Douglass North’s Remaking of Economic History: A Critical Appraisal

Dimitris Milonakis · Ben Fine

52 citations0/0 files storedReview of Radical Political Economics

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Historical Economic and Social Studies Economic Theory and Institutions Economic Theory and Policy

Abstract

This article aims to begin to fill a gap in the literature by offering a comprehensive critique of Douglass North’s work with emphasis on his historical studies. After a brief overview of his theoretical contributions, a closer scrutiny of his theory in its application to history is offered. North’s histories are found to be problematic. To resolve the difficulties involved requires a break with his methodology and the supplemented neoclassical economics from which it is drawn.

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1990Institutions, Institutional Change and Economic Performance 1937The Nature of the Firm 1960The Problem of Social Cost 1986The Economic Institutions of Capitalism 1959The Sociological Imagination 1979Central Problems in Social Theory 1975Markets and Hierarchies 1989Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England

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2010Appropriation, violent enforcement, and transaction costs: a critical survey 2012New Institutional Economics and History

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