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Economic class - Essay Example

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Economic class

The models fitted well into the turnarain framework while the attention [paid to the link between market forces and institutional development made a richer discussion. The emphasis on foreign and external demand sources to trigger growth has much more appeal that those explanations that are based upon supply forces and that seem to lack a starting mechanism. Regional specialization and possibilities for inter-regional trade in the antebellum Unites States have intrigued economists and historians alike. The works of Douglass C. North have stimulated a lot of research on the location and the growth of industries and populations. The issue of economics of slavery complemented the study of regional development. Discussion revolves around Southern development, both in the agricultural and manufacturing sector, with particular attention being paid to the question to which the south was successful or could have been successful in feeding itself as well as producing staples for export. The evidence collected by various researchers indicated that the south was largely independent of the western food supplies (Herbst Lawarence 1975, 264-270).
The basic model used by North bares resemblance to that by Innis as the "staple ...Show more

Summary

Douglass North organized the discussion on "why the united States economy developed" with the focus on issues of the expansion of income rather than its distribution and the social and political issues that such distribution gave rise to. North bases his model on historical and economic antecedents, which place central importance on the role of external trade in widening the market sector and increasing their productive efficiency…
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Economic class essay example
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