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In this landmark work, a Nobel Prize - winning economist develops a new way of understanding the process by which economies change. Douglass North inspired a revolution in economic history a generation ago by demonstrating that economic performance is determined largely by the k…
First published in 1973, this is a radical interpretation, offering a unified explanation for the growth of Western Europe between 900 A.D. and 1700, providing a general theoretical framework for institutional change geared to the general reader.