Activity Quote by Douglass North
“The supremacy of Parliament and the embedding of property rights in Common Law put political power in the hands of men anxious to exploit the new economic opportunities and provided the framework for a judicial system to protect and encourage productive economic activity”
About This Quote
Source Book: Structure and Change in Economic History, 1991
Parliamentary supremacy and property rights empower individuals to exploit opportunities, fostering economic growth under law.
In simple terms: Law and property rights enable economic activity.
Protect property rights.
Themes
Mood
Type
When to use this quote
- business startups
- investment decisions
- legal reforms
Key Concepts
Questions to Reflect On
- How do property rights affect inequality?
- What balances economic freedom with social justice?
Overemphasis on law can ignore social equity.