Institutions and Industrial Revolution

Economy and Management in the 21st Century – Solutions for Stability and Growth: Conference Papers 2011
Alise Vītola, Maija Šenfelde

We survey significant literature on the role of institutions in industrial revolution. Literature shows that institutions played an important role in facilitating technological progress and thus overcoming Malthusian stagnation. The interaction of economic power, economic and political institutions created the circumstances in which industrial revolution could happen. The decrease in transaction costs led to an expansion of markets. It provided further incentives to improve institutions, as well as to increase the exchange of knowledge and innovation, thus leading to the modern economic regime.

Atslēgas vārdi
Institutions, Institutional Economics, Institutions and Growth, Industrial Revolution

Vītola, A., Šenfelde, M. Institutions and Industrial Revolution. No: Economy and Management in the 21st Century – Solutions for Stability and Growth: Conference Papers, Bulgārija, Svishtov, 8.-9. novembris, 2011. Svishtov: Tsenov Academic Publishing House, 2011, 282.-288.lpp. ISBN 978-954-23-0686-3.

Publikācijas valoda
English (en)