England's Unique Historical Trajectory

Heng-Fu Zou (hzoucema@gmail.com)

No 719, CEMA Working Papers from China Economics and Management Academy, Central University of Finance and Economics

Abstract: By the 13th century, England had developed a market-oriented, legally sophisticated, and proto-capitalist system that set it apart from continental Europe. This economy, characterized by widespread market activity, financial innovation, and a mobile labor force, integrated tools like mortgages, loans, and banking, supported by institutions such as the stock exchange and robust property rights. Unlike subsistence-based economies, England's dynamic system encouraged growth, productivity, and innovation. These long-standing financial and legal structures laid the groundwork for England's industrialization and global economic leadership, showcasing that its rise to dominance was the result of centuries of gradual evolution and strategic development.

Pages: 13 pages
Date: 2025-01-04
New Economics Papers: this item is included in nep-fdg and nep-his
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