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Structure and Change in Economic History: Understanding Institutional Evolution
"The study of structure and change in economic history examines how institutional frameworks—the "rules of the game"—dictate long-term economic performance and why societies evolve or stagnate. By analyzing the interplay between property rights, transaction costs, and state power, this framework explains why technological progress alone is insufficient for sustained growth without supportive social and political structures. For decades, neoclassical economics struggled to explain why some nations achieved explosive growth while others remained mired in poverty, despite having access to similar technologies. The breakthrough came through the wo..."
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