Classical economists such as Adam Smith and Karl Marx generally recognize the importance of property rights in the process of economic development, and modern mainstream economics agree with such a recognition. A widely accepted explanation is that well-enforced property rights provide incentives for individuals to participate in economic activities, such as investment, innovation and trade, which lead to a more efficient market. The development of property rights in Europe during the Middle Ages provides an example. During this epoch, full political power came into the hands of hereditary monarchies, which often abused their power to exploit producers, to impose arbitrary taxes, or to refuse to pay their debts. The lack of protection for property rights provided little incentive for landowners and merchants to invest in land, physical or human capital, or technology. After the English Civil War of 1642-1646 and the Glorious Revolution of 1688, shifts of political power away from the Stuart monarchs led to the strengthening of property rights of both land and capital owners. Consequently, rapid economic development took place, setting the stage for Industrial Revolution.