The Evolution Of Efficient Markets In History
AbstractI take my text from Max Hartwell: "...but no historian has detailed the steps by which for example, the market economy was achieved in terms of government action or changing law; no historian has linked mercantilist with laissez-faire law to trace the chronology of legal and economic change. In this neglect, surely a major element for understanding of the industrial revolution has been overlooked." And Max might have added that in consequence of our failure to analyze how a market economy was achieved in history we have not been able to provide guidance for policy makers in the present world who are attempting to restructure failed centrally planned economies. A first step in meeting Max's challenge is to delineate the institutional characteristics of market economies in order that we may then explore their historical evolution.
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Date of creation: 25 Nov 1994
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- N - Economic History
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- Stefan Mann & Henry Wüstemann, 2010. "Efficiency and utility: an evolutionary perspective," International Journal of Social Economics, Emerald Group Publishing, vol. 37(9), pages 676-685, September.
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