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“Prak and Van Zanden are trying to explain why the Netherlands is the birthplace of modern capitalism…they look at the long-run origins of Dutch economic development, starting with its feudal, almost republican institutions during the late Middle Ages. They include cooperative institutions like guilds and urban associations, as well as the empowerment of independent cities in the region’s governance structure. These institutions were ultimately protected by the Dutch revolt from Spain. Whereas many other European countries during this period experienced a consolidation of absolutist rule, the Dutch managed to escape. This allowed them to preserve a relatively open society in which cities were autonomous and ruled by local merchant elites. They cooperated and competed with one another in producing an economically open society.” Read more...
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