The European Industrial Revolution that started modern growth was above all about technological progress, not just more efficient markets. Law and order, good property rights, effective third-party or private-order contract enforcement, low rent-seeking, open-ness and inclusiveness, and efficient governance and provision of public goods are among the mechanisms cited. The puzzle is this: In recent years, following the work of North, Rodrik, Greif, Acemoglu and many others, a consensus has emerged that “institutions” are central in explaining economic performance. ![]() The puzzle of the new institutional economic history: ![]() Click here to Order a Custom answer to this Question from our writers.
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