Examine the modes of reformist thought in early 19^th century India.

 Economists widely hold that an effective legal system promotes economic growth. Without a formal institution to enforce contracts, individuals must rely on informal, personalized enforcement mechanisms. Exchange opportunities are limited, markets are segmented, and economic expansion is difficult. Accordingly, legal reforms that improve contract enforcement should encourage economic development. 1 In many developing countries, colonial administrations introduced such legal reforms. The impact of these policies on the performance of local markets, indigenous institutions, and economic development has long been the subject of controversy. Surprisingly, however, there has been little effort by economists to gain theoretical insights into the process of institutional reform from the colonial experience. In this paper we consider the introduction of civil courts by the British in India and their impact on agricultural credit markets. We examine colonial administration records and accounts from the Bombay Deccan and analyze a model of the credit market. This paper studies an incremental policy change. The British courts enforced only simple, non-state-contingent debt contracts. Not all contracts be- came enforceable, nor did there exist or come into existence. a complete set of markets. In this environment, we find that these reforms did reduce enforcement costs and stimulate the entry of new lenders, making the credit market more competitive. This change, by lowering interest ___ _____ ______ ________ _________ ___.
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