Owners of large parcels of land did not have incentives to produce for outside

Owners of large parcels of land did not have

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Owners of large parcels of land did not have incentives to produce for outside market Based on agriculture self-su ciency Main strategy inward looking economic development the benefit of production was applied domestically The larger poor population didn't to have assents to buy goods Weaker internal market is the legacy of the extreme asset concentration Land distribution as a historical legacy Land holding ranted by the crown evolved into Either large estates - Latifundia, or Small post of land - the Minifundia, for indigenous and poor mestizo population The Minifundia engaged in subsistence farming Weak domestic economy: both production and demand large masses does not have means to purchase - the lack of domestic demand, very limited domestic market Limited production, due to the lack of competition and monopolized trade Latifundia produced crops with marketable value (for Caucasionas an dmestizo) Land concentration deter competition The latifundista had more knowledge about market networks Better access to capital Greater ability to take risks
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