This is because institutional influences on an economy will occur through a number of formal and informal institutional components — and the relationships between these institutions and other aspects of the economic environment are important to comprehend. A number of institutional typologies are available to help guide the identification of institutions in an institutional matrix.
For example, Parto , 31 identifies three general but overlapping categories of institutions: form-based institutions, which encompass formal and informal codes and practices and are reflected in the design and operation of State and other organisations; behavioural institutions, which regulate the types of activities that individuals can pursue See, for example, North , 5 , 4 For example, see Acemoglu and Johnson ; Brunt , 1 ; McMillan ; and Licht, Goldschmidt and Schwarz Informal Institutions and Development.
Empirical work on the effect of institutions on economic performance needs to also take account of the availability of data to construct measures of different institutions in the relevant time periods. Compromise and imprecision are necessarily involved.
The diagram shows that we attempt to capture four inter-related institutions: property rights, capital market institutions, State institutions and cultural institutions. Capital market institutions include a market to transfer savings from those agents with an excess to those with a deficit with pricing based on the risk, cost and flows of information about financial transactions.
Effective State and political institutions for capitalist economies are likely to feature: a constitution, the rule of law, an independent judiciary, and representative political institutions. Cultural beliefs — and supporting education institutions - that legitimise and encourage the pursuit of individual material reward, equality, a gendered division of paid and unpaid work, landownership, and so on, are further key components of capitalist economies.
Figure 1 also illustrates the links between the institutional matrix and economic development that we perceive. As can be seen, Development Outcomes D cannot be attributed to one single institution A. Working backwards, Figure 1 shows that development outcomes depend on a dynamic interaction between the institutional impacts C resulting from the institutional matrix B of property rights, capital markets, State institutions and culture. Strong property rights are commonly perceived to be fundamental to capitalist economic structures.
Outside sources of funding are also required for the mass-production of commodities, which creates a key role for capital market institutions. State- based institutions have been identified as essential for successful economic transformations through planning and institution building. As noted above, capitalist economies are situated in a supporting web of cultural attitudes, norms and beliefs.
There are, of course, external factors such as geographic location, climate and natural resource endowments, the structure of the labour force and technological factors that also influence institutional evolution and economic development.
The effects of these factors have been included in our overall analysis. Data, Measures and Approach The major challenge that confronts historical studies of the role of institutions on economic performance is the limited availability of relevant, reliable and comparable data both on economic performance and the range of institutional and other factors relevant to its determination. After the method of collection was standardised and became colloquially known as the Blue Books Australian Bureau of Statistics , 7.
From about onwards, following the granting of responsible government to all colonies except WA until , a new type of annual report emerged, first known variously as Statistics, Statistical Returns or Statistical Register Australian Bureau of Statistics , 7. The scope of these reports was substantially larger than previous data collections and covered almost all aspects of economic, financial, demographic and social life in the colonies. The reports were disseminated for local and imperial consumption, and helped inform policy decisions.
Data covering the initial years to is not readily available, however, the British Parliamentary Papers on Australia and New Zealand contain certain data covering the period to and have been used where appropriate. In SA, the Blue Books were used from to after which the statistical content was expanded to a publication initially called South Australia: Statistics from to ; then South Australia: Statistical Returns to ; and finally the Statistical Register of South Australia from Whilst the aim of the Blue Books and the Statistical Registers was to impose a uniform framework on the gathering of important information about colonial economic development, colonies the world over were anything but consistent in what they measured and how they reported it.
This is particularly evident when one contrasts the data between WA and SA. On the other hand, the SA statistical data stands out as being of extremely high quality for the entire period. The common characteristic of both sets is the wealth of information available on each colony. As such they offer a uniquely rich economic and institutional portrait of the colonial period. In addition to the Blue Books and Statistical Registers, data on the two colonies is available from the Census that were conducted at regular intervals throughout the nineteenth century following standard imperial practice: WA from and decennially thereafter; and from in SA on a quinquennial basis until , after which it became decennial.
However, whilst these sources provide data that is directly comparable between WA and SA they are not consistent with the Blue Books and Statistical Registers published in the same year. This is probably due to differences in the timing of each data collection exercise. This study uses secondary sources to resolve inconsistencies or fill in the gaps found in the primary documents.
