Market‐Supporting Institutions, Gild Organisations, and the Industrial Revolution: A Comparative View

Li Tan

Australian Economic History Review, 2013, vol. 53, issue 3, 221-246

Abstract: This article investigates the conditions for the emergence of the agents of the Industrial Revolution by comparing the market‐supporting institutions in pre‐modern England and China. Market‐supporting institutions in pre‐modern England supported group mobility and expansion of laws, which permitted the forthcoming of new entrepreneurs critical for launching industrial ventures. By contrast, market‐supporting institutions in pre‐modern China, although supporting individual mobility, led to stable social stratification and stagnancy in law development, which did not provide appropriate conditions for the emergence of industrial entrepreneurs.

Date: 2013
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