ABSTRACT
The English aristocracy is one of the few that historians have judged favourably in terms of its contribution to economic development. While the English gentry and aristocracy were undoubtedly more progressive than the aristocracies in some other countries, this chapter urges a reconsideration of their role in English economic development. Since the gentry and aristocracy controlled most of the agricultural surplus during the industrial revolution, they were in a position to assist economic development by financing nonagricultural capital accumulation. The English gentry and aristocracy were remarkably successful in raising rent – indeed, they were the only gainers of the agricultural revolution. Consumers would have gained had prices fallen, but the real price of agricultural products rose from 1450 to 1800. Land values rose little, although landlords demanded higher rents and farmers' incomes fell. There are famous examples of English landlords constructing canals, and urban housing, as well as of landowners borrowing large sums, often from urban lenders.
