- The most important institutional change that explains the Industrial Revolution and the subsequent “take-off” is not better property rights or a decline in transactions costs or the Glorious Revolution.
- Instead, it was the institutions that governed the accumulation and diffusion of “useful knowledge” and the solution to the knowledge commons problem that the “Republic of Letters” in Europe provided. The most important outcome was a set of ideas we call the Enlightenment.
- It focuses on Europe (mostly Western) and argues that this part of the world is most critical. It does not explain why it all started in Great Britain.
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