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I've got a degree in economics as well. There are a few more big ones, including the advent of the joint stock company (or more generally, the ability to effect
by CPLX 10y ago
I've got a degree in economics as well. There are a few more big ones, including the advent of the joint stock company (or more generally, the ability to effectively pool capital) and the common law, specifically the ability to enforce business contracts. Those two are fundamental.
- lordnacho 10y agoThis is a good point, under the rubric "institutions girdling trust". Quite relevant as a set of innovations in the time when people started having to do business with strangers, particularly ones with different ecological positions. You can imagine having lived in agricultural societies there would be a big question of how exactly you're going to have a business relationship with say a factory owner or delivery company. JSC, exchanges, (perhaps central banking as well) and various encounters with credit issues worked out a certain way in the UK, and innovations were copied across many other societies.
- desas 10y agoDidn't the UK mainly copy them from the Netherlands?
- lordnacho 10y agoAnother thread is that a lot of ingredients originated in different places in Europe, thanks to political fragmentation. - Mass production: Venetian arsenal - Central Bank: Sweden - The word Bourse: a certain family in Belgium - Political philosophy: lots of places - Coal and steel production, factories: Northern France, Belgium - Religious freedom: rather bloody wars still in living memory