The most important of these sources was Australian Historical Statistics vol. Data on the capital markets, particularly banking, was generally not included in the primary sources until the end of the nineteenth century. In his two ground-breaking publications, Foundation of the Australian Monetary System and The Australian Monetary System , Butlin ; made extensive searches of the archives of the main Australian trading banks.
An important preliminary task for this examination involved the construction of a database containing time series data on the aggregate institutional and economic measures for each colony for the period to The task involved manually transcribing the data from the different relevant primary and secondary sources, as well as conducting a large number of calculations to standardise a plethora of imperial measures into consistent workable units e.
The creation of measures of the institutional and other factors relevant to economic performance posed a number of particular challenges given the absence of strong guiding principles on the quantitative measurement of institutions and organisations. Institutional analyses of economic history use a wide range of different measures, which reflect the different contexts and concerns of their studies. For example, Acemoglu, Johnson and Robinson use military records on deaths of service personnel in overseas colonies to determine whether institutions were extractive or settler orientated.
Conversely, Prados de la Escosura and Smits use temperature data, latitude and percentage of land area with km of sea coast to assess colonial institutions in the same way. The measures of institutions employed here are likewise unique in terms of institutional analysis; and selected on the basis of relevance to the circumstances of and data available for WA and SA.
Table 2 lists all of the institutional and economic measures examined in our overall examination of the institutional on the economic development of WA and SA.
In this article, we discuss a small subset of the total number of measures that form part of the institutional framework, based on the available colonial data. Capital market institutions are measured, in part, by the Cost of Capital a measure of reduction in information asymmetry — and a key North measure of institutional effectiveness. For state-based institutions there is a measure of the cost of colonial administration an inverse measure of political maturity.
Measures of the cultural environment include the number of churches per 1, of population a measure of social networks ; and the percentage of population receiving an education. The construction of this measure posed a significant challenge due to gaps in the available data for the full period under study.
However, what sectoral data that exists from the Blue Books and Statistical Registers was aggregated. The nominal GDP measures for both colonies were then deflated using a series of comparable retail prices from each colony, and then divided by the population base to obtain a Per Capita GDP estimate.
The approach that can be taken to the task of assessing the links between the measured institutional matrix and the economic performance of each colony is also limited by the available data. Descriptive methods are the only possible alternative, as there is not sufficient data on all the variables likely to be relevant to economic performance to support the application of econometric techniques. Reflecting this, in the following section, the key aspects of each of the four institutions are first summarised, and these are placed into context with an historical narrative to explain how the institution functioned, how it was changed internally or externally — by Britain and how it contributed to economic development.
This section also includes an account of the development of an effective institutional matrix in each state, and explores how the timing of this development was correlated with the rate of economic progress in the two colonies. Table 2: Selected Measures Derived from the Colonial Data Type Category Measures Ratio of agricultural land to total land alienation a measure of land productivity Number of annual colonial patent applications a measure of the Property Rights take-up of intellectual property rights Development of Pastoralism A.
Wool Yield Measures Capital Markets Cost of capital a measure of reduction in information asymmetry Colonial taxation per capita a measure of the diversity of the State Institutions taxation base Number of churches per 1, of population a measure of social networks Cultural Institutions Percentage of population receiving an education a measure of the availability of education Economic Gross domestic product a measure of economic output Development Gross Domestic Product A.
Real GDP B. Real GDP per Capita 5. Findings The available measures of the institutions identified in colonial WA and SA indicate substantial differences that are likely to have had an appreciable influence on the pace of their economic development.
The systems of property rights were a key source of difference. Cash was not included in the asset test for land grants and thus only colonists with the ability to transport large amounts of physical capital, such as and preferably agricultural assets, were able to secure colonial land6. As was noted earlier, an alternative approach to land rights was adopted in SA. In this colony land could only be purchased by sale for cash and, thus, colonists could only amass land up to their available capital.
As shown in Chart 1, the ratio of agricultural land to the total of alientated land barely exceeded 3 per cent across the century: for example in the total amount of land alienated was slightly less than 1.
By , 6. This statistic highlights how grant accumulation exceeded the financial capacity of the colony to develop the land. A number of other deficiencies with the initial property rights structure contributed to this adverse outcome. The grant system was inherently insecure, with the colonist required to improve granted land up to a certain threshold within 10 years and failure to meet these requirements resulting in forfeiture of the grant.
