Specialization in this world is rudimentary and self-sufficiency characterizes most individual households - Douglass North

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Specialization in this world is rudimentary and self-sufficiency characterizes most individual households

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About Douglass North

Douglass Cecil North (November 5, 1920 – November 23, 2015) was an American economist known for his work in economic history. He was the co-recipient (with Robert Fogel) of the 1993 Nobel Memorial Prize in Economic Sciences.

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Native Name: Douglass Cecil North
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By that time a structure of property rights had developed in the Netherlands and England which provided the incentives necessary for sustained growth. These included the inducements required to encourage innovation and the consequent industrialization. The industrial revolution was not the source of modern economic growth. It was the outcome of raising the private rate of return on developing new techniques and applying them to the production process.

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Order in the societies they describe is the result of a dense social network where people have an intimate understanding of each other and the threat of violence is a continuous force for preserving order because of its implications for other members of society.

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