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Modelling the Middle AgesThe History and Theory of England's Economic Development$
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John Hatcher and Mark Bailey

Print publication date: 2001

Print ISBN-13: 9780199244119

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199244119.001.0001

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Commercialization, Markets, and Technology

Commercialization, Markets, and Technology

(p.121) 4 Commercialization, Markets, and Technology
Modelling the Middle Ages

John Hatcher

Mark Bailey

Oxford University Press

All models that stress the benefits arising from the growth of exchange and specialisation owe a great debt to Adam Smith, who formulated an extremely powerful and durable exposition of the manner in which commerce stimulates economic growth through the operation of free markets. The exchange of goods and services facilitates the division of labour, specialisation, inventiveness, and the accumulation of capital, and all serve to raise productivity and promote economic growth. Once markets expanded, they created possibilities for production on a larger scale, which tended to increase output and to reduce the unit costs of production of many commodities by encouraging specialisation and the division of labour.

Keywords:   commercialisation, Adam Smith, specialisation, commerce, economic growth, exchange of goods, free market, labour

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