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→What is the author's topic and hypothesis?
The key threat to the property rights system was the monarchy -- who was unable to credibly commit upholding property rights. In particular, wars would frequently starve the monarchy of revenue -- thus tempting the monarch to violate property rights and expropriate money from the population (mainly the nobility).
The authors show that the Glorious Revolution introduced an institutional arrangement that strengthened property rights. The key institutional feature was the Parliament, which provided a veto point against the monarch. These institutional changes limited the crown's ability to reneg on promises and legislate unilaterally.
Parliament was able to make this commitment credible by:
