The Evolution Of Efficient Markets In History

Abstract

"I take my text from Max Hartwell: '...but no historian has detailed the steps by which for example, the market economy was achieved in terms of government action or changing law; no historian has linked mercantilist with laissez-faire law to trace the chronology of legal and economic change. In this neglect, surely a major element for understanding of the industrial revolution has been overlooked.' And Max might have added that in consequence of our failure to analyze how a market economy was achieved in history we have not been able to provide guidance for policy makers in the present world who are attempting to restructure failed centrally planned economies. A first step in meeting Max's challenge is to delineate the institutional characteristics of market economies in order that we may then explore their historical evolution."