The Great Transformation

Why Is the Modern World So Rich?


About two hundred years ago, a new system took root in Western Europe. That system then spread across the globe, bringing down the last of the great empires and setting humanity on a new course. Markets are the core of the new system, but it reaches far beyond the economic sphere and pervades all aspects of our social life, including governance, technology, education, and even religion.


Spot Market Gift Exchange Great Transformation Traditional Empire Distance Trade 
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© Daniel Friedman 2008

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