Liam's Reviews > The Rise of the Western World: A New Economic History

The Rise of the Western World by Douglass C. North
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Dec 18, 10


"The affluence of Western man is a new and unique phenomenon." (1)

"Efficient economic organization is the key to growth; the development of an efficient economic organization in Western Europe accounts for the rise of the West. Efficient organization entails the establishment of institutional arrangements and property rights that create an incentive to channel individual economic effort into economic activities that bring the private rate of return close to the social rate of return." (1)
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