portugal and Holland in the XV-XVII Centuries: an Institutional Viewpoint

The paper is devoted to comparative analysis of socio-economic development of Portugal and Holland – two small nations who during certain periods of their history obtained European leadership and played pivotal role in Europe’s transition from Middle Ages to Modernity. Analysis is performed on the basis of the institutional theory. Based to a large extent on theoretical concepts of D. North and D. Acemoglu-J. Robinson, the author notes substantial similarity of the initial conditions in both countries in the Middle Ages – their size in terms of territory and population, geographical location,... Mehr ...