Innovation and growth in the Netherlands: Searching for explanations
In its day - and long after - the world admired the Dutch Republic above all for its economic efficiency and social concord. In 1776, Adam Smith could find no more fitting example than the Republic as “a country that had acquired that full complement of riches which the nature of its soils and climate and its situation with respect to other countries allowed it to acquire.”427 Smith held that such a state of well-ordered efficiency - the goal of classical economics - had been most nearly achieved in Holland, and this gleaming vision of early prosperity has never since lost is hold on the public imagination.
KeywordsInstitutional Change Seventeenth Century Sixteenth Century Fifteenth Century Dutch Society
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