The Invisible Hand?: How Market Economies have Emerged and Declined Since AD 500 Book Information:

The Invisible Hand? offers a radical departure from the conventional wisdom of economists and economic historians, by showing that 'factor markets' and the economies dominated by them the market economies are not modern, but have existed at various times in the past. They rise, stagnate, and decline; and consist of very different combinations of institutions embedded in very different societies. These market economies create flexibility and highmobility in the exchange of land, labour, and capital, and initially they generate economic growth, although they also build on existing social structures, as well as existing exchange and allocation systems. The dynamism that results from the rise of factor markets leads to the rise of new market elites whoaccumulate land and capital, and use wage labour extensively to make their wealth profitable. In the long term, this creates social polarization and a decline of average welfare. As these new elites gradually translate their economic wealth into political leverage, it also creates institutional sclerosis, and finally makes these markets stagnate or decline again. This process is analysed across the three major, pre-industrial examples of successful market economies in western Eurasia: Iraq inthe early Middle Ages, Italy in the high Middle Ages, and the Low Countries in the late Middle Ages and the early modern period, and then parallels drawn to England and the United States in the modern period. These areas successively saw a rapid rise of factor markets and the associated dynamism,followed by stagnation, which enables an in-depth investigation of the causes and results of this process.

• Book Type :

Economics

• Book Binding :

Paperback

• Language :

English

• Number of Pages :

352

• ISBN - 10 :

• The Invisible Hand?: How Market Economies have Emerged and Declined Since AD 500 Published On :

Kindle Edition

• Resource:

Business & Economics, Economics Books for Students, Teachers, Graudates, Professionals and all others

Disclaimer:

• The Invisible Hand?: How Market Economies have Emerged and Declined Since AD 500 Book is not for reading online or for free download in PDF or eBook format.
• Table of Contents,Index,Syllabus,summary and image of The Invisible Hand?: How Market Economies have Emerged and Declined Since AD 500 book may be of a different edition or of the same title.
• Price can change due to reprinting, price change by publisher or sourcing cost change for imported books.
• The Invisible Hand?: How Market Economies have Emerged and Declined Since AD 500 by van Bavel Bas Book reviews and ratings are trustworthy and product description given above are true to the best. Product Description posted here by sellers would be updated based on the Customers feedback, if the details are not accurate.
• Customers who bought this product can write your best reviews and suggest the product if the item's price is low which would be helpful for the buyers interested to purchase. Read Best & Top Books related to this item
• The above Bibliographic information is specific to this book listed for sale
• Special offers, deals & discounts on this product are subject to the terms and conditions of the website