Without labourers to work the land7, and with a dispersed population, the chances of not fulfilling the terms of a grant were high, which is likely to have added to the risk, and reduced the incentives, associated with land development. This meant that the colonists could only purchase as much land as their available cash resources would allow, and this mechanism was designed to concentrate settlement in a combinable but not necessarily efficient or optimal supply of capital and labour.
The sale, rather than granting of land, also brought common law rights to the title of property, an innovation in Australian land tenure up to that point in the nineteenth century that was free of improvement conditions and arbitrary confiscation. In theory, with secure ownership rights, settlers in SA appear to have had greater incentives to develop their land to its full potential8 and this contributed to a much larger amount of land devoted to agriculture in the colony Chart 1.
In contrast to WA, which was affected by a masculinity ratio that averaged 1. A number of institutional innovations that were introduced in SA during the 19th century provided further support for the development of its economy.
These included measures to reduce search and information costs that increase security of land title, and allow farmers easier access to the land through sale on credit. For example, in , SA introduced the Torrens Title, a system of land title in which a register of land holdings was maintained by the state, which replaced the cumbersome need for property deeds that frequently resulted in ownership disputes South Australia, In , SA adopted a system of land tenure that allowed farmers to buy land on credit Leadbeater, Chart 1 shows clearly that WA lagged behind SA in adopting these institutional innovations for a significant period of time.
SA was also amongst the group of colonies that exerted significant institutional pressure on Britain to introduce a standardised land lease. When this became available in , SA was a rapid adopter of pastoral and mining leases that also led to a lowering of transaction costs incurred in exploiting land-based resources but also resulted in a weaker property rights Productivity Commission, It is important to also note that SA was much more active in protecting the property rights of innovators through the granting of patents as shown in Chart 2.
Australian Historical Statistics. ES However, these factors were somewhat similar in Perth and Adelaide. A tortoise has short legs and a hare has long legs. If they had a race, who do you think would win? Hare is the fastest on the farm.
Tortoise is as slow as they go. So when they decide to have a race, Hare is certain to win. The best-loved of all Aesop's Fables has been made all the more enchanting with Alison Murray's sense of fun, mischief and stylish charm. Aesop's Fables are given a contemporary twist in this series of retellings with bright, graphic artwork. Featuring ingenious die-cuts, you can lift the page to release the mouse from the lion''s claws, then, later, turn the page to make the mouse release the lion in return.
The upmarket format and stylish illustrations make this series of books perfect gift material. Imogen Gresham gradually learns that by living through her husband and son, and becoming more and more submissive, she has only earned her family's contempt.
A proud hare brags that he is the fastest animal in the world, and when a tortoise challenges him to a race, the hare is confident that he will win. Haas is heel snel. Schildpad is heel langzaam.
Ze gaan een wedstrijd doen. Wie zal er winnen? The hare is always boasting that he is the fastest animal in the woods! Everyone is fed up with his boasting, so the tortoise challenges the hare to a race. The hare accepts, thinking the challenge is silly and a sure win.
Read along to see if the slow-and-steady tortoise can beat the speedy hare! The roles in this Spanish script are written at different reading levels. This feature allows teachers to easily implement differentiation strategies and assign specific roles to students in a way that accommodates individual reading skills. By using differentiation strategies, teachers can get all of their students involved and engaged in the same activity, whether they are struggling or proficient readers. Everyone can feel successful and can enjoy improving their fluency through performance!
While performing this story with others, students can also practice interacting cooperatively and using expressive voices and gestures. With an accompanying poem and song for additional fluency practice, this script is a dynamic resource for your third and fourth graders. This colorful, leveled script is sure to get all students participating and confidently practicing fluency in a unique way.
Haas is heel snel. Schildpad is heel langzaam. Ze gaan een wedstrijd doen. Wie zal er winnen? Facebook SDK. English Short Stories for Children One day, he saw a slow-moving tortoise. The hare laughed at the tortoise and said, "you're moving very fast, shall we have a running race. He thought, "Why not have some fun?
I am not worried about failure. The forest friends fixed a day for the race.
0コメント