Growth is a modern phenomenon

Institutions technology creates the means for markets

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Unformatted text preview: ses; land was required to be fenced. Commercialization of agriculture is much more easier (you are now hiring workers rather than relying on output sharing system) ! stronger incentive to invest in its productivity and its yield, growing much more food (surplus agriculture) Migration to growing cities of serfs Feedback effects of the expansion of trade: Formal cotnracts replaced informal agreements Political units were forced to consolidate to keep up with expanding...
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This document was uploaded on 03/28/2014 for the course INAF 252 at Georgetown.

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